Oceola Township (Livingston County, Michigan) approved the purchase of this facility at a meeting on December 27, 2010. The $750,000 price tag includes all equipment and the liquor license.
The facility will be operated by an outside organization but ownership will be retained by the Township and no tax dollars are expected to be used for operations.
This puts to rest the periodically turbulent proposals by investment groups to transform the 150+ acre parcel into either a residential development, or more recently, an RV park.
After a long history as a private club, Chemung Hills could no longer operate profitably in that form. It became a public golf course while it searched for possible buyers.
In 2003, two Farmington Hills developers wanted to convert it to a 300 unit residential project where home prices would start at $300,000. The lack of sewer service made that plan problematic. A 600+ site RV campground proposal came about in 2008, but again, zoning and infrastructure issues prevented it from occuring.
In the fall of 2009, the facility went into receivership and was
operated by Osprey Recreational Properties while a purchaser was sought.
This is a wonderful recreational facility and a great small to mid-size banquet facility, too. Beautiful setting, desirable amenities and good food have always been the standard here.
Oceola Township now has a great facility that should be self-supporting and will insure that we keep a great local golf course
and banquet center open.
Wednesday, December 29, 2010
Friday, December 03, 2010
Great News For Buyers!
Legislation supported by the Michigan Association of Realtors (MAR) to allow foreclosed properties to keep their principal residence exemption has passed the House & Senate. This important legislation is expected to be signed into law by Governor Granholm within days.
The high number of foreclosed properties on the market lose their homestead exemption and cost buyers, often new homeowners on a tight budge, a lot of extra money in property taxes. This means they can qualify for lower overall mortgage amounts, and since these buyers often have tax escrows, an have a lower monthly payment, too.
For full details, read the entire legislation at http://legislature.mi.gov/doc.aspx?2009-SB-0077
The high number of foreclosed properties on the market lose their homestead exemption and cost buyers, often new homeowners on a tight budge, a lot of extra money in property taxes. This means they can qualify for lower overall mortgage amounts, and since these buyers often have tax escrows, an have a lower monthly payment, too.
For full details, read the entire legislation at http://legislature.mi.gov/doc.aspx?2009-SB-0077
Wednesday, November 24, 2010
Shadow Inventory Going Up
A November 22, 2010 report from CoreLogic states that pending supply (shadow inventory) of homes is up more than 10% (2.1 million vs. 1.9 million units) from a year ago. So what, exactly, is ‘shadow inventory’ and what does it mean to us?
Shadow inventory has a couple of parts. The first part is lender foreclosed upon properties that are not yet on the market. We know that the rate of foreclosures is unfortunately ‘robust’, but we’re not seeing those properties hit the market. Hence the term ‘pending supply’. The other part is an estimate based on seriously delinquent home loans. In this case that means homes that haven’t been foreclosed upon, but are 90 days or more in arrears. The likelihood of many of them reaching foreclosure is high.
The bad news for Michigan is that we have one of the highest levels of ‘distressed months supply’, or a high ratio of properties that are 90 days or more delinquent to the supply of total housing inventory, homes that are listed and available to consumers.
If lenders let these ‘pending supply’ properties onto the market in a short time frame, the fear is that housing prices will plummet even further and faster than what we are currently experiencing. That is not good for them or for the economy in general.
It is possible that some of the seriously delinquent homes will be sold as ‘short sales’, and it’s also possible that some home owners will find other ways to avoid foreclosure, but the trend is disturbing. For buyers, this reinforces that it is a good time to buy, especially with the record or near-record low interest rates. Sellers that do not have a strong reason for selling may want to hunker down and try to ride this out, but all industry expectations are that we’re in for a long, bumpy ride to get back appreciating home values.
CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government.
The full report can be found at:
http://www.corelogic.com/uploadedFiles/Pages/About_Us/News/CoreLogic%20Shadow%20Inventory%2011-22%20FINAL.pdf
Shadow inventory has a couple of parts. The first part is lender foreclosed upon properties that are not yet on the market. We know that the rate of foreclosures is unfortunately ‘robust’, but we’re not seeing those properties hit the market. Hence the term ‘pending supply’. The other part is an estimate based on seriously delinquent home loans. In this case that means homes that haven’t been foreclosed upon, but are 90 days or more in arrears. The likelihood of many of them reaching foreclosure is high.
The bad news for Michigan is that we have one of the highest levels of ‘distressed months supply’, or a high ratio of properties that are 90 days or more delinquent to the supply of total housing inventory, homes that are listed and available to consumers.
If lenders let these ‘pending supply’ properties onto the market in a short time frame, the fear is that housing prices will plummet even further and faster than what we are currently experiencing. That is not good for them or for the economy in general.
It is possible that some of the seriously delinquent homes will be sold as ‘short sales’, and it’s also possible that some home owners will find other ways to avoid foreclosure, but the trend is disturbing. For buyers, this reinforces that it is a good time to buy, especially with the record or near-record low interest rates. Sellers that do not have a strong reason for selling may want to hunker down and try to ride this out, but all industry expectations are that we’re in for a long, bumpy ride to get back appreciating home values.
CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government.
The full report can be found at:
http://www.corelogic.com/uploadedFiles/Pages/About_Us/News/CoreLogic%20Shadow%20Inventory%2011-22%20FINAL.pdf
Tuesday, July 13, 2010
Market Update - Livingston County
Well, we've followed up a couple of 'old style' winters (co-o-old, snowy) with an old style summer - really hot and humid. My flowers are being watered and tended to a bit more than usual, with decent results. The tomatoes are just loving this weather, though.
On the Real Estate front, there's still a good amount of buyer activity, even though the federal tax credit for buyers is pretty much over. Sellers are being realistic about prices (in general) and know that properties are selling at a lower price.
Mortgage rates are very attractive but lending criteria has tightened to make things a bit more challenging. There's still an acceptable amount of inventory available (8 month supply of homes), but not as much as there was a year ago. Those of us that work a fair amount of foreclosures are hearing from banks that they expect a release of inventory at any time - but we've been hearing that for quite a while now.
Property values are still dropping nominally but that alone is an improvement. If you're a buyer, this is still a great time to make it happen. Sellers - I don't expect to see any big upward movement in prices for at least 3-5 years, so if you need to move, do it now while lending is attractive for the buyers and while you can make a good deal on the buying end of your move.
There are more commercial vacancies, just look at any strip mall as you're driving by. There's very little new commercial construction, except for prime locations with pre-lease agreements.
On the Real Estate front, there's still a good amount of buyer activity, even though the federal tax credit for buyers is pretty much over. Sellers are being realistic about prices (in general) and know that properties are selling at a lower price.
Mortgage rates are very attractive but lending criteria has tightened to make things a bit more challenging. There's still an acceptable amount of inventory available (8 month supply of homes), but not as much as there was a year ago. Those of us that work a fair amount of foreclosures are hearing from banks that they expect a release of inventory at any time - but we've been hearing that for quite a while now.
Property values are still dropping nominally but that alone is an improvement. If you're a buyer, this is still a great time to make it happen. Sellers - I don't expect to see any big upward movement in prices for at least 3-5 years, so if you need to move, do it now while lending is attractive for the buyers and while you can make a good deal on the buying end of your move.
There are more commercial vacancies, just look at any strip mall as you're driving by. There's very little new commercial construction, except for prime locations with pre-lease agreements.
Friday, June 11, 2010
Real Estate Events - Brighton, Michigan
Yes, Preview Properties is at it again. In June and July 2010, they are offering a series of short real estate seminars geared towards the public. On Wednesday, June 16th, it'll be "What's Your Home Worth?". On Wednesday, June 23rd, "Investing In Real Estate". Tuesday, June 29th's topic will be "Careers In Real Estate".
Wednesday, June 14th will be "Buying A Home", a great one for first-time buyers, or buyers that haven't purchased a home in many years. After all, things do change and you want to be up to speed, don't you? On Wednesday, July 21st, it'll be a repat of "Investing In Real Estate". This one has Realtors, Title Company staff and lenders present to answer all of your questions.
All of the presentations begin at 6pm at our office, 130 W. Grand River Ave., Brighton, MI 48116. For reservations, or more info, call Lisa Bohlen at 810-220-1505 or email lbohlen@previewproperties.com.
Wednesday, June 14th will be "Buying A Home", a great one for first-time buyers, or buyers that haven't purchased a home in many years. After all, things do change and you want to be up to speed, don't you? On Wednesday, July 21st, it'll be a repat of "Investing In Real Estate". This one has Realtors, Title Company staff and lenders present to answer all of your questions.
All of the presentations begin at 6pm at our office, 130 W. Grand River Ave., Brighton, MI 48116. For reservations, or more info, call Lisa Bohlen at 810-220-1505 or email lbohlen@previewproperties.com.
Sunday, April 04, 2010
Preview Properties News
I'm so proud to be affiliated with Preview Properties. They have a standing community service committee and every month we have an in-house benefit for a local not-for-profit group. We've collected over 1800 cell phones for the Cell Phones for Soldiers program, as just one example.
On April 1st, the Red Cross Blood Drive had 27 donors - no foolin'! Even though we have a sizable building, on blood drive days the Red Cross pretty much takes over the building's lobby and conference rooms.
On April 29th, from 5:30-7:30 pm, we're having an Open House and Fundraiser for Gleaners Community Food Bank. There will be appetizers, wine, entertainment and a silent auction. Put this on your calendar and bring your checkbook! This year, one in eight Michigan families will need emergency food assistance. Food collected in Livingston County stays in Livingston County. In fact, we never collect enough to feed our own hungry. Food has to be brought in from other counties to meet our needs.
And don't forget about the Livingston County Association of Realtors' Fill The Gazebo Food Drive on May 1st. Bring non-perishable food items to the Brighton Millpond. There will be people in the center lane collecting food - you won't even have to get out of your car.
On April 1st, the Red Cross Blood Drive had 27 donors - no foolin'! Even though we have a sizable building, on blood drive days the Red Cross pretty much takes over the building's lobby and conference rooms.
On April 29th, from 5:30-7:30 pm, we're having an Open House and Fundraiser for Gleaners Community Food Bank. There will be appetizers, wine, entertainment and a silent auction. Put this on your calendar and bring your checkbook! This year, one in eight Michigan families will need emergency food assistance. Food collected in Livingston County stays in Livingston County. In fact, we never collect enough to feed our own hungry. Food has to be brought in from other counties to meet our needs.
And don't forget about the Livingston County Association of Realtors' Fill The Gazebo Food Drive on May 1st. Bring non-perishable food items to the Brighton Millpond. There will be people in the center lane collecting food - you won't even have to get out of your car.
Wednesday, January 27, 2010
Haiti Benefit in Brighton, MI
I just got an email with this info:
Family Photos to Benefit Haiti:Saturday (1/30) 10am-4pm at 124 W. Main St. in downtown Brighton (W4Signs across from Rolison Hardware)
For a $20 donation to the Red Cross for Haitian earthquake relief,The Livingston County Photo Group will take your family (or individual) portrait and provide you the full resolution electronic image via web site access.Come and help us support this excellent cause!Contact Nate Warner (PhotosByNate@gmail.com) for more info!
Family Photos to Benefit Haiti:Saturday (1/30) 10am-4pm at 124 W. Main St. in downtown Brighton (W4Signs across from Rolison Hardware)
For a $20 donation to the Red Cross for Haitian earthquake relief,The Livingston County Photo Group will take your family (or individual) portrait and provide you the full resolution electronic image via web site access.Come and help us support this excellent cause!Contact Nate Warner (PhotosByNate@gmail.com) for more info!
Is Tourism Bouncing Back?
This from Comerica's Chief Economist, Dana Johnson:
MICHIGAN TOURISM GATHERS SPEED IN FOURTH QUARTER REPORTS COMERICA BANK
DALLAS/January 27, 2010 – Comerica Bank’s Michigan Tourism Index jumped six points in the fourth quarter of 2009, to a level of 94. The current reading is up seven points from the Index’s cyclical low of 87, and marks the highest Index level since the second quarter of 2008. The Index averaged 90 over the course of 2009, down two points from the 2008 average. Third quarter 2009’s reading was revised from 89 to a level of 88.
"After dipping slightly in the third quarter of 2009, our Index has resumed the upward trend established over the first half of 2009," said Dana Johnson, Chief Economic at Comerica Bank. "Given that the fourth quarter surge in our Index was not broad-based, it is quite possible that the Index will pull back from its current reading in the first quarter of 2010. As trends in personal and business travel continue to improve, the generally upward trend already in place should continue over the course of 2010."
"The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity."
MICHIGAN TOURISM GATHERS SPEED IN FOURTH QUARTER REPORTS COMERICA BANK
DALLAS/January 27, 2010 – Comerica Bank’s Michigan Tourism Index jumped six points in the fourth quarter of 2009, to a level of 94. The current reading is up seven points from the Index’s cyclical low of 87, and marks the highest Index level since the second quarter of 2008. The Index averaged 90 over the course of 2009, down two points from the 2008 average. Third quarter 2009’s reading was revised from 89 to a level of 88.
"After dipping slightly in the third quarter of 2009, our Index has resumed the upward trend established over the first half of 2009," said Dana Johnson, Chief Economic at Comerica Bank. "Given that the fourth quarter surge in our Index was not broad-based, it is quite possible that the Index will pull back from its current reading in the first quarter of 2010. As trends in personal and business travel continue to improve, the generally upward trend already in place should continue over the course of 2010."
"The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity."
Tuesday, January 26, 2010
Learn About Property Assessments!
Thursday, Jan 28, 2010 - 6pm, Howell HS Auditorium (1200 W. Grand River, Howell).
Understand how assessments are arrived at, legal requirements for assessments, how to appeal your assessment and more. There will be a question and answer period at the end of the presentation.
For more information: http://www.hamburg.mi.us/assessing/pdfs/presentation%20news%20release%201-10.pdf
Understand how assessments are arrived at, legal requirements for assessments, how to appeal your assessment and more. There will be a question and answer period at the end of the presentation.
For more information: http://www.hamburg.mi.us/assessing/pdfs/presentation%20news%20release%201-10.pdf
Tuesday, January 19, 2010
Investing In Real Estate Seminar
Preview Properties is hosting the above seminar on Wednesday, January 20, 2010, at 6pm at our office on Brighton. Curious about investing in Real Estate? This program will give you an opportunity to hear from Real Estate professionals about the pros and cons of this investment strategy.
Preview Properties is located at 130 W. Grand River Ave., Brighton, MI. RSVP to Lisa at 810-220-1505.
Preview Properties is located at 130 W. Grand River Ave., Brighton, MI. RSVP to Lisa at 810-220-1505.
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