Historic Interest Rates 2003- November 2012 - Leelanau & Traverse City Real Estate

Current fixed-rate mortgage interest rates continue to set new records as indicated in the graph above comparing annual averages from 2003-2012. The monthly average 30-year fixed mortgage rate in October 2012 was 3.38% bringing the total 2012 average this year down to an astonishing 3.72%! Home buyers that Oltersdorf Realty, LLC have working with in Leelanau & Grand Traverse County (Traverse City) have been extremely happy to lock in their historic low interest rates!  

Source of Information with records dating to 1971 : FreddieMac

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

12197 E Indian Beach Rd, Northport - SOLD

SOLD NORTHPORT WATERFRONT HOME

12197 E Indian Beach Rd, Northport, MI - 105' on Grand Traverse Bay
SOLD by Oltersdorf Realty, LLC on 11/9/2012
Asking Price: $325,000

  

Quaint “Up North” Leelanau County waterfront cottage on Grand Traverse Bay located just south of Northport, MI! This secluded cottage offers 105 feet of direct private water frontage, 4 bedrooms, 1 bath, and the old world charm of a home built in 1923. Also featuring original stone fireplace, pine hardwood floors, 1283 sq ft and a 30x40 pole barn on a 1.08 acre parcel!

*Photos courtesy of the Traverse City Area Association of Realtors.

1972 Blue Water Ct, Suttons Bay - SOLD

SOLD SUTTONS BAY WATER VIEW VACANT PARCEL

1972 N Blue Water Ct, Lot #30, Suttons Bay, MI - Elevated Bay Views
LISTED & SOLD by Oltersdorf Realty, LLC on 11/7/2012
Asking Price: $42,400

  

Lot #30 is a 1.00 acre parcel in the beautiful Blue Water Ridge Development located just north of the Village of Suttons Bay. Owners amenities include use of : 31 acre preserved common area; paved private roads; and developer installed underground gas, electric, phone, cable and common drain field system to each lot- reducing your building costs when planning your dream home! Quiet low traffic Leelanau County location within minutes of Suttons Bay, Leland and Omena! WHAT A VIEW!

S Nanagosa Trail, Lot 38, Suttons Bay - NEW LISTING

NEW LISTING

$257,000 - S Nanagosa Trail, Lot 38, Suttons Bay MI - 100' on West Grand Traverse Bay

This exceptional West Bay parcel offers beautiful sunrise views over Old Mission Peninsula in a fantastic neighborhood of quality homes only minutes to Suttons Bay and a short distance to Traverse City!  A level building area with a gentle slope to the water’s edge is ideal for home designs with a walk out lower level and natural landscaping.  Amenities include direct access to a paved low traffic county maintained road, natural gas, electric, and cable!  Drain field soils and survey complete!  

PLEASE CLICK HERE FOR ADDITIONAL INFORMATION ON THIS NEW LISTING

309 Cass St #3, Traverse City - SOLD

SOLD DOWNTOWN TRAVERSE CITY CONDO

309 Cass Street #3, Traverse City, MI
SOLD by Oltersdorf Realty, LLC on 10/24/2012
Asking Price: $419,900

  

Enjoy downtown Traverse City’s newest condominium project 309 Cass! Only 2 blocks from Front St this NEW  2 bedroom, 2 bath, 1850 sq ft condo offers urban Traverse City living with high quality finishes, elevator access, river views, 10’ ceilings, granite countertops, hardwood flooring, upgraded kitchen, 1 car attached garage, and plenty more!

Photos courtesy of the Traverse Area Association of Realtors.

10477 E Easling Dr, Suttons Bay - SOLD

SOLD SUTTONS BAY HOME

10477 E Easling Dr, Suttons Bay - Home on 10 Acres
LISTING SOLD by Oltersdorf Realty, LLC on 10/22/2012
Asking Price: $340,000

Newer builders home on 10 acres featuring 3600 finished sq ft, 4 bedrooms, 3.5 baths, main level master bedroom with jet tub and walk-in shower, large kitchen with hickory cabinetry and granite countertops, mahogany entry door, finished lower level with custom wet bar and 10’ ceilings, 2 car attached garage, 18’x13’ outbuilding, and more! Central Leelanau County location only minutes to Suttons Bay!

 

3752 S Lee Point Rd, Suttons Bay Waterfront Home- SOLD

SOLD SUTTONS BAY WATERFRONT HOME

3752 S Lee Point Rd, Suttons Bay, MI - 100' West Grand Traverse Bay
LISTING SOLD by Oltersdorf Realty, LLC on 10/18/2012
Asking Price: $379,000

Panoramic, Southern Facing Bay views enhance this beautiful and spacious, 4-bedroom, waterfront retreat nestled upon a generous 2 acre wooded parcel on desirable Lee Point Peninsula.  This wonderful home’s outstanding features include: 100' of West Grand Traverse Bay private water frontage, a living room with vaulted ceilings and two walls of windows offering beautiful West Bay views, vaulted ceilings, ceramic tile flooring, air conditioning, built-in storage, wooden walkways around the home, garage, paved driveway, garden shed and a 30' x 60' pole barn!

2012 - January to September – Leelanau County 3rd Qtr Year-To-Date Home Sales

2012 - January to September – Leelanau County 3rd Qtr YTD Home Sales

The 2012 YTD 3rd Quarter (January 1 – September 30) home sales data have been posted in the graphs above. The home sales statistics compare real estate housing sold in Leelanau County from January 1, 2012 through September 30, 2012 to the same time period in 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.

As you will notice in the housing sales data posted above, 2012 residential real estate sold in Leelanau County has increased significantly compared to 2011 in terms of Average Selling Price (+ 4.81 %) and Median Sale Price (+9.02 %).

We have seen a $20 Million Dollar increases in total Residential Sales Volume (+ 36.21 %) over this time in 2011. There have been more residential sales volume in the first 9 months of 2012 than the entire 2011 year! 59 more Residential Units have sold in Leelanau County so far this year (+ 29.95 %). compared to this point in 2011.

There is no doubt that 2012 residential real estate in Leelanau County has been selling very well compared to the last two years. Although we expect the normal seasonal slowdown through the rest of the year, the year-end numbers should be drastically higher than 2011 and 2010.

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2010-2012. 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

2012 - January to September - Grand Traverse County & Traverse City 3rd Qtr YTD Home Sales

2012 - January to September - Grand Traverse County & Traverse City 3rd Qtr Year-To-Date Home Sales


The 2012 3rd Quarter Year-To-Date (January 1 – September 30) home sales data for Grand Traverse County have been posted in the graphs above. The home sales statistics compare real estate housing sold in Grand Traverse County from January 1, 2012 through September 30, 2012 to the same time period in 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.

As you will notice in the housing sales data posted above, 2012 residential real estate sold in Grand Traverse County has increased significantly compared to this point in 2011 in terms of Average Selling Price (+ 7.16 %) and Median Sale Price (+4.75 %). We have also seen a $50 Million Dollar increases in total Residential Sales Volume over this point in 2011 (+ 32.88 %). WOW! There has already been more residential real estate sales volume in Grand Traverse County in 2012 than ALL OF 2011! Residential Units Sold in Grand Traverse County increased by 198 homes (+ 24.00 %) over this date in 2011.

Clearly the Traverse Area Real Estate market has been booming and although prices are relatively stable across the board the amount of homes selling and total sales volume has increased rapidly compared to 2011 and 2010.

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2010-2012. 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

741 N Indian Trail Blvd, Traverse City - Sold Condo

SOLD CONDO IN THE CITY OF TRAVERSE CITY

741 N Indian Trail Blvd,#6, Traverse City, MI
Colonial Woods Condominiums
SOLD by Oltersdorf Realty, LLC on 10/11/2012
Asking Price: $71,500

  

Affordable Colonial Woods move-in ready condo within the City of Traverse City! Upper floor 2 bedroom, 1 bath , 840 sq ft unit with an updated kitchen, private covered balcony, and on-site laundry and storage! Fantastic location close to public beaches along East Grand Traverse Bay, grocery stores, TART Trail, and downtown Traverse City! There aren't many condos available within the city limits in this price range!

Michigan House Bill 4753 – Goal is to Prevent Tax Increase on Family Real Estate Transfers

Michigan House Bill 4753 Intends to Prevent Tax Increase on Family Real Estate Transfers

This topic has been updated in a newer post. Please CLICK HERE.

House Bill 4753 sponsored by Rep. Peter Pattalia has passed the Michigan house and has a decent chance of becoming law by the end of the year. As written, the bill would affect transfer of real estate between family members beginning on December 31, 2013. Currently in Michigan when a piece of real estate is transferred to a new owner (including family members), the taxable value generally “uncaps” to the true value of the property. Once you own a piece of real estate the taxable value cannot increase from one year to the next by more than 5% or the rate of inflation, whichever is less, until that real estate is transferred to a new owner. This piece of Legislation would significantly impact many families in the Leelanau County and Grand Traverse County area, especially those families who have had the same piece of real estate for 20+ years. Previously, if you planned on leaving real estate to a family member, the property tax “uncap” might not allow them to afford the new property tax, resulting in them being forced to sell that home/condo/acreage. Conversely, if the bill does pass, the negative impact will be on local governments and school districts which use property tax dollars to help fund their budget, especially in areas with a large amount of family waterfront cottages such as Leelanau County and Traverse City.     

Here is a fictional example:

Suttons Bay waterfront vacation home that has been in the same family since 1972

Current Taxable Value = $125,000 (paying tax on a $250,000 true cash value)
Current Assessed Value = $200,000 ($400,000 true cash value)

-The current owners in this scenario pay non-homestead tax of = ~$4,869 per year.
-Property Transfers under old system “uncaps” the non-homestead tax to = ~$7,791 per year.

Under the MI Bill 4753 the new family member(s) would save almost $3,000 per year!

Keep in mind that a $400,000 waterfront house is the low of the market for many waterfront homes on West Grand Traverse Bay, Suttons Bay, Lake Leelanau, Glen Lake, and Lake Michigan. In some scenarios you could see a $10,000-$20,000 per year difference. Oltersdorf Realty, LLC will be keeping a close eye on this bill.

For Full Documents Click Here:   Bill As Passed By The House
                                                  House Introduced Bill
                                                  Michigan Legislature Page: House Bill 4753

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

2010, 2011, 2012 Leelanau and Traverse City Foreclosures & Short Sale Home Sales

2010,2011,2012 Distressed Home Sales
Leelanau County & Grand Traverse County

It is clear from the pie charts above that the percent of distressed home sales in Leelanau County and Grand Traverse County (Traverse City) has been dropping significantly since 2010. In 2012 only 22.30% of real estate home sales (single family and condominiums) have been foreclosures or short sales. At the end of the year in 2011 that number was higher at 27.79% and was just over 31.67% at year-end in 2010. The percent of foreclosures and short sales sold has dropped almost 10% in 2 years!  One of the most surprising statistics from the data is that more traditional sales have closed already in 2012 (January – September) than all of 2011 and 2010! Homes are selling much better this year than the previous 4 years and it should be interesting to see where the data ends up at the end of 2012!

This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2010-2012. 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

8811 N Gills Pier Road, Northport - NEW LISTING

NEW LISTING

$795,000 - 8811 N Gills Pier Road, Northport, MI - 152' on Lake Michigan

A spectacular home with distinctive design and unique architectural details! A spacious living area is enhanced by a 2-story brick fireplace and large custom windows provide expansive sunset water views of Lake Michigan. Complete privacy is offered with this home situated on 2.67 acres of beautiful natural landscape and 154' of private direct water frontage! Pella door-walls and windows allow for an abundance of natural light while providing panoramic Lake Michigan views from almost every room in the home.

PLEASE CLICK HERE FOR ADDITIONAL INFORMATION ON THIS NEW LISTING

441 S Nanagosa Trail, Suttons Bay - SOLD

 

SOLD SUTTONS BAY WATERFRONT HOME

441 S Nanagosa Trail, Suttons Bay, MI - 100' on West Grand Traverse Bay
LISTING SOLD by Oltersdorf Realty, LLC on 10/3/2012
Asking Price: $449,000

Rare Leelanau County Modern Design. This private direct waterfront home features 2574 finished sq ft, 3 bedrooms and 2.5 baths. The unique 2 story great room with floor to ceiling windows and brick fireplace provides an open concept entertainment space between the kitchen, dining room, and living room with an abundance of natural light and West Bay views! Additional features include hardwood floors throughout both floors, private master bath, 2 car attached garage, full unfinished basement, and much more!

11255 E Fort Rd D-2, Suttons Bay - SOLD

SOLD FORT ROAD YORK CONDOMINIUM

11255 E Fort Rd D-2, Suttons Bay, MI 49682
SOLD by Oltersdorf Realty, LLC on 10/2/2012
Asking Price: $85,900

This affordable York Condominium unit offers 3 bedrooms, 2 baths, and 1300 square feet of living space located within central Leelanau County between Traverse City and Suttons Bay. Unit needs updating and can easily be turned into a great low-maintenance condominium within Bingham Township!

776 N St Josephs St, Unit #4, Suttons Bay - SOLD

SOLD SUTTONS BAY WATERFRONT CONDOMINIUM

776 N St Josesphs St, Unit #4, Suttons Bay, MI
Suttons Bay Yacht Club
LISTING SOLD by Oltersdorf Realty, LLC on 9/28/2012
Asking Price: $394,000

This beautifully remodeled 1850 sq ft direct waterfront condominium enjoys expansive water views from every room, 2 story living area with tongue & groove wood ceilings, 3 large bedrooms and 3 ceramic tiled full baths! Extensive updates include: paint, flooring, countertops, draperies & blinds, fixtures, fieldstone fireplace, newer patio doors and mechanicals!  Established community offering 1400 ft of sandy beach frontage on Suttons Bay / West Grand Traverse Bay, pool with water views, tennis courts, and more!

Mortgage Rates September 2012

Mortgage Rates Fall Back to Record Lows

Daily Real Estate News

Fixed-rate mortgages are back at all-time record lows or hovering near them, Freddie Mac reports in its weekly mortgage market survey. For those who can qualify for a loan, the ultra-low mortgage rates are pushing housing affordability higher. 

"Following the Federal Reserve's announcement of a new bond purchase plan, yields on mortgage-backed securities fell, bringing average fixed mortgage rates to their all-time record lows, which should aid in the ongoing housing recovery,” says Frank Nothaft, Freddie Mac’s chief economist. 

Here’s a closer look at the national averages with mortgage rates for the week ending Sept. 20:

  • 30-year fixed-rate mortgages: averaged 3.49 percent, with an average 0.6 point, matching its all-time low. A year ago at this time, 30-year rates averaged 4.09 percent. 
  • 15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.6 point, setting a new record low this week. Last year at this time, 15-year rates averaged 3.29 percent. 
  • 5-year adjustable-rate mortgages: averaged 2.76 percent, with an average 0.6 point, rising from last week’s 2.72 percent average. Last year at this time, 5-year ARMs averaged 3.02 percent. 
  • 1-year ARMs: averaged 2.61 percent this week, with an average 0.4 point, holding the same as last week. A year ago, 1-year ARMs averaged 2.82 percent. 

Source: Freddie Mac
Source: RealtorMag

Copyright National Association of REALTORS®. Reprinted with permission.

5331 N Liberty Dr, Traverse City - SOLD

SOLD TRAVERSE CITY HOME

5331 N Liberty Dr, Traverse City
LISTING SOLD by Oltersdorf Realty, LLC on 9/26/2012
Asking Price: $298,000

This immaculately maintained family home enjoys a wonderfully landscaped private lot with extensive perennial gardens and sprinkling system, specious living area with a gas fireplace, informal and formal dining areas, main level den, and an entertainer’s kitchen with a large island, granite countertops and stainless appliances!  Additional features include 5 bedrooms, 3.5 baths, hardwood flooring, 3400 sq ft of living area, front and rear decks and oversized heated garage!  A great location only minutes from downtown Traverse City and lower township property taxes! 

Health Care Reform

Health Care Reform
Top 10 Things You Need to Know About the 3.8% Real Estate Tax

  1. When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), you will not be subject to this tax.
  2. The 3.8% tax will never be collected as a transfer tax on real estate of any type, so you’ll never pay this tax at the time that you purchase a home or other investment property.
  3. You’ll never pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at settlement is just one component of that year’s gross income.
  4. If you sell your principal residence, you will still receive the full benefit of the $250,000 (single tax return)/$500,000 (married filing joint tax return) exclusion on the sale of that home. If your capital gain is greater than these amounts, then you will include any gain above these amounts as income on your Form 1040 tax return. Even then, if your total income (including this taxable portion of gain on your residence) is less than the $200,000/$250,000 amounts, you will not pay this tax. If your total income is more than these amounts, a formula will protect some portion of your investment.
  5. The tax applies to other types of investment income, not just real estate. If your income is more than the $200,000/$250,000 amount, then the tax formula will be applied to capital gains, interest income, dividend income and net rents (i.e., rents after expenses).
  6. The tax goes into effect in 2013. If you have investment income in 2013, you won’t pay the 3.8% tax until you file your 2013 Form 1040 tax return in 2014. The 3.8% tax for any later year will be paid in the following calendar year when the tax returns are filed.
  7. In any particular year, if you have no income from capital gains, rents, interest or dividends, you’ll never pay this tax, even if you have millions of dollars of other types of income.
  8. The formula that determines the amount of 3.8% tax due will always protect $200,000 ($250,000 on a joint return) of your income from any burden of the 3.8% tax. For example, if you are single and have a total of $201,000 income, the 3.8% tax would never be imposed on more than $1,000.
  9. It’s true that investment income from rents on an investment property could be subject to the 3.8% tax. But: The only rental income that would be included in your gross income and therefore possibly subject to the tax is net rental income: gross rents minus expenses like depreciation, interest, property tax, maintenance and utilities.
  10. The tax was enacted along with the health care legislation in 2010. It was added to the package just hours before the final vote and without review. The National Association of Realtors strongly opposed the tax at the time, and remains hopeful that it will not go into effect. The tax will no doubt be debated during the upcoming tax reform debates in 2013.

You can download a comprehensive 10 page brochure here: http://www.ksefocus.com/billdatabase/clientfiles/172/8/1437.pdf

Source:http://www.realtor.org/topics/health-care-reform/top-10-things-you-need-to-know-about-the-38-tax
Copyright National Association of REALTORS®. Reprinted with permission.

S Knorr Dr, Suttons Bay, Leelanau County - SOLD

SOLD SUTTONS BAY WATERRONT PROPERTY

S Knorr Dr, Suttons Bay, MI - 134' on West Grand Traverse Bay
LISTED AND SOLD by Oltersdorf Realty, LLC on 9/21/2012
Asking Price: $249,000

Vacant waterfront parcel located on desirable Stony Point Peninsula in a fantastic area of quality waterfront homes. This direct waterfront lot offers 134 feet of private frontage on West Grand Traverse Bay on a quiet dead-end paved road within minutes of the charming year round Village of Suttons Bay. Sellers have installed stone erosion control system.