SOLD NORTHPORT HOME
9771 E Johnson Road, Northport, MI - Bank Owned Foreclosure
SOLD by Oltersdorf Realty, LLC on 3/29/2013
Asking Price: $110,000
Charming 1920’s Leelanau County farmhouse on 2.00 acres close to Northport! This 4 bedroom, 2 bath 1,300 sq ft bank owned foreclosure has beautiful wood floors throughout, open kitchen/ living room, and a private countryside setting!
Leelanau County Named Michigan's Healthiest County
Leelanau County was just named the healthiest County in Michigan based on health outcomes that include length of life, quality of life, and various health factors. The report was released by the Robert Wood Johnson Foundation and the University of Wisconsin. Grand Traverse County (Traverse City) is ranked #7.
The full criteria and additional information can be found on http://www.countyhealthrankings.org/
The Michigan section is located here: http://www.countyhealthrankings.org/app/michigan/2013/rankings/outcomes/overall/by-rank
Home inventory/supply reaches 9 year low!
The current inventory of single family homes on the market in Northwest Lower Michigan is extremely low. We haven’t had this few homes on the market since the spring of 2004! Please scroll down to view charts showing the current & historical amount of supply for houses located within Leelanau County, Grand Traverse County, and the City of Traverse City.
LEELANAU COUNTY
GRAND TRAVERSE COUNTY
CITY OF TRAVERSE CITY
As of March 2013 some townships and counties are seeing a supply of homes ranging from 33% - 45% of what we had available for sale during the peak of supply in the summer of 2010. When you compare the low home supply with my previous posts showing record home sales numbers Leelanau County 2012 Home Sales & Grand Traverse County 2012 Home Sales we could be in for a roller coaster 2013. Unless we see a large increase in supply of new home listings hitting the market this spring we will see significant increases in values throughout our region in certain price segments as long as the overall economy stays stable. As of today we are seeing the greatest need of supply in the <$200,000 single family home segment within 15 minutes of downtown Traverse City.
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com
This post was updated here: /blog/2013/7/12/leelanau-traverse-city-home-inventory-july-2013.html
2012 Leelanau County Building Permits
The Leelanau County Building Department is reporting that 376 permits were issued in 2012 at an estimated value of $32,051,234. Although the total number of permits issued decreased, the total estimated value had its highest year-end total since 2008.
Below you will find a chart totaling permits and estimated values of construction within Leelanau County from 2009 through 2012.
Oltersdorf Realty, LLC
http://www.Oltersdorf.com
Phone: 231-271-7777
E-mail: realestate@oltersdorf.com
SOLD SUTTONS BAY HOME
2521 N Evergreen Valley Dr, Suttons Bay, MI - 5.19 Acres
LISTING SOLD by Oltersdorf Realty, LLC on 2/8/2013
Asking Price: $288,000
Ideal main floor living is offered throughout this newer home on 5+ acres featuring: 2400 finished sq ft, open living room with gasfireplace, private den with beautiful French doors and built-ins,3 bedrooms, 2.5 baths, oversized master bedroom suite, hardwood flooring and walkout lowerlevel! Outdoor/indoor living is enjoyed from a 450 sq ft covered screened porch with a custom outdoor fireplace! Very private ridge top location offers picturesque views over Leelanau County's beautiful rolling countryside!
The 2012 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, 2012 through December 31, 2012 to the same time period in 2011,2010, and 2009. 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 (+ 8.66 %) and Median Sale Price (+5.91 %).
We saw almost a $43 Million Dollar increases in total Residential Sales Volume (+ 57.00 %) over the final 2011 sales volume totals (huge increase). 117 more Residential Units sold in Leelanau County during 2012 (+ 44.45 %) than 2011!
2012 was a record year of home sales in Leelanau County and no other county in the Traverse City region saw as much of a one year percentage increase in home sales and volume as Leelanau! We look forward to a fantastic 2013!
This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2009-2012. 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
The 2012 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, 2012 through December 31, 2012 to the same time period in 2011, 2010, and 2009. 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 increased significantly compared to 2011 in terms of Average Selling Price (+ 9.70 %) and Median Sale Price (+8.15 %). We also saw a $78 Million Dollar increases in total Residential Sales Volume (+ 39.02 %). WOW! Residential Units Sold in Grand Traverse County increased by 294 homes (+ 26.73 %) over final 2011 year-end numbers.
Clearly the Traverse Area Real Estate market has rebounded and although home values are still relatively flat the amount of homes selling and total sales volume has increased rapidly compared to 2011, 2010, and 2009. If the supply of single family houses for sale continues to decrease look for home prices to start to gradually increase throughout 2013.
This report is based upon sales information obtained from the Traverse Area Multiple Listing Service from 2009-2012. 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
The final 2012 waterfront home sales data is now in the books as we transition into 2013. How well did homes with private water frontage sell? The home sales statistics above compare waterfront real estate homes sold in Leelanau County from January 1, 2012 through December 31, 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. Waterfront home sales that were included in the data are any single family home with private direct frontage or private across the road frontage. Houses located on ponds, creeks, or with shared frontage were not included.
In 2012 Leelanau County experienced a 85% increase in waterfront home sales dollar volume and a 63% increase in total waterfront homes sold compared to final 2011 figures! Numerous publications have highlighted the fact that Leelanau County is showing the largest increase in real estate home sales in the region.
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
For final 2012 sales data click here: /blog/2013/1/18/2012-leelanau-county-home-sales.html
The 2012 waterfront sales data has been finalized as we begin to look forward to the 2013 selling year. How well did homes with private water frontage sell in Traverse City? The home sales statistics above compare waterfront real estate homes sold in Grand Traverse County from January 1, 2012 through December 31, 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. Waterfront home sales that were included in the data are any single family home with private direct frontage or private across the road frontage. Houses located on ponds, creeks, or with shared frontage were not included.
In 2012 Grand Traverse County experienced a 38% increase in waterfront home sales dollar volume and over 33% increase in total waterfront homes sold compared to the final 2011 numbers! Although these statistics show exceptional increases in real estate sales, Grand Traverse County still trails Leelanau County in the percentage of improvement over 2011.
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
/blog/2013/1/18/2012-grand-traverse-county-traverse-city-home-sales.html
Click the above link for complete 2012 home sales data.
Michigan House Bill 4753 Becomes Law
Public Act 497 of 2012
Prevents Tax Increase on Family Real Estate Transfers
House Bill 4753 sponsored by Rep. Peter Pattalia is a bill that became law on December 28, 2012. The law will affect the transfer of real estate between family members beginning on December 31, 2013. Previously in Michigan when residential real property is transferred to a new owner (including family members), the taxable value generally “uncaps” to the true market value of the property. Once you own residential 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 recently passed law will significantly impact many families in Leelanau County and Grand Traverse County (Traverse City), especially those families who have had the same property for 20+ years. Previously, if you planned on leaving residential real estate to a family member, the property tax “uncap” might not allow them to afford the new “market value” property tax, resulting in them being forced to immediately sell the family home.
Here is the exact language in the bill (page 4 of 5):
(s) Beginning December 31, 2013, a transfer of residential real property if the transferee is related to the transferor by blood or affinity to the first degree and the use of the residential real property does not change following the transfer. As used in this subdivision, “residential real property” means real property classified as residential real property under section 34c.
(e) Residential real property includes the following:
(i) Platted or unplatted parcels, with or without buildings, and condominium apartments located within or outside a village or city, which are used for, or probably will be used for, residential purposes.
(ii) Parcels that are used for, or probably will be used for, recreational purposes, such as lake lots and hunting lands, located in an area used predominantly for recreational purposes.
The one concern that I am sure will be a hot topic is that this law doesn’t discuss the role of trusts in the transfer of real estate. It does however for the first time allow for the transfer of residential real property to children and step-children without the “uncapping” of property taxes.
Here is a fictional example of could happen starting December 31, 2013:
Suttons Bay waterfront vacation home that has been in the same family since 1972
Current Taxable Value = $200,000 (paying tax on a $400,000 true cash value)
Current Assessed Value = $300,000 ($600,000 true cash value)
-The current owners in this scenario pay non-homestead tax of = ~$7,820 per year.
-Property Transfers under old system “uncaps” the non-homestead tax to = ~$11,730 per year.
Under the new law (Michigan House Bill 4753) the family member(s) will save about $3,550 per year!
Many of waterfront homes on West Grand Traverse Bay, Suttons Bay, Lake Leelanau, Glen Lake, and Lake Michigan could see a $10,000-$20,000 per year difference especially if it is a large “estate” size waterfront parcel that has been in the same family for a long time!
For Full Documents Click Here: Bill As Passed By The House
House Introduced Bill
Final Public Act (the above bill that has become law)
Michigan Legislature Page: House Bill 4753
Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com
SOLD TRAVERSE CITY HOME
5090 Goodrick Rd, Traverse City, MI
SOLD by Oltersdorf Realty, LLC on 1/11/2013
Asking Price: $119,900
Fantastic Grand Traverse County starter home in a desirable Long Lake location only 7 miles west of downtown Traverse City! This ranch home offers an open concept floor plan with hardwood flooring, maple cabinets, and stainless steel appliances! Additional features include 2 bedrooms, 1 bath, a full unfinished basement, and a 16 x 16 storage shed.
Photos courtesy of the Traverse Area Association of Realtors.
Real Estate Provisions in “Fiscal Cliff” Bill
On January 1, 2013 the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff,” the bill will be signed by President Barack Obama today, on January 2, 2013.
Below are a summary of real estate related provisions in the bill.
Real Estate Tax Extenders
Return of the “Pease” limitations on itemized deductions for high income filers
Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers.
“Pease” limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction.
First enacted in 1990, and named for the Ohio Congressman Don Pease who came up with the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and were completely eliminated in 2010-2012. The reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap, or reduction of the amount of MID that can be claimed.
Capital Gains
Capital Gains rate stays at 15% for those the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%. The 250/500k exclusion for sale of principle residence remains in place.
Estate Tax
The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40 percent, up from 35 percent. The exemption amounts are indexed for inflation.
Copyright National Association of REALTORS®. Reprinted with permission.
Source: http://www.ksefocus.com/billdatabase/clientfiles/172/4/1711.pdf
SOLD SUTTONS BAY HOME
1400 S Bay View Trail, Suttons Bay, MI
LISTING SOLD by Oltersdorf Realty, LLC on 12/28/2012
Asking Price: $229,500
Complete privacy is afforded with this homes quiet cul-de-sac location and beautifully landscaped wooded lot! Immaculately maintained and wonderful decorating enhance this homes 2684 finished sq ft of living area featuring a living room with a gas fireplace, maple kitchen cabinetry, a large family room with accent lighting, 3 bedrooms, den, 2.5 baths, and large rear deck with hot tub! Fantastic Stony Point / Leelanau County location in an area of quality homes only minutes to Suttons Bay and a short drive to Traverse City!
SOLD SUTTONS BAY WATER VIEW VACANT PARCEL
1861 N Blue Water Ct, Lot #14, Suttons Bay, MI - Elevated Bay Views
LISTING SOLD by Oltersdorf Realty, LLC on 12/27/2012
Asking Price: $53,400
Lot #14 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!
SOLD LAKE LEELANAU HOME
832 S Pit Rd, Lake Leelanau, MI - Bank Owned Foreclosure
SOLD by Oltersdorf Realty, LLC on 12/21/2012
Asking Price: $114,900
Affordable Leland Township ranch home offering 1350+ sq ft, 3 bedrooms, 2 baths, and an oversized 2 car attached garage on 2.00 acres! Fantastic deal on this real estate owned bank foreclosure in beautiful Leelanau County! New carpet interior paint and mechanicals that are less than 15 years old!
$185,000 - N Bay View Ave, Northport, MI - 100' on Grand Traverse Bay
Affordable waterfront parcel on Northport Bay with 100’ of direct private water frontage located between Omena and Northport in beautiful Leelanau County! Nearby buildable wooded parcels are also available for purchase to accommodate additional residence and outbuildings. An excellent location for a primary or vacation home! Drain field approved site survey completed.
$29,000 - Lots 3,4,7,8, N Bay View Ave, Northport, MI - Close to public water access - Click here to view this listing.
$3,000 Michigan Homebuyer Assistance Grant
$3,000 Michigan State Housing Development Authority (MSHDA) Grant is now available for first time home buyers in Leelanau County and Grand Traverse County (Traverse City).
1. Homebuyer Assistance - $15 million has been allocated for the Homebuyer Assistance grant program that will assist first-time homebuyers purchasing a single-family/one-unit, owner occupied, principal residence. Eligible first-time homebuyers are defined as a person who has not owned a home as their principal residence for three years prior to the date of purchase. Non-military homebuyers are eligible for grants up to $3,000. Active military and veterans are eligible for grants up to $5,000. Neither grant can exceed 25% of the purchase price. Grant funds may be used with any first lien mortgage transaction and can be combined with MSHDA's Down Payment Assistance. NOTE: Military is defined as a member of the U.S. Armed Forces or National Guard and Reserves.
Source and additional information can be found here: http://www.michigan.gov/mshda/0,4641,7-141--291018--,00.html or by asking your loan officer!
For more information please contact:
Jonathan Oltersdorf
Oltersdorf Realty, LLC
231-271-7777
E-mail: jonathan@oltersdorf.com
UPDATE: MSHDA had an overwhelming and higher than expected number of Homebuyer Assistance grant applications received, therefore as of 5 p.m. Wednesday, March 27, 2013, they can no longer accept any Homebuyer Assistance applications. However, they will continue to accept and process HARP Grant Applications.
Note from Oltersdorf Realty, LLC: Although we are sad to see the program end we are happy to report that several of our clients were able to take advantage of the program and successfully received $3,000 towards the purchase of their first home in Leelanau County & Grand Traverse County!
SOLD SUTTONS BAY WATER VIEW VACANT PARCEL
1872 N Blue Water Ct, Lot #18, Suttons Bay, MI - Elevated Bay Views
LISTED & SOLD by Oltersdorf Realty, LLC on 11/29/2012
Asking Price: $49,000
Lot #18 is a 0.97 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!
SOLD SUTTONS BAY WATER VIEW VACANT PARCEL
10494 Easling Dr, Suttons Bay, MI - Elevated Bay Views
SOLD by Oltersdorf Realty, LLC on 11/26/2012
Asking Price: $79,500
Fantastic building site located in central Leelanau County just minutes to the Village of Suttons Bay! This 5.95 acre parcel offers water views from meadows and hardwoods and an elevated building area.
*Photos courtesy of the Traverse City Area Association of Realtors.
