About Lake Orion's The Preserve

The Preserve, Lake Orion MI- Home Prices UP Again!

Good news for homeowner in The Preserve in southern Lake Orion MI. Median sales prices were up 3 1/2% from last year and up 7.3% from 2009!

List price to sale price percentage ranged from .4% of asking price to 7.8% of asking price and one house sold for 3% over the list price. There was only 1 foreclosure listing and no short sales. Sale prices ranged from $212,000-$274,000.

The good news for buyers:

1. Compared to many areas there were relatively few distressed sales even in the worst of times
2. Prices never got so low as to change the socio/economic make up of the sub
3. Interest rates are so low you get about $100K in buying power

Number 3 is quite interesting. Let's look at 3760 Acadia. Last year it sold for $274,000 which gives you a payment of about $1010 (20% down, principle and interest, 3.92% interest rate which was the average for Jan 2012). If you were to pay that same price at 2000's interest rates you would have a payment of about $1616. Put another way- at the 8.05% interest rate of 2000 you would need to have paid $170,000 to have the same payment as 2011's buyer.

The good news for sellers is that prices are up the past couple years.

The even better news for buyers is that with interest rates it feels like prices have kept going down. And when a buyer gets approved for their mortgage they are truely getting approved for a certain house payment and those payments are super low.

The Preserve

Lake Orion MI

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Jackie Hawley
Keller Williams Realty, Clarkston
Jackie@JackieHawley.com

Cell: (248) 736-6407

www.MiRelocation.com

The Preserve, Lake Orion MI- Prices Rebounding?

It sure looks that way. The Preserve has always been a great place to live no matter the market. Beautiful homes with great location, subdivision playground, pool, clubhouse, sidewalks, Detroit water and sewer. Now it looks like it also a good investment again.

In 2005 prices ranged from $287,000 - $372,000. In 2003 and 2004 a couple homes sold in the low $400's.

2011 sale prices so far range from $239,000-$274,000 with a median sale price of $267,000.

2010 sale prices ranged from $155,000-$285,000 with a median sale price of $230,750.

2009 sale prices ranged from $211,000-$260,000 with a median sale price of $221,458.

Even though prices are on the rise, many houses are still selling for less than they sold for new in the mid to late nineties, and many of those houses have been updated since they were built. Updates like finishing the basement or updating kitchens. Of the 6 houses that sold in 2009 all had finished basements, none were bank owned, and only one short sale.

After 2005 prices were on a downward trend all over Lake Orion and The Preserves was no different. Prices steadily declined every year after 2005..... Until 2010. It appears that in many neighborhoods prices are starting to stabilize and the same is holding true in The Preserve. In fact, due to the lack of foreclosures in The Preserve, home prices may actually be arching the other way.

First let's compare 2008 and 2009 home sale prices.

In 2008 there were 4 sales in The Preserve ranging from $255,000-$275,000. All selling for pretty close to what they sold for new. None of the 4 sales in 2008 were bank owned or short sales.

Prices dropped hugely from 2008 and 2009 with 6 sales in 2009 ranging from $211,000-$260,000 with no bank owned sales and 1 short sale.

Now comes 2010. One of the differences in 2010 was there was 1 bank owned home and 2 short sales. The 3 distressed sales in 2010 were of course the 3 lowest priced sales ranging from $155,000-$211,000. Now let's compare the non-distressed home sales between 2009 and 2010.

There were 5 non-distressed home sales in The Preserve in 2009
There were 7 non-distressed home sales in The Preserve in 2010
There have been 0 distressed sales closed so far in The Preserve in 2011

As of October 26, 2011 there was 1 sale pending: a 2669 sq. ft. bank owned colonial asking $229,900 and 1 active listing: a 1603 sq. ft. ranch asking $218,000- a non-distressed sale.

If you are considering buying in The Preserve you might want to get off the fence and contact your agent (preferably ME) and start a daily update for new listings. As agents we are able to check individual neighborhoods on a daily basis. Personally, I check ALL new listings and status changes for Lake Orion on a daily basis. Knowing my market is part of my job.

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Jackie Hawley
Keller Williams Realty, Clarkston
Cell: (248) 736-6407

Email: Jackie@JackieHawley.com

The Preserve, Lake Orion MI- Are Prices Rebounding?

The Preserve is a very nice neighborhood in southern Lake Orion with easy access to I-75. Some of the many amenities that make The Preserve desirable are city water and sewer, sidewalks, subdivision lake, club house with a swimming pool, tennis courts and play ground area. The sub is also surrounded by woods which added value to the perimeter lots when build jobs were sold; value that seems to have stuck to the homes even in the current housing market.

The home values in The Preserve were hit hard just like the rest of Lake Orion. Many of the homes sold new in 1996-1998 with prices ranging at that time throughout the $200's with an occasional home selling in the low $300's.

In 2005 home prices ranged from $287,000-$372,000 and in 2003 and 2004 a couple homes sold in the low $400's. This year prices have ranged from $155,000-$285,000.

So now you may be asking yourself- "Where does the title of this blog post come from?"

After 2005 prices were on a downward trend all over Lake Orion and The Preserves was no different. Prices steadily declined every year after 2005..... Until 2010. It appears that in many neighborhoods prices are starting to stabilize and the same is holding true in The Preserve. In fact, due to the lack of foreclosures in The Preserve, home prices may actually be arching the other way.

First let's compare 2008 and 2009 home sale prices.

In 2008 there were 4 sales in The Preserve ranging from $255,000-$275,000. All selling for pretty close to what they sold for new. None of the 4 sales in 2008 were bank owned or short sales.

Prices dropped hugely from 2008 and 2009 with 6 sales in 2009 ranging from $211,000-$260,000 with no bank owned sales and 1 short sale.

Now comes 2010. One of the differences in 2010 was there was 1 bank owned home and 2 short sales. The 3 distressed sales in 2010 were of course the 3 lowest priced sales ranging from $155,000-$211,000. Now let's compare the non-distressed home sales between 2009 and 2010.

There were 5 non-distressed home sales in The Preserve in 2009
There were 7 non-distressed home sales in The Preserve in 2010

2009 sale prices ranged from $211,000-$260,000
2010 sale prices ranged from $215,000-$285,000

2009 price per square foot ranged from $89/sq. ft. to $110/sq. ft.
2010 price per square foot ranged from $91/sq. ft. to $108/sq. ft.

A little deeper look at prices show that in 2009 there was only 1 home that sold for more than $100/sq. ft. where as 5 houses broke the $100/sq. ft. price point in 2010. Even the 3 distressed sales in 2010 ranged from $82/sq. ft. to $96/sq. ft.

The price differences in the non distressed sales in 2010 seem to be the same as in the past- location within the sub a primary factor in sale price and walk out basement also adding to value.

As of December 24, 2010 there were no sales pending and one active listing with an asking price of $299,900. If you currently live in The Preserve you can only hope they get pretty close to that price.

If you are considering buying in The Preserve you might want to get off the fence and contact your agent (preferably ME) and start a daily update for new listings. As agents we are able to check individual neighborhoods on a daily basis. Personally, I check ALL new listings and status changes for Lake Orion on a daily basis. Knowing my market is part of my job.

For a detailed breakdown of home sales in The Preserve please visit The Preserve page of my web site.

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The Preserve, Lake Orion Michigan Real Estate Sales

The Preserve real estate sales, Lake Orion Michigan. The Preserve is a Pulte sub in Southern Orion Township- just west of Baldwin Rd on the north side of Waldon Rd. The Preserve is a desirable neighborhood with most of the houses built in 1996 through 1998 with prices ranging at that time in the $200's but with an occasional home selling in the low $300's and a couple selling for just under $200,000. Most of the homes in The Preserve are 2 story homes with a few ranches in the sub. At the entrance is a club house with a swimming pool, tennis courts and a play ground area. The sub also boasts a small lake, sidewalks, Detroit water and sewer.

The Preserve has excellent location with easy access to I-75 and a stone's throw to Costco and Meijer. The Preserve is walking distance to Waldon Middle School and only about 5 minutes from Lake Orion High School.

Also within minutes of The Preserve are Civic Center Park on Joslyn Road near the Orion Township Hall. Civic Center Park offers a nice playground, seven soccer fields, four baseball/softball fields, a sand volley ball court and two basketball courts. Picnic areas with grills are also available. Friendship Park is at the corner of Clarkston and Baldwin Roads- a 137 acres park with a large play structure, two full size soccer fileds and four baseball/softball diamonds.

Over on Joslyn Road- about 5 minutes from The Preserve- it's Christmas year 'round at Canterbury Village. Orion Oaks Park which includes a bark park runs between Joslyn and Baldwin Roads, south of Clarkston Road, and Bald Mountain Recreation area covers about 4600 acres.

In 2005 prices ranged from $287,000 - $372,000. In 2003 and 2004 a couple homes sold in the low $400's. In 2009 prices ranged from $211,000-$260,000 - the most expensive house in 2009 sold for less than the cheapest house in 2005. Of the 6 houses that sold in 2009 all had finished basements, none were bank owned, and only one short sale.

So far in 2010 there have been 9 homes closed through the MLS with sale prices range from $155,000 - $285,000. Many houses are selling for less than they sold for new in the mid to late nineties, and many of those houses have been updated since they were built. Updates like finishing the basement or updating kitchens. The good news- 3 of the 9 homes that have sold garnered a higher sale price than the most expensive home sold in 2009. That's not just good news- THAT'S GREAT NEWS!

On 10/18/2010 there were 2 active listings- both regular sales (not bank owned or short sales) asking $275,000 and $305,000

The Preserve, Lake Orion Michigan detailed sales data

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The Preserve real estate sales, Lake Orion Michigan. The Preserve is a Pulte sub in Southern Orion Township- just west of Baldwin Rd on the north side of Waldon Rd. The Preserve is a desirable neighborhood with most of the houses built in 1996 through 1998 with prices ranging at that time in the $200's but with an occasional home selling in the low $300's and a couple selling for just under $200,000. Most of the homes in The Preserve are 2 story homes with a few ranches in the sub. At the entrance is a club house with a swimming pool, tennis courts and a play ground area. The sub also boasts a small lake, sidewalks, Detroit water and sewer.

The Preserve has excellent location with easy access to I-75 and a stone's throw to Costco and Meijer. The Preserve is walking distance to Waldon Middle School and only about 5 minutes from Lake Orion High School.

Also within minutes of The Preserve are Civic Center Park on Joslyn Road near the Orion Township Hall. Civic Center Park offers a nice playground, seven soccer fields, four baseball/softball fields, a sand volley ball court and two basketball courts. Picnic areas with grills are also available. Friendship Park is at the corner of Clarkston and Baldwin Roads- a 137 acres park with a large play structure, two full size soccer fileds and four baseball/softball diamonds.

Over on Joslyn Road- about 5 minutes from The Preserve- it's Christmas year 'round at Canterbury Village. Orion Oaks Park which includes a bark park runs between Joslyn and Baldwin Roads, south of Clarkston Road, and Bald Mountain Recreation area covers about 4600 acres.

In 2005 home prices ranged from $287,000 - $372,000.

In 2003 and 2004 a couple homes sold in the low $400's.

In 2009 prices ranged from $211,000-$260,000 - the most expensive house in 2009 sold for less than the cheapest house in 2005.

So far in 2010 prices range from $180,000 - $285,000. Many houses are selling for less than they sold for new in the mid to late nineties, and many of those houses have been updated since they were built. Updates like finishing the basement or updating kitchens. Of the 6 houses that sold in 2009 all had finished basements, none were banke owned, and only one short sale.

2 houses were leased through the MLS in 2009 for $1500 and $2150.

On 7-14-2010 there was 1 active listing in The Preserve- a regular sale (not a short sale or bank owned) asking $314,000.. There were also 3 pending sales - 2 short sales asking $155,000 and $211,000 and a regular sale asking $300,000. No lease listings are showing in the MLS as pending or active.

Jackie Hawley
Keller Williams Realty
Cell: 248-736-6407
Email: Jackie@JackieHawley.com
Web: www.MiRelocation.com
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