Birmingham, MI

My office is located where Old Woodward and New Woodward meet in Birmingham Michigan and I have had a birds-eye view of the parade of vintage cars all week.  I did a little preview video in anticipation of the 15^th Annual Woodward Dream Cruise and wasn’t about to miss the Big Event.  With all the talk about two of the Big Three having gone through bankruptcy and all three pulling out of sponsorship, everyone was wondering about the turn out and success of an event that, in previous years has drawn up to 1.5 million people.

Parking was a snap upon arriving at my office and I began to wonder – a couple years ago, our parking lot was turned over to a parking service and I had to pretend work was calling to get a spot.  However, upon turning the corner I was not disappointed.  On the meridian between Old Woodward & New Woodward, the crowds were there, vintage cars were parked near downtown Birmingham and all was well with the Dream Cruise – even the scorching heat.

There was a restaurant set up with table cloths and flowers, a couple of bands, 94.7 broadcasting near by, a baseball game of sorts for the kids, face painting and, of course the cars.  Driving to the Cruise, I was listening to the radio where they talked about how uncomplicated the engines were then – ‘you knew what you were looking at when you opened the hood’.  Well, that may be the case for some but I was just wondering how they keep the engines so clean – an important question answered here in my interview with Chris Fusco, owner of a 1966 E-Type Jaguar Coupe.

From Birmingham Michigan - Woodward Dream Cruise 2009 from Cathy Tishhouse on Vimeo.

I admit that I am not very knowledgeable about cars and to some – “how do you keep an engine clean” may not be a good interview question.  However, there was another woman who came and asked the very same question.  Chris, who works as an automotive designer for Johnson Controls in Auburn Hills treated my question with respect.  I could tell he has put a lot of work and pride into restoring his Jaguar.  He also told me about his 1965 Mustang Fastback that he drives a bit more than the Jaguar and he is currently working on a 1967 Mustang Fastback.  

To the many car enthusiasts who come – whether as an owner or novice bystander – it was a great day to see over a million people lined along Woodward enjoying and celebrating what Detroit has always been know for – cars.

Birmingham Michigan Realtor selling Oakland County Real Estate.   TishHouse sells Houses - selling Real Estate in Southeastern Michigan with RE/MAX Showcase Homes in Birmingham, Michigan. Helping People in a challenging market by specializing in Short Sales. See what my clients have to say about my extraordinary customer service.  Follow me on Twitter.

Birmingham Michigan Market Analysis Homes Sold July 2009

Active & Solds July 2009

Active & Solds June 2009

Active & Solds July 2008

August 1, 2008 – July 31, 2009

August 1, 2007– July 31, 2008

Compares only median sold price of residential homes sold in July 09 with June 09 & July 08; year ending July 08 with yr ending July 09. It shows all homes sold then private owned vs. Bank Owned/HUD. To exclude leases in data, minimum sale price used was $15,000.

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Market Analysis for Birmingham June 2009

Market Analysis for Birmingham May 2009

Market Analysis for Birmingham April 2009

Market Analysis for Birmingham March 2009

Market Analysis for Birmingham February 2009

Birmingham Michigan January 2009 Market Analysis

Oakland County Market Analysis for July 2009

Oakland County Market Analysis for June 2009

Oakland County Market Analysis for May 2009

Birmingham Michigan Realtor selling Oakland County Real Estate. TishHouse sells Houses - selling Real Estate in Southeastern Michigan with RE/MAX Showcase Homes in Birmingham, Michigan. Helping People in a challenging market by specializing in Short Sales. See what my clients have to say about my extraordinary customer service. Follow me on Twitter.

Metro Detroit and the world's largest one-day automotive event runs from 9 a.m. to 9 p.m. along Woodward Avenue through nine host communities. This Saturday (August 15) is the Fifteenth Year for this Annual Event that takes place the third Saturday of August. It runs through nine host communities from Ferndale to Pontiac . . .

Here is a preview a few days before the event. Our office is located where Old Woodward and New Woodward meet and we always see people gathering days before and the cars revving up for a parade. There is so much more on the day of the event.

Dream Cruise on Woodward Ave. in Birmingham Michigan from Cathy Tishhouse on Vimeo.

Birmingham Michigan Realtor selling Oakland County Real Estate. TishHouse sells Houses - selling Real Estate in Southeastern Michigan with RE/MAX Showcase Homes in Birmingham, Michigan. Helping People in a challenging market by specializing in Short Sales. See what my clients have to say about my extraordinary customer service. Follow me on Twitter.

Great Rewards in Balancing Sale-Leaseback Issues!

Robert J. Pliska, CRE, CPA

Birmingham, Michigan

Recent news articles have indicated that sale-leasebacks will pick up as time goes on in today's current economic environment. There is still significant corporate interest in sale-leasebacks as a capital generation and balance sheet management tool. While volume of commercial real estate transactions have recently been down as recently noted by various data services such as New York City-based Real Capital Analytics, sale-leasebacks were actually accounting for a greater portion of the overall commercial property sales market. Why so?

Sales-leasebacks can be a great financing tool in today's market! Why have your cash locked up in real estate when it can be employed in the business which can provide a higher rate of return. In addition, the cash can be used to expand business operations, purchase other companies when the price may be lower, retire and/or buyout partners, reconfigure bank debt, increase further borrowing capacity, improve balance sheet ratios or just keep the business going in today's economic environment. One example of a sale-leaseback is http://sale.svn.com/schaller.

So, if that is the case, what considerations should I be aware to complete a sale-leaseback and unlock those great rewards? Be prepared to be involved in a balancing act! A win/win situation needs to be created between the company (tenant) and the investor (landlord). However, as long as each side is reasonable - each side can obtain substantial benefits from the transaction.

For one, the investor needs to feel comfortable that the company has good financial stability and can pay rent over the typically long term lease. A company needs to show reasonably good financials or at least have a good story of its operations. Usually a CPA or financial advisor is helpful in this discussion. Track record, length of time in the business, net worth, sales, and financial ratios are reviewed. On the other hand, the company needs to be insured that they still have control of the property for its business operations. As a result, a triple net lease is typically established allowing control of the property. The tenant typically pays all the expenses of the building. The investor collects his monthly rent without having to be involved in daily operations of the building. See

Robert Pliska for the author's sale-leaseback opportunities and properties currently on the market.

Price setting of the real estate creates another balancing act with sale-leasebacks. The company is a key part of this discussion - since the risk and return to an investor weighs heavily into the discussions. Higher credit results in a lower return to the investor. Lower credit results in a higher return to the investor. More cash from the sale can be obtained with higher credit. Other considerations include rent for similar properties in the area for this type of property and recent sales of similar types of properties.

Effectuating a sale-leaseback today, may be the answer to many cash issues of corporations. Generating cash currently locked in real estate can result in potentially higher corporate returns, future expansions and just maintaining a cash starved business in today's economic environment. Be prepared, though, to spend some time balancing corporate and investor issues which can result in great rewards for each side!

As some of you Short Sale Realtors have found, many banks are not as open minded to releasing deficiencies (difference between what is owed and what the lender collects) as they were in the past. (Countrywide who is now BOA) Bank Of America recently established a zero tolerance towards negotiating their Short Sale approval letters. The new language is a follows: "BAC Home Loans Servicing, LP and/or its investor may pursue a deficiency judgment for the difference in the payment received and the total balance due,..."

This language is a little unsettling for sellers who were told that they would owe nothing after closing. Well, for all of you Short Sale seller's out their, you might end up owing money after closing. I know this is not what you want to hear but better now then at the end of the long process of a Short Sale.

A seller who is already demoralized from the start, who has waited months, sending bank statements, tax returns and keeping their home in show ready condition while writing groveling letters to the bank begging for help, are not in the best moods. That is why they just walk away when they find out that they are stuck with the deficiency. They were unprepared for that outcome and Rage replaces Sound Judgment.

The fact is that in many states, like Michigan, if the bank forecloses, the seller will still owe as much or more because of legal fees, penalties and interest then they would with the short sale + deficiency. I know this is a bitter pill but those are the facts. We are trying to make the Best out of the Worst.

Short Sale Seller's out there, before you rip up that short sale agreement that you have worked so hard to get, call a local Real Estate Attorney and make sure that your rejection is based what's best for you not on what you think will hurt the bank the most. The bank does not want to foreclose but is not afraid to do so.

"Whether the Glass hits the Rock or the Rock hits the glass, things end poorly for the Glass", Man of La Mancha

Mike Sher,

Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com

CDPE (Certified Distress Property Expert)

MCAR, Short Sale Trainer

Max Brook and Real Estate One Short Sale Specialist.

The Mike Realtor Team Blog - Metro Detroit/Oakland County

Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City

But, We Can Help!

This is a competitive real estate market. If you have to sell and can not, perhaps it is time to look at a Short Sale. The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.