3170 Horseshoe Drive, Traverse City – SOLD

SOLD TRAVERSE CITY HOME

SOLD by Oltersdorf Realty LLC on 2/20/2018
3170 Horseshoe Drive, Traverse City, MI - Affordable Ranch Home
Asking Price: $174,900

Affordable 1,150 sq ft ranch home features 3 bedrooms, 1.5 baths, full unfinished basement, attached 2 car garage, newer roof, newer furnace, and is situated on a very quiet 0.56 subdivision lot located just outside the city limits of downtown Traverse City!

409 S Main Street Unit #4, Leland – NEW LISTING

Spectacular fully remodeled Leland condominium that includes a private boat slip directly on the Leland River with quick boating access to North Lake Leelanau and located just a few blocks to Fishtown & Lake Michigan beaches! The stunning maintenance free condominium features a living room with oak wide plank flooring, brick wood burning fireplace, and Pella windows offering River views. The completely new kitchen offers rustic cherry cabinets with Reeded glass cabinet door inserts, Antique Labrador granite countertops, high end stainless steel appliances, tile backsplash & flooring, a custom restored 1930’s Detroit streetlight, and the stylish bathroom includes a low step walk-in tiled shower with River Rock floor, glass doors, Kohler fixtures, and marble countertop. Every detail has been thought of in this recent remodel making this condominium entirely move-in ready!

PLEASE CLICK HERE FOR ADDITIONAL INFORMATION ON THIS NEW LISTING!

6080 S Lake Leelanau Drive, Traverse City - SOLD 2018

SOLD LAKE LEELANAU WATERFRONT HOME

LISTING SOLD by Oltersdorf Realty LLC on 2/5/2018
6080 S Lake Leelanau Drive, Traverse City, MI – Cottage & 75’ on South Lake Leelanau
Asking Price: $449,900

Charming 928 sq ft home and a 320 sq ft guest efficiency apartment with direct Lake Leelanau water frontage!  Enjoy spectacular 180 degree western facing sunset water views from this attractive Northern Michigan cottage and guest apartment featuring knotty pine and wood floor accents, large kitchen with tile accents, 3 bedrooms, and 2 baths.  Ideal boating and swimming directly from your 75’ of private sandy bottom water frontage in a fantastic location on a shared private road with a tree lined buffer allowing for wonderful privacy.  Just 10 minutes to Traverse City in desirable Leelanau County!

2017 Leelanau County Year-End Home Sales

2017 Leelanau County Year-End Home Sales

Units Sold: +5.09% over 2016
Volume Sold: +12.67% over 2016
Average Sales Price: +7.21% over 2016
Median Sales Price: +7.45% over 2016

2004-2017 Leelanau County Home Sales. Average Sales Price surpassed 2005 high in 2017, Median Sales Price surpassed 2005 high in 2016.

2004-2017 INFLATION ADJUSTED Leelanau County Home Sales. In 2017 the Average Sale Price & Median Sale Price are still well below the 2005 high when taking into account inflation.

The 2017 year end (January 1 – December 31) home sales data have been posted in the charts above. The home sales statistics compare real estate housing sold in Leelanau County from January 1, 2017 through December 31, 2017 to the same time period in 2016, 2015, 2014, 2013, 2012, 2011, and 2010. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City within the southeast corner of Leelanau County.

This report is based upon sales information obtained from the Northern Michigan Realtors MLS from 2004-2017. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

2017 Leelanau County Year-End Private Waterfront Home Sales

2017 Leelanau County Year-End
Private Waterfront Home Sales

Units Sold: +16.85% over 2016
Volume Sold: +16.78% over 2016
Average Sales Price: -0.05% below 2016
Median Sales Price: -4.16% below 2016

The data below includes all reported home sales with private direct water frontage and private "across the road" water frontage within all of Leelanau County on Lake Michigan, West Grand Traverse Bay, and all inland lakes. Homes with frontage on rivers, ponds, and creeks are excluded.

2004-2017 Leelanau County Private Waterfront Home Sales: Inflation adjusted data provided to compare 2017 sales to the previous market high of 2007.

Total Number of Waterfront Home Sales over $1 Million in Leelanau County.

Leelanau County Private Waterfront Home Sales data 2004-2017 for houses with private water frontage on all Inland Lakes, Grand Traverse Bay, and Lake Michigan. This includes Traverse City, Suttons Bay, Omena, Northport, Leland, Lake Leelanau, Cedar, Maple City, Glen Arbor, and Empire. The data includes homes with private direct water frontage and "across the road" private waterfront. This excludes homes with shared access, creek frontage, river frontage, and pond frontage.

This report is based upon sales information obtained from the Northern Michigan Realtors MLS from 2004-2017. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

2017 Grand Traverse County Year-End Home Sales

2017 Grand Traverse County Year-End Home Sales

Units Sold: -5.92% below 2016
Volume Sold: +4.37% over 2016
Average Sales Price: +10.95% over 2016
Median Sales Price: +13.79% over 2016

The 2017 year-end (January 1 – December 31) home sales data for Grand Traverse County has been posted in the charts above. The home sales statistics compare real estate housing sold in Grand Traverse County from January 1, 2017 through December 31, 2017 to the same time period in 2016, 2015, 2014, 2013, 2012, 2011, and 2010. This includes the townships of Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City.

It was another year of record breaking residential home sales throughout 2017. During 2017 Grand Traverse County Home Sales Volume increased +4.37% over 2016's record setting volume. Median Sales Price was up +13.79% while Average Sales Price was up +10.95%. Total number of units sold decreased -5.92% due to very low inventory throughout the entire year.

This report is based upon sales information obtained from the Northern Michigan Realtors MLS from 2004-2017. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

2017 Leelanau County Vacant Land Sales

2017 Leelanau County Vacant Land Sales

Units Sold: +7.59% over 2016
Volume Sold: +13.23% over 2016
Average Sales Price: +5.24% over 2016
Median Sales Price: +12.31% over 2016.

Historical look back at Leelanau County Vacant Land Sales 2004-2017 (Units Sold & Sales Volume)

Historical look back at Leelanau County Vacant Land Sales 2004-2017 (Average Sales Price & Median Sales Price). The Average Sales Price for Leelanau County vacant land remains -36.27% below the 2008 high and is -44.02% inflation adjusted below the 2008 high. The Median Sales Price for leelanau County vacant land remains -41.27% below the 2008 high and is -48.50% inflation adjusted below the 2008 high.

The 2017 year end (January 1 – December 31) vacant land sales data have been posted in the charts above. The vacant land sales statistics compare real estate vacant parcels sold in Leelanau County from January 1, 2004 through December 31, 2017. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City within the southeast corner of Leelanau County.

This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

Leelanau County Home Inventory 2004-2017

Leelanau County Home Inventory 2004-2017

Leelanau County single family residential home inventory has reached its lowest level of supply in 14+ years! After peaking at a 3+ year supply in the summer of 2010 housing inventory has since dropped to a 6-12 month average supply throughout 2017. There were 247 units sold in 2010 compared to 495 units sold in 2017.

Michigan Court of Appeals Decision: Renting Your Primary Home

Michigan Court of Appeals Decision: Renting Your Primary Home

Leelanau County Vacation Rental.jpg

Can I rent out my primary home as a short term rental and still retain my principal residence exemption (PRE)?

In late 2017 there was a ruling by the Michigan Court of Appeals that could potentially impact many short term vacation property rental owners in Leelanau County. The petitioner was the owner of a vacation property in Boyne City who was denied their Principal Residence Exemption (PRE) by the Michigan Tax Tribunal because they rented out their primary home for more than 14 days during each year. The petitioner provided proof that he occupied the house for the majority of the year as the primary residence, was registered to vote at the address, and it was the address listed on his driver’s license and tax returns. He also stated that he had not claimed a principal residence in another state.  

In the appeal, RENTSCHLER v. TOWNSHIP OF MELROSE the Michigan Court of Appeals decision was the following:

“…For all these reasons, we conclude that the PRE guideline provision relied on by the Tribunal is erroneous and inconsistent with the GPTA. Renting one's home for more than 14 days does not disqualify a homeowner from the PRE. Accordingly, accepting the Tribunal's factual findings, we conclude that defendant has satisfied the legal requirements to qualify for the PRE. We therefore reverse the Tribunal's decision and remand for entry of a judgement granting petitioner's request for PRE for the 2013, 2014, and 2015 tax years. We do not retain jurisdiction.”

The Michigan Court of Appeals decision did not specify how many rental days is too many to qualify for the Principal Residence Exemption so it is likely there will be additional controversy and/or court cases dealing with this issue.

Here are a few helpful links dealing with this topic:

 http://caselaw.findlaw.com/mi-court-of-appeals/1881127.html

http://publicdocs.courts.mi.gov:81/OPINIONS/FINAL/COA/20171128_C336333_21_336333.OPN.PDF

http://www.fraserlawfirm.com/blog/2017/12/michigans-principal-residence-exemption-and-short-term-rentals/

https://www.wnj.com/Blogs/Appellate/December-2017/COA-A-Petitioner-is-entitled-to-a-Principal-Resid

Disclaimer: I am not an attorney. I recommend that you contact an experienced real estate attorney for further explanation on this Michigan Court of Appeals ruling and how it could potentially impact your real estate.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

Current Mortgage Rates - January 2018

Annual Average 30 Year Fixed-Rate Mortgage Rates

The annual average 30 year fixed mortgage rates increased slightly in 2017 up to an annual average of 3.99%. Above you will find the historical monthly average rate dating back to 2006.

8440 S Lakeview Road, Traverse City - SOLD

SOLD LAKE LEELANAU WATERFRONT PARCEL

LISTED & SOLD by Oltersdorf Realty LLC on 1/12/2018
8440 S Lakeview Road, Traverse City, MI – 46' of Private Frontage on South Lake Leelanau
Asking Price: $200,000

Situated in a fantastic location on South Lake Leelanau this vacant waterfront parcel offers 46' of private direct frontage with western facing sunset views!

Parcel C E Phillip Street, Lake Leelanau - SOLD

SOLD LAKE LEELANAU VACANT PARCEL

LISTED & SOLD by Oltersdorf Realty LLC on 1/5/2018
Parcel C E Phillip Street, Lake Leelanau, MI – Lake Leelanau Commercial Parcel
Asking Price: $99,000

Vacant Lake Leelanau commercial parcel in a very high traffic location just west of the M-204 & Eagle Highway / S Lake Leelanau Dr intersection with access off of M-204. This 0.606 acre wooded parcel offers 115’+ of road frontage on M-204 and is situated in a fantastic central Leelanau County location close to other popular businesses and a public boat launch. Available utilities include natural gas, private well, and municipal sewer connection. C-2 zoning allows potential for a variety of uses including (but not limited to) an automobile car wash, offices and showrooms, wholesale business, service establishment, veterinarian, restaurant, or single family use!

910 S Popp Road, Lake Leelanau - NEW LISTING

Leelanau County classic farmhouse on 70 acres in beautiful Leland Township! This desirable and rarely available large acreage parcel offers a variety of level, rolling, and open countryside terrain including a large portion of established actively farmed cherry trees.  The 1880’s era home features 1848 sq ft of finished living area, a large living room, 4 bedrooms, vinyl siding, newer roof shingles, and updated electrical service.  Multiple outbuildings include a (60’x 28’) 5 car cement block garage with a cement floor, a (42’x 75’) pole barn, 1224 sq ft barn, 1680 sq ft barn, and a 640 sq ft storage building. Central Leelanau County location within 2 miles to Lake Leelanau and only 6 miles to Leland, and Suttons Bay!

PLEASE CLICK HERE FOR ADDITIONAL INFORMATION ON THIS NEW LISTING!

 

 

N Hoeft Road, Lake Leelanau - NEW LISTING

Beautiful Leelanau County 55 acre parcel featuring wonderful elevated Lake Michigan & North Lake Leelanau water views from multiple locations, a variety of rolling and sloping topography, mixture of hardwoods and existing cherry trees, and ideal privacy at the end of a paved county maintained road! Health Department Site Survey/Soil Test on file.  A fantastic Leland Township location close to Leland, Lake Michigan Beaches, Lake Leelanau, and Suttons Bay!

PLEASE CLICK HERE FOR ADDITIONAL INFORMATION ON THIS NEW LISTING!

1497 S Nanagosa Trail, Suttons Bay – SOLD

SOLD SUTTONS BAY WATERFRONT HOME

LISTED & SOLD by Oltersdorf Realty LLC on 12/28/2017
1497 S Nanagosa Trail, Suttons Bay, MI – Home with 200’ on West Grand Traverse Bay
Asking Price: $710,000

Located on a quiet low traffic paved private drive this cedar sided home offers 200’ of private West Bay water frontage on an estate sized 1.28 acre parcel! Home features include 2,782+ finished sq ft, 4 bedrooms, 3.5 baths, an open main floor great room with expansive bay views, two story cathedral ceilings, gas fireplace, main floor master bedroom suite with a walk-in tiled shower and walk-in closet, hardwood and ceramic tile flooring, granite kitchen and bath countertops, finished walkout lower level, and a 2 car attached garage! The exterior enjoys multilevel waterside decks, sandy beach area, fenced 1425 sq ft sport/basketball court, shed, paved driveway, and a Generac generator!

The Tax Cuts and Jobs Act – How does it affect homeowners?

The Tax Cuts and Jobs Act – How does it affect homeowners?

Here are the major provisions that will affect current and prospective homeowners. All individual provisions are generally effective after December 31, 2017 for the 2018 tax filing year and expire on December 31, 2025 unless otherwise noted. The provisions do not affect tax filings for 2017 unless noted.

Deduction for State and Local Property Taxes

  • The final bill allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or sales taxes. This $10,000 limit applies for both single and married filers and is not indexed for inflation.
  • The final bill also specifically precludes the deduction of 2018 state and local income taxes prepaid in 2017.

Mortgage Interest Deduction

  • The final bill reduces the limit on deductible mortgage debt to $750,000 for new loans taken out after 12/14/17. Current loans of up to $1 million are grandfathered and are not subject to the new $750,000 cap. Neither limit is indexed for inflation.
  • Homeowners may refinance mortgage debts existing on 12/14/17 up to $1 million and still deduct the interest, so long as the new loan does not exceed the amount of the mortgage being refinanced.
  • The final bill repeals the deduction for interest paid on home equity debt through 12/31/25. Interest is still deductible on home equity loans (or second mortgages) if the proceeds are used to substantially improve the residence.
  • Interest remains deductible on second homes, but subject to the $1 million / $750,000 limits.

Moving Expenses

  • The final bill repeals moving expense deduction and exclusion, except for members of the Armed Forces.


Source: https://www.nar.realtor/taxes/tax-reform/the-tax-cuts-and-jobs-act-what-it-means-for-homeowners-and-real-estate-professionals?tp=i-H43-Bb-1Jq-1b4c2-1p-C5u1-1c-1Z75h-1DcSmD&om_rid=23612206%20&Om_ntype=NARstandard&om_mid=5074#!#Current%20and%20Prospective%20Homeowners Copyright National Association of REALTORS®. Reprinted with permission.

1591 S Montmorency Ln, Suttons Bay - SOLD

SOLD SUTTONS BAY VACANT PARCEL

LISTED & SOLD by Oltersdorf Realty LLC on 12/12/2017
1591 S Montmorency Ln, Suttons Bay, MI – 2.00 Acre Wooded Parcel
Asking Price: $36,750

Situated in a quiet cul-de-sac location this 2 acre wooded building site is located within “The Orchards” and offers underground utilities including electric, natural gas, cable, and paved county maintained roads. Reasonable restrictions in place including a minimum of 1,500 sq ft for a single floor home and 1,800 sq ft for a multiple story home, one outbuilding is allowed.