The Time is Now! The 2009 Tax Credit is Winding Down. Don't Miss Out On Your $8,000!

If you are a first time home buyer seeking to take advantage of the possible $8,000 Tax Credit, you may want to get serious. It is officially time to make your move. The closing deadline is November 30, 2009. As of the time of this writing (Aug. 25) you have only 65 business days to close your purchase.

Let's take a look at a practical time line from house hunting to final signatures at the closing table...
Day 1 - 10 - Tour homes and find your dream home then write up an offer.
Day 10 - 17 - Negotiate and get final acceptance signatures.
Day 17 - 30 - Conduct inspections, formally apply for your mortgage, obtain an appraisal and make any necessary repairs.
Day 30 - 40 - Re-inspections and underwriter approvals. Obtain clear to close from all parties.
Day 40 - 45 - Do your final walk-thru and close.

The above is an "ideal" situation with an average time frame. The selling or buying of a home is not always ideal. All too often appraisals take longer than expected, an inspection turns up an unknown issue that must be dealt with prior to closing or funds get delayed the day of closing. Be prepared for these kinds of bumps in the road along the way.

Additionally, there are 4 National Holidays between now and November 30! That's right, we have Labor Day, Columbus Day, Veteran's Day and Thanksgiving to look forward to. You may want to consider this in your personal time frame to be safe. A proactive plan is necessary at this point. Also take into consideration that Wednesday, November 25th could be a 1/2 day for Banks and Title Companies, Thursday is Thanksgiving, Friday is an unofficial holiday making closings unreliable and Monday the 30th is the deadline which makes closing on that day a dangerous gamble. So, if you must wait until November to close - make it early in the month, you'll be glad you did!

Pending Home Sales on the Rise Again!

Pending home sales are up for the fifth month in a row, nationally. This information is courtesy of a News Release by the National Association of REALTORS(R) on August 4. This statement is a result of the analysis of pending sales in June 2009 vs. June 2008. During this time period, the number of purchase agreements signed is up by 6.7%. This increase is again attributed to the $8,000 tax credit available to first time home buyers and to the availability of affordable housing.
To read the entire report please click here.

On a more local note, the under $100,000 market is selling strong in the Oakland, Macomb, Livingston, Washtenaw and parts of Wayne Counties (minus the City of Detroit and Gross Pointe areas). The median sales price in these areas (with the exception of Oakland county) continues to plummet, enabling the sell-off of these homes. This sector of the market continues to dominate the closed sales transactions with huge increases over this time last year. These same areas in the over $100,000 market are showing a decrease in the number of closed transactions over last July. Conversely, across the board there is a decrease in the number of homes for sale. The age old theory of supply and demand plays a major part in this market, these trends mark a small step in the direction of recovery.
To view the latest stats please click here.

June Market Recap

The state of Michigan has been weathering the real estate storm for quite some time now. For those of us who are watching it all play out, you may enjoy the positive news coming from the June 2009 statistics. For the under $100,000 market, Livingston County has exploded with activity showing a 176% increase in homes sold over the same period of 2008. The number of available homes is up by 5.3% in that same area for the same time period and price range while the median sale price has slipped by just under 5%. While not all areas have numbers as impressive as this, the tables below illustrate the activity and changes in the surrounding areas. Click the table to enlarge.
Will the rally continue? Will the upper-end price ranges see an increase? Only time will tell. Check back for July numbers in a few weeks…



->Data Sources: MiRealSource, Realcomp, Ann Arbor Area Board of REALTORS MLS, Paragon and Broker Metrics.
*Includes Grand Traverse, Kalkaska, Antrim, Leelanau and Benzie Counties, waterfront and vacant land.

Good News in Pending Sales; Concerns for Appraisals

For the 4th month in a row, May pending home sales were up. This continued rally is attributed to the combination of the first time home buyer's tax credit and the availability of affordable homes. The Midwest in particular experienced an increase of 11.4% over May 2008. This news is compliments of a Press Release by the National Association of REALTORS published July 1, 2009.

While this is a step in the right direction; there is concern over the number of pending homes that will result in a closing. The new appraisal rules could complicate or prohibit some of these sales from going to closing. As a home seller, it is recommended for you to obtain a current appraisal at the time of listing your home. While this appraisal is for your information only, it will give you a concrete answer to how your home will be evaluated by a professional, unbiased appraiser. As the issue of Short Sales and Foreclosed properties being used for comparison purposes continues to be a problem for traditional sellers, be sure the appraiser used is familiar with your area and uses the best comps available. Choosing an educated and resourceful lender may assist in facilitating a successful sale as well.

Overall, the number of homes for sale continues to be less than in the recent past with the market as a whole continuing to follow buyer's market trends. These along with low interest rates makes now a great time to buy or sell a home.

May Market Update

May continued the same core trends as the prior six months with increasing sales and falling inventories for under $100,000 and the opposite for the above $100,000. There were some signs of the GM and Chrysler effect. The pace of showings and units sales did slow, but the first week of June showed a quick rebound in both again showing the surprising resilience of our market. Our percentage of bank owned and lease sales declined as well in May, reflecting the reduction of bank owned listings in the market. All indications are that it is a temporary shift as banks continue to work through their loan modification efforts to reduce their foreclosures loads. Michigan’s new law allowing homeowners an additional 90 days to negotiate a loan restructure will go into effect August 1st, which will help to reduce and spread out the foreclosure inventory even more.

Great news thanks to the efforts of the Michigan Home Builders Association. HUD has finally issued a Mortgagee Letter that states that condo project approval in no longer required for Site Condos. Also, this month we will be rolling out our Home Mortgage Protection Program that provides mortgage payment protection should a buyer lose their job, similar to what many auto companies are offering. It is offered through John Adams and you will be getting the details next week.

We know that our web site draws the most Michigan traffic, but did you know that our listings are also on 7 of the top 9 national real estate listings web sites (the last two are not yet able to take our listings), covering nearly 40% of all real estate web visitors from those sites alone (Hitwise May reports). We also distribute to 30 (and growing) other sites, focusing on a variety of niches to provide the broadest web exposure of any broker in Michigan.

All lenders and appraisers are under new federal guidelines, making it more difficult to address low or incorrect appraisals. More than ever it is less what the Buyer or Seller think, but what the appraiser thinks for value. In many cases it may be wise for our Sellers to consider appraisals when the home is first put on the market to get an up front feel for any value issues.

For Fence Sitting Buyers who recall high school algebra formulas, this is an important one to keep in mind: Tax Credits + rising interest rates > falling prices. In other words, the value gain receive by taking advantage of both the expiring Tax Credits and low interest rates will exceed any gain from waiting for prices to fall.

Here are our numbers for May as well as the market overview for May and an additional trend analysis for the past 9 months.

April Market Update

April sales continue the same tale of two cities, growing strength in the under $100,000 market and continued slowing in the above $100,000 market, although the rate of decline has begun to decrease in the $100,000 to $250,000 segments. That is good news since recovery in the lower priced markets is the first required stage in a recovery. So far we have seen little effect from the GM and Chrysler news. There could certainly be another negative wave from further auto related changes however I think our market reacted to those changes a year or more ago. The negative impact on the market will be more like a slow leak in a balloon rather than a bursting, not so much dropping our market further as it will extent and slow our recovery.

NAR stats are also showing the beginning signs of a housing recovery across the country with the number of sales rising and housing inventories falling. If your clients are waiting for that perfect time to buy in Florida, Nevada, Arizona, etc, now is the time. More importantly, the same goes for Northwest Michigan as well. Our recovery will be different from the rest of the country, longer and slower, but the national housing recovery will also have a positive effect on Michigan as well.

An important point to keep in mind, more real estate fortunes will be made over the next 5-10 years in Michigan, Florida, Arizona and Nevada than anywhere else in the country!

Our informal survey of the number of vacant homes remains about the same, on average 6-7 out of 10, with more agents indicating that the number is falling as opposed to rising. It still means we are not ready for appreciation to begin, but we are moving in the right direction. You will also notice the large increase in listing inventories for the under $100,000 segments, which is a combination of more bank owned homes in that price range as well as homes that used to be over $100,000 shifting to lower prices.

To generate additional buyer activity, consider dusting off the idea of using Reverse Offers from your Seller back to the Buyer as well as Lease to Own options. Also the new MSHDA down payment assistance combined with the first time buyer tax credit can give a buyer as much as $15,500 towards their home purchase.

NAR's Market Summary - February 2009

EXISTING-HOME SALES RISE IN FEBRUARY WASHINGTON (March 23, 2009) – Existing-home sales increased in February, reversing losses in January. Even so, sales activity remains relatively soft, reflecting additional layoffs and buyers waiting for housing provisions in the economic stimulus package to take effect, according to the National Association of Realtors®. Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.1 percent to a seasonally adjusted annual rate1 of 4.72 million units in February from a pace of 4.49 million units in January, but are 4.6 percent below the 4.95 million-unit level in February 2008. Seasonal adjustment factors are more volatile in winter months, but sales rates over the past few months show dampened sales activity. Lawrence Yun, NAR chief economist, said first-time buyers accounted for half of all home sales last month, with activity concentrated in lower price ranges. “Because entry level buyers are shopping for bargains, distressed sales accounted for 40 to 45 percent of transactions in February,” he said. “Our analysis shows that distressed homes typically are selling for 20 percent less than the normal market price, and this naturally is drawing down the overall median price.” The national median existing-home price2 for all housing types was $165,400 in February, down 15.5 percent from a year ago when the median was $195,800 and conditions were close to normal; the median is where half of the homes sold for more and half sold for less. “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that this doesn’t equate to a similar loss of value for traditional homes in good condition,” Yun explained. Yun said a recovery in the West is much stronger than expected. “Strong sales gains in the West are led by California, where the median listing price is beginning to rise for the first time in three years,” he said. NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said home shopping activity has picked up with housing affordability at a record high. “The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he said. “It appears most of the increase in buyer traffic occurred in the latter part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring.” McMillan noted that more potential buyers are learning about the tax credit, just as the traditional spring home-buying season begins. “In this changing market, smart buyers and sellers consult with Realtors® who can advise them about current conditions in their area, and counsel them on the best way to move forward,” he said. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage edged up to 5.13 percent in February from a record low 5.05 percent in January; the rate was 5.92 percent in February 2008. Last month’s average mortgage rate was the second lowest since data collection began in 1971. Last week the rate further declined to 4.98 percent. Total housing inventory at the end of February rose 5.2 percent to 3.80 million existing homes available for sale, which represents a 9.7-month supply3 at the current sales pace, unchanged from January. In the six months prior to February, the total number of homes for sale had steadily declined from a record level last July. Single-family home sales rose 4.4 percent to a seasonally adjusted annual rate of 4.23 million in February from a level of 4.05 million in January, but are 3.6 percent below the 4.39 million-unit pace in February 2008. The median existing single-family home price was $164,600 in February, down 15.0 percent from a year ago. Existing condominium and co-op sales increased 11.4 percent to a seasonally adjusted annual rate of 490,000 units in February from 440,000 units in January, but are 13.1 percent lower than the 564,000-unit pace a year ago. The median existing condo price4 was $172,200 in February, which is 18.7 percent lower than February 2008. Regionally, existing-home sales in the Northeast jumped 15.6 percent to an annual pace of 740,000 in February, but are 14.9 percent below February 2008. The median price in the Northeast was $251,200, down 4.8 percent from a year ago. Existing-home sales in the Midwest increased 1.0 percent in February to a pace of 1.04 million but are 14.0 percent lower than a year ago. The median price in the Midwest was $131,000, which is 7.8 percent below February 2008. In the South, existing-home sales rose 6.1 percent to an annual pace of 1.74 million in February but are 11.2 percent below February 2008. The median price in the South was $146,700, down 10.0 percent from a year ago. Existing-home sales in the West increased 2.6 percent to an annual rate of 1.20 million in February and remain 30.4 percent higher than a year ago. The median price in the West was $204,600, which is 30.3 percent below February 2008. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Real Estate Taxes

The Farmington Hills Assessor's office offers a great explanation of real estate taxes and the effects of Proposal A. Click here to view the PDF.

The market in January was a continuation of the December trend with weather having a significant impact on showings and market activity. The good news is the weather has broken and activity has risen accordingly. The silver lining is the weather did not affect our investor and first time home buyer segments as much, so overall pending sales in the metro area did actual rise, however all of that was in the under $100,000 Investor/First Time price range. All other market segments declined from a combination of weather and economic news.

Offsetting that decline is a continued increase in consumer activity on our web sites, up 18% over January of last year, showing us that there continues to be a pent up buyer demand that is waiting for some good news. The inventory of available homes also continues to decline in all price ranges, which over time will help with stabilizing prices.

The economic stimulus package did not carry the full housing tax credit we had hoped for, but it’s positive impact on housing will still be felt over the next 18 months (building slowly) as the rest of the economy moves. There was some great news for First Time home buyers in the stimulus, the First Time Home Buyer tax credit was raised to $8,000 and does not have to be repaid, so it is a true cash savings on your 2009 tax return! As with any tax credit there are some limitations but simply put, you will receive 10% of your purchase price (max to $8,000) repaid to you from a credit to your federal income tax.

We have a 2008 annual Metro Market Report available by email. If you would like a copy, please email customercare@realestateone.com.

December Market Update

Here are the overall market stats for December along with our company numbers for the month and the entire year. Following the market, our units were up nearly 10% (to 14,934) with volume down 18% (to $1,970,938,890) for the year. For Southeast Michigan, December ended like the rest of the year, a continued settling of home values with a significant increase in the number of homes pending. It is rather remarkable that the number of homes sold and leased have continued to grow (2008 over 2007) considering the economic uncertainty that hangs over the State. Granted that increase has come from the under $100,000 home value segment (the segments above $100,000 declined in terms of units in 2008); however those sales do create additional activity. Most are first time buyer and investor sales that have a higher turnover rate as do leases, driving the move-up price range sales as home inventories shrink. Median home values took a significant drop in 2008, falling 38%, most of that is from the shift of buyers to those lower priced homes, as opposed to value declines. The Case/Shiller numbers are a better indicator of true home value changes at around -12%. Northwest Michigan moved in a different direction with the number of homes sales off by 20% while the average home price declined only 6%. As a positive sign, For Sale inventories have begun to decline however it is logical that further price declines can be expected in northern markets as well. Our numbers for the month and for the year are once again the best in the State.

Asbestos Removal and Greener Alternatives

There are many things to consider when remodeling or purchasing an older home, which is common in the real estate industry. Homes built before 1980 have the strong likelihood of containing asbestos. Due to a steady progression of technology and green sustainable methods, there are many ways to ensure your home or property is asbestos free. If you are interested in saving money, remodeling and improving your carbon footprint, here is some information to get you on the right track.

Used in millions of homes throughout the last quarter of the 20th century, asbestos insulation can become a real dilemma for homeowners due to causing a variety of health problems, including malignant mesothelioma and a variety of other lung ailments. Mesothelioma takes the lives of thousands of people each year and has lead to a variety of mesothelioma lawyers throughout the nation. Manufacturers of asbestos products knew about the harmful effects of asbestos and continued manufacturing the products anyways.

Non-regulated asbestos material can be legally performed by homeowners, regular contractors, or licensed asbestos abatement contractors as long as the National Emissions Standards for Hazardous Air Pollutants (NESHAP) are not violated. Asbestos removal in public facilities, homes and workplaces must be undertaken by a licensed asbestos abatement contractor. Once the removal is complete, green insulation options should be given serious consideration, such as: Cellulose, Cotton Fiber and Lcynene.

The United States Green Building Council (USGBC), in a study conducted in 2003, estimated a savings of $50-$65 per square foot for well-constructed green buildings in the U.S. (see table below) during that year. The numbers continue to improve as more eco-friendly options become available, and those kinds of figures have finally begun to attract those who thought eco-friendly construction was just a bunch of hogwash.

September Market Update

Here are our results for September as well as the metro area. The number of showings continues to grow over last year, indicating that there are still a lot of buyers circling. The current economic uncertainty will affect some of that, particularly in the upper end markets. Since the majority of our market is under the FHA limits, we do have plenty of money to lend and even above $300,000 we have money at great rates, it just requires a real down payment now.

Buyers may be hesitating for a number of reasons; personal financial uncertainty, looking for a better deal, etc. The best advice is to not get caught up in the short term view. A home purchase, particularly in today’s environment is a long term investment. Take advantage of the opportunities today, they will never be better but don’t try to time it perfectly. Values may fall, but if they do significantly it will be because mortgage availability and interest rates have changed for the worse as well. If you are comfortable with your employment prospects and you are not using your stock portfolio to live on (it will come back), then now is the time to buy!

Bail Out Program?

I am sure many of you have or will be getting questions from your clients on how the current financial crisis will affect the real estate market in the short and long run. Since the details of the program are still in debate, the best that can be said is that a very sweeping program certainly will be passed and its effect will help stabilize the financial markets, allowing an increase in availability of mortgage credit and foreclosure relief to many, all very good things. This is a big ship to turn so there will be some immediate market euphoria (some of which has already happened) but the actual benefits will take some time to trickle down. In the short run, it will be interesting to see if lenders pull back on short sale negotiations since they may view those loans as the ones they will sell to government, thus avoiding a write off.

I don’t think our world will be affected much by all of this except for maybe some short term hesitation to jump from some buyers. So far, from John Adams perspective, we have not seen any mortgage access issues since 85% of our market is eligible for FHA for FHA/MSHDA and there is not a shortage of those loans. It is the less than 20% down conventional mortgages that have seen the biggest squeeze. If you come across some buyer hesitancy, remember the Financial Package is designed to stabilize and improve the housing market, and it will eventually bring with it increased interest rates as a consequence of the enormous size of the additional government debt. Both of those results will reduce the bargaining power a buyer has today, so the importance to buy now is even stronger. For Sellers, no change in strategy, if they need to sell now, cut the price hard to stand out in the crowd, or pull the home off the market and wait.

August Market Update

August followed the same trend as July and for the most part the past six months, a rising rate of sales (in terms of number of homes sold), a declining inventory of available homes and a decline in home values. No new news there, except the news that the trend continues, which is a very good sign (except for the home value part, but that will right itself when inventories fall to 6-8 months). Add to that a more stable mortgage market with the bail out of Freddie and Fannie (and even a rate decline!) and you have all the ingredients for an acceleration in our recovery. Not anything earth shattering for us in Michigan, since job growth overshadows any other housing influencers, but still good news for all.

What does this good news mean for Buyers and Sellers? For Sellers, price is still king and will be until our inventories fall from 12-18 months to 6-8 months. As we begin to move off bottom and see more good news trends, one of our bigger challenges will be keeping Sellers expectations reasonable. It will be very easy for a Seller prematurely feel the good signs mean their home will sell for more. There is still a lot of market absorption left before that can happen. Although the number of homes sold should continue to rise for the balance of this year and next as well, home values will continue to fall so don’t wait to sell, be aggressive and price ahead of the market, or take your home off the market and wait until 2010 or beyond when prices begin to rebound to better fit your target value needs. For Buyers, the advice does not change as well; the next three to four months will be a perfect storm of even lower interest rates and low prices. Rates should go up next year, negating any gain by waiting for lower values. If a buyer hesitates, waiting for a better price next year, ask them to make what they think will be next year’s offer today, you would be amazed at what can be created in this market. Finally, it can never be said enough, when you are selling and buying in the same market, you can’t loose, your gain on the buy will always beat or at least equal the gain (or loss) on the Sale.

Market Update - June 2008

The number of homes sold is a mixed bag with lower value markets gaining over last year with Northwest Michigan showing the steepest decline. However, in all markets home values are still declining and we can expect that trend to continue through the end of next year as well. On average the rate of value decline is running around 1% per month.

The Northwest Michigan/Traverse City market is showing a steeper sale unit decline which should begin to narrow next year. Because of a stronger base economy their recovery will be faster so the entire state should wind up at the same spot by the end of 2009. It is interesting to note that although the market is slowing in Northern Michigan, so far home values there have shown the most stability.

How will the auto changes and specifically the GM change affect our market? With over 60,000 homes currently available for sale in Southeast Michigan, the 2,400 or so reductions will not have a major impact except in markets with high GM employment. In the short run the buyer pool may contract until the employees of GM and their suppliers know who is going and staying. What this means to Seller’s is they may need to be more aggressive in pricing if they want to generate a sale by the end of the year.

What is the best overall advice for Sellers for the balance of the year? It is the same as the first half. Focus on being one of the top 5 best priced homes in your competitive range. We will not be moving out of a buyer’s market for at least 24 months so price aggressively enough to more than match the market value declines. Distressed sales are your value benchmark (you don’t have to match the value of the poor conditioned foreclosure down the street, but you do need to move toward it). On average the spread between the foreclosure and non-foreclosure sales prices are running about 20%, but that does vary quite a bit depending of the condition of the homes.

For Buyers, move now! Every indicator says interest rates are going to rise over the next 12 months. Any gain by waiting for the price to drop will be lost in higher interest rates.

First Quarter Real Estate Market Results

There have been few years that have started out with as many mixed signals at this year. The MLS numbers published in the papers show some real growth in terms of homes sales yet our collective pocket books (Sellers and Realtors) don’t seem to be feeling the good news. I was skeptical about the MLS numbers and in fact held off on sending out any market data until we could detect some consistent pattern in the market. It appears the drop in March was somewhat weather related, with many “March” buyers finally coming out in April. In short, the good news is the combination of bargain prices and great rates are beginning to both draw new buyers and cause old buyers to act. However, there has been a pretty strong pricing “bribe” to bring them out. Prices will continue to fall 8-12% this year from last year (it will feel like 15 to 20% when based off the asking price). These bargains are drawing down the listing inventory, so each month we are moving a step closer to a balanced market. There is still a wave of foreclosures yet to hit the market. The foreclosure and tax relief bills in process at both the state and federal level will help smooth out the remaining foreclosure lump. If they are delayed, the pricing pressure from short sales and foreclosures will continue into the third quarter of 2009.

Financially stressed sales (either foreclosure or short sales) still make up 50 to 70% of pending listing sold, indicating that buyers are drawn to the perceived potential bargains they represent. Sellers who are not in that category still need to adjust to compete or their piece of the buyer pie will shrink in half.

As we have said before, this does not mean a buyer should wait until next year to buy. It is unlikely that interest rates will remain this low. Further cuts by the Fed in short term rates will continue to cause long term rates to rise. Any delay in trying to buy at the bottom will be lost in higher interest rates.

The Rule of Thumb is a 1% increase in interest rates wipes out any gain from a 10% drop in home values. It is more likely rates will rise by more than 1% over the next 12 months than values will fall by more than 10% in most of our markets. The rules have not changed for this year or next. Now is the time to buy, what you lose on the sale of one home you will gain on the purchase of another. Vacation homes are at all time bargain prices as well.

Many Sellers are not in a position to make a move, regardless of potential bargains. They should, with your help, take a hard look at their housing needs over the next 24 months to determine if selling is in their best interest. As much as we love to help them sell their homes, our best advice for some is to wait, if they can afford to do so.

Icy Hot - Plymouth, Michigan

Plymouth, Michigan is one of the oldest communities in Michigan. The population of 10,000 lives in an affluent and active community. Downtown is built around Kellogg Park. The clock tower next to the park is a highly recognized town symbol. In nice weather, the park abounds with people walking their dogs or dining at one of the many locally owned restaurants built around the park.
But in January, bundle up and adopt a faster pace as you walk among the exquisite ice sculptures. Some are sponsored by companies or schools. Many of the sculptures take your breath away (if the cold hasn’t already done so.) Some, like the sculpture incorporating all the Scooby Doo characters along with the big dog himself make you point and say, “Look at that!” Many of the dining spots and shops have sculptures outside their business; for example, a mortar and pestle outside the drug store. And Michigan always seems provide plenty of cold weather for this event.

And if it’s too darn cold, duck into one of Plymouth's many charming shops that offer special and unique gifts. Or step into the Book Cellar and Cafe for an array of books, magazines, or a relaxing lunch. Or if it’s just coffee you crave, choose the Plymouth Coffee Bean Company, Starbucks, or Panera. The choices are endless. Locally owned restaurants such as Compari’s, the Box Bar, Fiamma Grill, and more are situated right around the park; as is the 336 Main Martini Bar.There is also a special shop for items made in Michigan.
Many other restaurants, ethnic and American, and pubs are close to downtown Plymouth; too many to mention. For a very special treat, have tea at Sweet Afton’s Tea Shop and enjoy scones with cream and other delicacies.
Go to www.doplymouth.com for a complete listing of eateries, stores, and more!
The Plymouth-Canton school district is also a big draw. A progressive and highly ranked district, its campus is well-equipped and beautiful!
Many of Plymouth, Michigan's inhabitants live in charming homes within walking distance of Kellogg Park. But even those not lucky enough to live a walk or bike ride away can choose from many tree lined subdivisions. Real estate in Plymouth has always been strong, as this is a very popular place to live. Homes range from old to new, every style and type.
Plymouth, Michigan is located in Wayne County and is an active and liveable community with much to offer all ages.
And frankly, if the cold is not your thing, stick around for Plymouth’s summer Art Fair. It’s worth the wait!

(Photos of Clock and downtown Plymouth used courtesy of Greg Smith and may not be reproduced.)

Wisteria Lane Has Nothing on Detroit

You heard us! Say it loud, we’re from Detroit, and we’re proud!
It’s true, the metro area boasts many beautiful communities with lovely homes and graceful lawns; where neighbors really do stroll down the street to visit. (Thankfully, you will not find as much of the drama as you do on Wisteria Lane. But for a look at Real Estate One’s own version of the “Desperate Housewives”, check it out below!



What a lovely group! There is Sara “I was sitting at my desk, minding my own business” Leach, Christy “what was I thinking?” Smith; Clint “Ms Hospitality” Wheeler, Kathy “Go Buckeyes!” Spieker, and Danielle “Wolverine Woman” Dorsch. Who wouldn’t want to come here to live?

But that’s not all! The rest of Michigan is no slouch either. Come take a drive heading north. You’ll be amazed at the many beautiful lakes in Michigan, even in the metro Detroit area there are more than we can mention here. The drive north is truly a feast for the eyes in any season. From the thumb to the Upper Peninsula, Michigan boasts recreation of every kind and more beautiful views than you can imagine.

Summer brings out flowers galore throughout Michigan; in every community throughout the state. It also brings out the boaters who drink in the sunlight and take every free hour they can muster to live the lake lifestyle. The fishing (which they also do in winter, we might add) may fill the body; but Michigan’s beauty will feed the soul.

Fall speaks for itself with hardwood trees everywhere displaying beautiful fall hues. This is a great time to get good golf deals at the many golf resorts throughout Michigan. And if a member of your party is not a golfer; they can enjoy the spas or great restaurants.

Winter brings out skiers, snowboarders, and snowmobilers from all over. And why not- Michigan dressed in white is stunning. The white birch forests are starkly beautiful in the winter. And following a day of fun in the snow comes evenings with hot chocolate and roaring fireplaces- indoor pools, too, if the snow didn’t provide enough exercise.
One Web site you might want to visit is www.upnorthmichigan.com where you can find resorts and getaways throughout our beautiful state.

At www.realestateone.com, you can look at properties for sale throughout Michigan. Lakefront homes or hunting cabins, and everything in between are available with a click!

Real Estate One in Michigan Takes the Polar Plunge In a Big Way

Come on in, the water's- WOW- 35 degrees!Even so, 23 intrepid Real Estate One employees and agents made the plunge into the Detroit River on a cold February Saturday. A large crowd of supporters was there to cheer them on. Who says Michiganders don't know how to have a good time during the frozen winter!
Last year, Stuart Elsea, our intrepid President of Financial Services, lost a bet and took the plunge- the only plunger from Real Estate One. But this year, after months of urging, cajoling, badgering, and (we hear) even DOUBLE DOG DARING, 23 plungers jumped into the frigid waters.



Below is just our list of jumpers and their outrageous costumes. Our team raised over $13,000!! Woo hoo! That's half of the total for the day.
Plungers and cheerleaders met at the Detroit Boat Club (a gorgeous old building that needs restoring - just a hint!)Then the plungers (85 in all) paraded past the cheering crowds in a wild array of costumes! Real Estate One was definitely no slouch in this department. Josh Lowry of the accounting department won first place, with his costume called "Wash Tub Bather". He used striped suspenders to hold up a wash tub with white balloons that looked like bubbles. Long johns and a fancy shower cap finished off his costume. After the plunge, he pretended to scrub his back with a big brush! President Dan Elsea and managers Dave Reese and Tony Camilleri dressed up as the "Three Amigos", sequined jackets, sombreros and all. Patrick Novak won fourth place as John McEnroe.

Conne Terova wore her business suit to please her supporters who put her in first place with $2200. Candice Elliot was a sassy "Cat in the Hat" attended by Bianka Bailey and Sara Leach as Thing 1 and Thing 2. Other costumes included Ken Zak dressed as Robin Hood, Larry Bsharah braving it in a toga, and Marc Reneau, hilarious as a schoolgirl. Three Happy Feet Penquins made the plunge, scoring a third place prize for their costumes. They were managers Mary Nicole, Kathy Solan (who won third for fund raising with $1200), and Robin Finegan. Managers Suzanne O'Brien and Al Melfi made a charming pair as Sandy and Danny from "Grease".
Clint Wheeler was a show stopper in his purple plush suit. Randy Repicky was a scruba diver who jumped twice, taking a hot toddy with him the second time, a gift from a crowd member. Jill Polenz wore a "fake bikini t-shirt" and jumped with Rebecca Fallin, dressed as a Real Estate One sign.
AND there was one SURPRISE JUMPER- Stuart came back for a repeat jump. He wore a Pistons uniform, shedding his pink wig and tights, for a sportier look!













People are already being recruited to jump next year! Start warming up now; although the jumpers say that water was fiiiine!

Detroit - Getting Great Attention from National Press

Some good things are happening in Detroit. The New York Times and The Washington Post separately listed Detroit as a “must see” destination for travelers in 2008. The casino, Book Cadillac and Detroit Institute of Art restorations (see our separate blog on the DIA). Of course, The Henry Ford, Greenfield Village, and the Rouge River Plant Tours should rank right up there, tooIn Bloomfield Hills, the Cranbrook Institute offers top flight educational programs as well as exhibits and so much more. Check out their site: http://www.cranbrook.edu/

The price of airfare is more reasonable out of Detroit compared to other large airports. Always a bonus in the winter when we Detroiters go in search of sun!

Detroit has so many suburbs that are like small towns within themselves. We will continue to feature some of these towns on future blogs.

Now for the “not so sunny” news. The housing market is down 6.4% nationwide! But housing (being a non-moveable commodity) is still up in some areas and down far more than the national average in others. Michigan is in the “down more” category, although the figures vary widely from suburb to suburb. One interesting statistic is that 25.5% more homes were sold in the city of Detroit last year. Prices, however, had dropped significantly and foreclosure sales were way up.

Many predicted the “housing bubble burst” years ago. When the average price home is out of reach financially for families making the average salary, the market is out of balance and will correct itself eventually. The good news for Michiganders is that if you take a loss on a home here, you’ll make it up on the home you buy elsewhere.

The sub-prime collapse and slowing real estate sales are pulling the entire country into a slump. Other segments of the economy are holding steady and haven’t shown much change, so Wall Street should rebound. Confidence is the key, and people do not expect to “ever” lose money on a house. So confidence is in short supply, because man’s castle may no longer be his home.

BUT there is some good news…Our Relocation America almost set a record last year with 937 sales. Many of those families were relocating out of Michigan but certainly not all of them!

Our Websites continue to grow! We attracted a million unique visitors last year. Surf the net for properties in other cities. Dealing with other Web sites makes ours look that much greater! On ours, you don’t have to register to look. Our Customer Care department runs a Live Chat and also spends the day on the phone calling back people with questions or interests in some of the properties. Most other cities, you have to register before you can view properties; and you have to sift through a ton of Web sites before you find one that is fairly comprehensive.