October 2009 Home Sales Data

You can find below the home sales data for October, 2009 within the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie).

5-County Area	Sold Homes	Dollar Volume	Average Price	Median Price
OCT . 2009	207	$35,128,554	$169,703	$135,000
SEPT. 2009	197	$38,862,024	$197,269	$136,000
OCT . 2008	191	$39,313,039	$205,827	$149,900

Similar to previous months more homes are selling than in the month before. Dollar volume, average price and median price are down. The third quarter of 2009 was very strong for many of the local real estate companies and this has continued into October as the bottom end of the market and the affordable family homes have remained the strongest segment of the market. This will only continue through the winter as the first time home buyer credit has been extended.

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from October 2008, September 2009, and October 2009. Undisclosed sales are not included in the data.

-Jonathan Oltersdorf

http://www.oltersdorf.com

September 2009 Traverse City Home Sales

I am very delayed in posting but below you will find the sales data for September, 2009 within the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie).

5-County Area	Sold Homes	Dollar Volume	Average Price	Median Price
SEPT. 2009	197	$38,862,024	$197,269	$136,000
AUGUST 2009	188	$34,928,520	$185,790	$179,200
SEPT. 2008	150	$31,878,540	$212,524	$152,375

Similar to previous months more homes are selling than in the month before (August) and when compared to September 2008 there were 11% more sales. Dollar volume is way up for September, 2009 while median price still lags behind due to a high volume of first time home buyers becoming home owners.

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from September 2008, August 2009, and September 2009. Undisclosed sales are not included in the data.

-Jonathan Oltersdorf

http://www.oltersdorf.com

First Time Home Buyer Credit Extended / New Incentives

First-time home buyers and qualified repeat home buyers in the Traverse City area can breathe a sign of relief as The Worker, Homeownership, and Business Assistance Act of 2009 was passed last week! It has extended or created incentives to home buyers through April 30, 2010! Below is information taken from the official government website which can be found at http://www.federalhousingtaxcredit.com/

$8,000 First-time Home Buyer Tax Credit at a Glance

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

  Source: http://www.federalhousingtaxcredit.com/home.html

http://www.oltersdorf.com

August 2009 Home Sales, Traverse City

Home sales statistics have been finalized for closed sales during August of 2009. I have compared them to July of 2009 and August of 2008 for the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie).

5-County Area	Sold Homes	Dollar Volume	Average Price	Median Price
AUGUST 2009	188	$34,928,520	$185,790	$149,200
JULY 2009	198	$38,330,997	$193,591	$140,500
AUGUST 2008	186	$39,850,500	$214,250	$138,875

Bank Owned Foreclosures

August 2009- 25.50% of sales

July 2009 - 25.75% of sales

August 2008- 23.10% of sales

According to recent sales statistics the local market seems to be holding its own in this economy. Closed sales are stable, median home prices are actually increasing, while average home prices have declined due to the lack of sales on the top end of the market. It is difficult to tell if the market has hit bottom until about 6 months after it has happened but the numbers look better than expected, although there are still obvious gaps in activity in certain portions of the market. We have had a very busy August and September so far.

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from August 2008, July 2009, and August 2009. Undisclosed sales are not included in the data.

-Jonathan Oltersdorf

http://www.oltersdorf.com

Pending Home Sales Increase

Pending home sales showed a sixth-straight increase in July, the longest streak on record, with CNBC's Diana Olick.

Traverse City 3G

As of today, August 21, 2009, Traverse City now has an active 3G network - Finally! http://www.oltersdorf.com

National Home Sales July 2009

As a follow-up to my previous posted entry regarding Traverse City area home sales statistics for July 2009, the National Association of Realtors® have announced the national statistics for July and the numbers look great! For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.

“Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.

The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.

“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.

You can read the full article on the NAR site by clicking HERE.

Traverse City, July 2009 Home Sales

Home sales statistics have been finalized for closed sales during July of 2009. I have compared them to June of 2009 and July of 2008 for the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie).

5-County Area	Sold Homes	Dollar Volume	Average Price	Median Price
JULY 2009	198	$38,330,997	$193,591	$140,500
JUNE 2009	195	$38,997,270	$199,986	$143,000
JULY 2008	180	$40,424,955	$224,583	$154,900

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from July 2008, June 2009, and July 2009. Undisclosed sales are not included in the data.

When comparing July 2009 to July 2008, home sales have actually increased over the past year from 180 closed transactions in 2008 to 198 in 2009. As expected Dollar Volume, Average Price, and Median Price have dipped as the bottom of the market is seeing the most activity.

EDIT: There were 51 bank owned sales in July which resulted 25.75% of total sales. Looking back at June-2009, bank owned properties were 29% of total home sales.

-Jonathan Oltersdorf

http://www.oltersdorf.com

Traverse City, Buy Now-Retire Later

Traverse City is once again getting national attention for young retirees as it was recently named one of the best 5 places to retire in the country, this time by USA Weekend. The rankings are compiled based on recreation, weather, health resources, crime and cost of living. With prices so low, (median home price around $130,000) many people in their late 50’s are hoping to buy now before the economy rebounds and then retire to the area permanently within a couple of years. The full article can be found HERE.

Source: USA Weekend, Reyhaneh Fathieh (07/26/2009)

CenterPointe Building & Marina

Oltersdorf Realty LLC is proud to announce the listing of the truly unique CenterPointe commercial building and marina in Elmwood Township at the base of beautiful Leelanau County!

$7,500,000

Exciting opportunity to own this one of a kind, recently refurbished 64,000 sq.ft commercial office complex offering diversified income with unlimited potential, a long list of amenities and expansion options, panoramic Bay and Traverse City views, 543 ft of direct West Grand Traverse Bay frontage, a new 52 slip Private Marina and a premier Leelanau County location within 2 miles of downtown TC! The 4.76 acre parcel includes a prime building site with a private building access through an underground tunnel!

Traverse City, June 2009 Home Sales

I have gathered the sales statistics below for closed sales during June of 2009 and compared them to June of 2008 for the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie).

5-County Area	Sold Homes	Dollar Volume	Average Price	Median Price
JUNE 2009	195	$38,997,270	$199,986	$143,000
JUNE 2008	178	$39,634,192	$222,664	$149,751

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from June 2008 and June 2009. Undisclosed sales are not included in the data.

As you can see home sales have actually increased 9.5% over last year although Median Price has decreased slightly and Average Price has decreased as well. There seems to be quite a bit of activity on the bottom end of the market. In comparison May 2009 had 166 residential units sold, so we are up over 17% from May to June in total unit sales. Also, as many people are curious about the foreclosure market, 57 bank owned properties were purchased in June, which is 29% of the total unit sales.

-Jonathan Oltersdorf

Leelanau has 2nd lowest unemployment rate in Michigan

May 2009 unemployment rates have been announced and Leelanau County has Michigan’s 2nd lowest rate at 8.6%. Of Michigan’s 83 counties, only 6 remained under 10%. Jobless rates declined in 24 counties, all of which are located in the tourist-based northern counties. The full article provided by the Traverse City Area Chamber of Commerce newsletter can be found HERE.

May Home Sales See 32% Increase

The Record Eagle is reporting that the Traverse City 5-county area (Grand Traverse, Leelanau, Antrim, Kalkaska, Benzie) has seen an increase of 32% in closed residential home sales in May compared to April of this year according to the Traverse City Association of Realtors. Although historically in our area we usually do see an increase in activity as we approach warmer weather, the amount of closed sales from April 2008 to May 2008 only increased 9%. One of every three homes sold was a bank owned foreclosure this May. Nationally, sales rose 2.4% and mortgage rates were reported to average 5.38%. Hopefully this trend of increased sales continues through the end of summer. Within our office we have seen a large increase in activity and closings in the last couple of weeks.

-Jonathan Oltersdorf

Down Payment Assistance, MSHDA

The Michigan State Housing Development Authority has significantly expanded its down-payment assistance program that, when combined with the new federal tax credit, would provide more than $15,000 in help for first-time home buyers.

"MSHDA has raised its limits on the household income for buyers eligible for the $7,500 loan from $55,000 to nearly $95,000," said Mary Townley, MSHDA's director of home ownership. "We felt we just needed to provide more tools for home buyers."

PROGRAM HIGHLIGHTS

• Zero-interest, non-amortizing loan with no monthly payments.
• Maximum assistance is $7,500.
• Available with MSHDA's FHA, Rural Development or 97 percent Conventional first mortgage.
• Funds may be used for down payment, closing costs, prepaid/escrow expenses and a home inspection performed by a licensed home inspector.
• The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full.

BORROWER HIGHLIGHTS

• Available to low-to-moderate income home buyers. Household income limits vary depending on location and family size.
• Sales price limit is $224,500.
• Borrower must complete a home buyer education class.
• Minimum borrower contribution of one percent of the sales price.

This information was gathered from MSHDA's official website which can be found HERE.

As you can see there are tremendous opportunities out there for first time home buyers within Leelanau and Grand Traverse Counties to go along with historically low interest rates.

-Jonathan Oltersdorf

2009 Grand Traverse Millage/Property Tax Rates

THIS POST HAS BEEN UPDATED FOR 2010, THE NEW POST CAN BE FOUND BY CLICKING HERE.

Have you ever wondered what your property taxes would be if you lived in another township, or if you switched your homestead status to your non-primary home? By clicking the photo below you can download a PDF chart of current Grand Traverse County property tax rates (post November 2008 election) along with a description of how to figure your own taxes. I hope this helps!

Click HERE to download.

2009 Leelanau Millage/Property Tax Rates

THIS POST HAS BEEN UPDATED FOR 2010, THE NEW POST CAN BE FOUND BY CLICKING HERE.

Have you ever wondered what your property taxes would be if you lived in another township, or if you switched your homestead status to your non-primary home? By clicking the photo below you can download a PDF chart of current Leelanau County property tax rates (post November 2008 election) along with a description of how to figure your own taxes. I hope this helps!

Click HERE to download.

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3G Network in Traverse City

EDIT: As of about 2:30p.m. on 8/31/09 Traverse City now has an active 3G network.

I heard a rumor the other day that 3G cellular networks will soon be coming to Traverse City (sometime between August and September). After a quick Google search I stumbled upon this article by the Record Eagle (CLICK HERE). 3G networks are the next generation of wide-area cellular telephone networks that evolved to incorporate high-speed Internet access and video telephony straight to your mobile phone! When I am out showing property with a client I will be able to instantly look up listing information on any home, along with photos, disclosures, surveys, and anything available online using my iPhone.

2009 Lake Michigan Water Levels

There has been a continuous surge of good news this winter regarding Lake Michigan’s current water levels. The US Army Corps of Engineers February 2009 readings have indicated that Lake Michigan-Huron’s monthly mean water level was 577.46 feet, 10 inches higher than last year! Lake Michigan remains about 11 inches below its long term average but projected lake levels indicate that the gap is closing. I am sure that Grand Traverse area lakefront property owners and boaters are pleased to see the levels rising back towards normal levels.

-Jonathan Oltersdorf

Traverse City Area Guide

The Traverse City Convention & Visitors Bureau have published their annual 112 page, Traverse City Area Guide highlighting the regions (Leelanau County included) best events, festivals, shopping, beaches, golf courses, wineries, restaurants, and much more! This a very well done and informative catalog for both local residents and tourists! You can view the entire catalog online for free by clicking the image below. If you would like to receive a free hard copy of this publication please click here to visit the Bureau website.

Please Click The Image Above

Source: Traverse City Convention & Visitors Bureau

Property Taxes in Michigan

Within the next couple of days you should receive your Notice of Assessment form your Leelanau County or Grand Traverse County Township Assessor, if you haven’t received it already. Please take a moment to download a PDF I have uploaded by clicking HERE. This PDF was created by the Americans for Prosperity Foundation in Michigan and does a great job of explaining your Notice of Assessment and the procedure for having your assessment reduced. The annual Board of Review is your only chance this year to fight your property tax assessment! In Leelanau County there are specific times set up for the public to express their concerns to the board from March 16-19. If you would like to know the specific times for each township please feel free to call our office and we can read them to you.