Bloomfield Township, MI

The Bloomfield Township Condominium market report reflects information for the township and does not include Bloomfield Hills. Solds reflect only those properties that have closed and ownership transferred. Information compiled from data provided by RealcompII and is deemed reliable but not guaranteed.

Inventory is down from last month. September had 114 units for sale, while in August there were 138 condos for sale.The average days on market (DOM) for those properties that did sell went from 100 DOM to 261 DOM. This could be caused by properties that have lingered on the market due to over-pricing or condition, finally adjusting the price or accepting offers in line with market conditions. The average list$/sell$ ratio is also down from last month; September was 88%, while August ratio was 91%

During September 2009, there were 114 condominiums for sale, 11 sold, 3 went under contract (pending) for a total of 6 pending (some have been pending for more than 30 days.)

SUMMARY: ACTIVES: 114 PENDING: 3 in September (total 6) SOLD: 11

ACTIVES: Of the 114 condos on the market during September, 20 were new listings, 5 were CCS (contingent continue to show) mostly awaiting bank approval. 1 listing was bank-owned and 14 were offered as short sales. The list prices ranged from $38,000 to $950,000 with an average of 274 DOM (days on the market).

PENDINGS: 3 condos came under contract during the month of September for a total of 6 pending sales. The other properties have been pending for longer than a month. Of those 3 that came under contract during September, 2 were bank-owned and none were short sales. List prices ranged from $39,900 to $149,900.

SOLDS: 11 condominiums sold during the month and reflected a SOLD price range of $35,500 to $260,000. 3 were bank-owned and none were short sales. The average list price was $140,291 with an average sold price of $123,171, and an average of 261 days on the market. Average list$/sold$ ratio=88%.

ABSORPTION RATE: 10.3 months. The Absorption Rate, is the rate at which houses for sale (inventory), sell within a given amount of time. For example, if 100 homes sell every month. and there are 1,000 houses for sale, and no other houses come on the market, it will take 10 months to sell the houses that are currently for sale.

COMPARISON: The absorption rate currently is 10.3 months compared to August's rate of 12.5 months. This reflects the decrease in available condos and the increase in buying that occurred during summer. This market remains a buyers' market but with declining inventory and attractive pricing, buyers should be prepared to make good offers and be ready for multiple offer situations.

If you'd like more information for Bloomfield Township, Bloomfield Hills or Birmingham, MI real estate, or for other areas of Oakland or Livingston counties, please feel free to contact me by phone or text at (248) 971-0711 or email me at LSchomers@Century21.com.

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Stage-Show-Sell, LLC is working on another Estate.  This one happens to be in my home town of Bloomfield Hills.

We specialise in homes where the families generally live out of state and can't do the work that's necessary to get the home on the market.

Many of the rooms look "normal" with tons of wallpaper and old paint.   These two rooms are a bit of a challenge.

 

This is the first floor laundry that's trapped in the 60s.   The wall paper is now gone and I'm working on a new laundry cabinet & sink and floor. The cabinets above are small and not really appealing.  We can paint the cabinets white or toss them out. My problem is that they are small.   The lower cabinet will hold a large can of soup.  The upper would hold two cans of soup back to back.  Am I better off painting them or tossing them and putting in two plain shelves to hold the cleaning supplies?

 

I've seen this kind of hording before with this generation of owners.  They have been through two recessions and several depressions and can't throw anything away.

The paper, flooring and cabinet have now been tossed out.  The room is next to the laundry and garage.  A door where I'm standing with the camera and one on the left going into the garage.

What do I put in there to show that it's a mud room?  A catchall for coats, boots and other outdoor gear? This house has 5 bedrooms so I'm assuming that buyers would need such a room.  The fix would have to be economical and most of it removable to keep the costs down.

 

I was talking to a Birmingham Short Sale Seller who happened to be listed with another Realtor (no one is perfect :) ). The Seller happened to have read my blog and was calling me for advice. His/her agent, a well known and accomplished local Realtor, was not as proficient in Short Sale negotiations as the seller thought they would be. The Seller became aware of this after signing a six month listing agreement. The problem was the listing Realtor was barley communicating to the bank at all with an offer that was 2 months old and getting older. The seller had picked up the slack and was calling the bank in hopes to get the Short Sale through.

In theory the Seller calling the bank is a good idea, especially if the listing agent is with out a team and lacks the people power needed to get a short sale through.

I have a team of people who in conjunction with my efforts are all calling the bank. But the difference between The Mike Realtor Team calling the bank instead of the Seller is:

1. We log our calls, I know exactly: what the last team member did;

a. What number they called?

b. Who they called, name, extension, ID#, Dept...

c. What was said, so we can quote them later...

d. When was it said, date, time?

e. What does the time line look like?

f. What is the next action for this file?

g. Do we have a negotiator?

h. What is his/her name?

i. How can I reach them?

j. Has a BPO been completed?

2. If the seller talks to the bank, they could be pressured into a commitment that they would like to avoid.

a. Since we our not principals of the Short Sale, we are able to avoid;

i. The banks efforts to pressure or threaten the seller.

ii. Give the Seller the opportunity of time to consider all of the bank requests.

3. The Mike Realtor Team does this for a living;

a. We never get angry.

b. We never get frustrated.

c. We know the right questions to ask.

d. We know when we are getting the run around.

e. We keep our Eye on the Ball and focus on the closing!!

f. And we are aware of all aspects of the Real Estate Transaction.

In short, whose job is it to call the banks, the party best suited for success. This may be the Realtor, the Seller, or an Attorney. BUT, before you sign the listing ticket, make sure you know what to expect, what will be expected and who will be calling the bank?

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.

Sorry for being late!!!

Time for the Friday Roll Call!!!! Let's get positive!!

I am dedicating another post just to allow all of us the opportunity to read a positive story or two. I will start!!:

1. Got a foreclosure offer accepted.

2. Have two closings on the books for June

3. Sunday, the Detroit Free Press wrote a great article about a short sale that I did.

4. The home life is great!!

5. Weather; well rain is better then Snow (keeping it positive)

6. Have a nice weekend of activities planed. Starting with a Sushi Party at my house, YUM

***" Not my best week, but still good, cause I always try to find the sunny side!! ", Mike Sher?***

Make it the brightest week it can be.

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.