Lakefront homes Oakland County real estate update

Written by Posted On Monday, 23 April 2018 11:53

Here is  the latest Lakefront homes Oakland County real estate update as of 4/23/2018.  It is a very strong sellers market all over Metro Detroit.  Then add in the low amount of real estate inventory it makes it very tough on buyers to get a home.  Homes are sometimes selling in a day or under a week.  There are multiple offers sometimes.  I just had one where there were 17 offers on one home.  So now is the time to be the smart home buyer.  If you are smarter than other buyers that do not know what is going on, then you have a leg up on them.  I want you to get the home you like at the best possible price.  In a strong sellers market it is next to impossible to get a deal.  You may have to pay full price or maybe even over list price.  The key is not to extremely over pay.  You do not want to be upside down in the property. 

Lake home Oakland County MI

If you are looking to buy a lake property in Oakland County then one of the best things I can recommend you to know is what homes have been selling for.  Not only should you be checking the comps before you put in an offer, but it is wise to look at the recent history of the sold homes on the lakes.  What I mean by that is you should look at Days on the market, and the comparision of list price versus sales price.  Not only will you learn how fast or slow homes are selling for, but you will also learn how homes are selling for when they first come on the market, or when they have been on the market for a while.

This is what I sent one of my clients when they put in an offer on a waterfront home near Clarkston.

Here is the last 30 days of closings of lake front solds.  Here is explanation of some of the homes 520 North shore was a to be built home and they ended up selling just the lot for $250K.  2530 Silverside was an auction house that they bought without going into the house, had to pay cash, and no inspection.  3840 Pine Lake actually had been on and off since 2014.  9880 Dixie had been on and off since 8/17.  2936 Vero had been on the market since 2/17.  So that tells you why some of the big differences in prices were.
Oakland County Lakes
So all the big differences between list price and sold prices were from homes over 80 days on the market or over a million dollars.  So nine of them were over 80 days and 3 were over a million.  One was a duplicate so you have 13 other lake homes that sold in under 34 days.  5 of the 13 ( 959 Artdale, 8455 Arlis, 210 S Broadway, 4198 Mallards Landing, 2972 Windwood) did sell for 9,000 to 22,500 difference in list price versus sales price.  I was able to get a hold of 2 agents. Both told me the house did not appraise that is why the price was low.  So the the 3 remaining ones sold for 96%, 97%, 98% of list price and that is only if appraisal did not knock them down. 
8 of the 13 sold from $5000 below list to $55,000 over list.  2% difference below list was the highest difference.  The majority of the homes are selling very close to list.  What you have to remember this was in February and March when there were not a lot of buyers out.  I am working with 14 different lake buyers right now.  2 of them have lost homes because they did not bid high enough.  Last week I received 5 notices of multiple bids on homes and they were calling for highest and best.  The lake home market has heated up.   It's a red hot market out there and there are not many houses out their in the condition that we saw.  I have seen a lot of junk and poor homes in the last week in the 400 to 625,000 range in the last 2 weeks.
$114,900 $114,900 75 787 2 1.00
855 S PONTIAC Trail 303 $134,900 $132,500 7 918 2  
6166 BOROWY Drive $175,000 $173,000 15 1,014 2  
5623 PARADISE Street $189,900 $186,000 16 970 3  
9730 MANDON Road $200,000 $195,000 14 1,350 3  
2530 SILVERSIDE Road $292,000 $231,000 18 1,235 2  
225 DARLING $299,000 $277,500 171 2,257 5  
1928 S ORTONVILLE Road $289,900 $279,000 143 1,411 3  
9880 Dixie Hwy $299,900 $285,000 0 1,520 4  
520 NORTH SHORE Court $849,000 $295,000 182 2,757 4  
14004 E LANEDEN $349,000 $325,000   1,705 2  
14004 E LANEDEN Drive $349,000 $325,000 34 1,705 2  
959 ARTDALE Drive $339,900 $330,000 3 1,820 4  
8455 ARLIS Street $399,000 $357,500 21 1,000 3  
4198 Mallards Landing $375,000 $359,000 23 2,000 4  
3370 RAMADA Drive $379,900 $360,000 83 1,918 3  
3956 CHANDA Court $359,900 $365,000 6 1,740 3  
210 S BROADWAY Street $389,000 $372,500 10 1,568 4  
5416 LANCASTER Lane $525,000 $518,500 8 2,767 4  
3840 PINE LAKE KNOLL $699,000 $600,000 9 3,841 3  
4707 Ravinewood Drive $625,000 $627,500 33 3,074 5  
2972 WINDWOOD Court $749,900 $740,000 0 3,000 3  
3766 ELDER Road S $700,000 $755,750 9 1,965 5  
2936 VERO Drive $799,900 $775,000 15 3,650 4  
2090 LAKE ANGELUS Shores $1,149,900 $1,000,000 63 3,700 5  
1701 DELL ROSE Drive $1,490,000 $1,241,000 22 5,396 5  
850 Lake Angelus Shores $1,499,990 $1,338,000 28 4,213 6  

  By reading a chart like this you will realize how the metro Detroit real estate market is.  It doesn't matter if the lake home is one of the best all sports lakes, or if it is on a small lake.  You just have to look at the comparables for that type of lake.  If the home is in a subdivision or in the city you have to apply the same rules.  Look at what has sold, how long has it been on the market for the area, and the difference between list price and sales price.  That way you can gage on how to bid.

It is a strong sellers market for lake homes and regular homes here in Metro Detroit.  If you are a seller we can get you top dollar for the condition your home is in.  If you are a home buyer it pays to hire a realtor that really knows how to structure your offer and to use all the tricks of the trade to help you get the home you love.

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