Scott Petersen - Canton - Plymouth - Real Estate

Pheasant View, Canton MI

Key:

Address – Property Address

SF= Square Footage

Style= Artichture (ie. Colonial, Bungalow..)

Yr = Year Built

BR/BTHS = Number of Bedrooms/Number of Baths

$ = Current Asking Price or Sold Price

DOM/Clsd = Number of days on market/ Date closed

$/SF = Price per square foot

All Data from Realcomp MLS

Scott A. Petersen
Remerica Country Place

www.scott-petersen.com

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When you choose Scott Petersen and The Petersen Team to handle your Canton/Plymouth real estate needs, you choose a  Realtor® who is not just an expert, but someone who really cares about you and your family. Buying or selling a home can be a very exciting and yet stressful. We will work to achieve your goals and objectives, bringing our years of industry expertise and old fashioned "blue collar" hard work. In this difficult market, we are proven producers selling in the multi-million dollar range year after year.

 We are very familiar with today's market and specializing in Short Sales, REO, Bank Owned, and all types of real estate in  Wayne County , Oakland County, Livingston County, and Washetenaw County we specialize in Canton,   Plymouth, Northville, Livonia and Novi.

Disclaimer: I fully disclose that I am human and make errors, from time- to- time. Therefore, all information in this blog is deemed reliable but not guaranteed to be accurate. I reserve the right to make changes and/or correction of any information at anytime.  I make no warranties either express or implied. This blog is not intended to offer any legal, tax or other advice. Please seek permission to repost or re-blog any part of this blog.  I think this satisfies my attorney..

Glengarry in Canton Township MI is a single family sub that was developed by Pulte from 1991 - 1996.  

Year to date there have been 17 homes sold. The sale prices have ranged from 219,000 - 290,000, with an average sale price of $263,082 with an average days on market of 42 days.

Sales in Glengarry over the past 2 months are:

45030 GLENGARRY RD,   2375 SF,    1991 YR BLT,  3BR/2.2BA,   $219,000,   9/10/2010 Closed

45389 SEABROOK DR,     2588SF,    1996 YR BLT,  4BR/2.1BA,   $239,000,   9/29/2010 Closed

44887 WEYMOUTH DR,   2632SF,     1996 YR BLT,  4BR/2.1BA,   $285,000,  10/22/2010 Closed

45277 SEABROOK ,        2601 SF,     1995 YR BLT,  4BR/2.1BA,   $290,000,     09/17/2010  Closed.

There are currently four houses listed in Glengarry:

459 FAIRFIELD CT,         2895 SF,     1994 YR BLT,   4BR/2.1BA,  $239,900, 76 Days On Market

45184 GLENGARRY RD,    2438 SF,     1991 YR BLT,   4BR/2.1BA, $259,900, 83 Days On Market

45379 WILLIAM CT,        3053 SF,     1992 YR BLT,  4BR/3.1BA, $279,900, 76 Days On Market

44967 WEYMOUTH,         2695 SF,     1997 YR BLT, 4BR/2.1BA,   279,900, 89 Days On Market

If you are looking to Buy or Sell a home in Canton choose:

 Scott Petersen and The Petersen Team to handle your Canton/Plymouth real estateneeds, you choose a  Realtor® who is not just an expert, but someone who really cares about you and your family. Buying or selling a home can be a very exciting and yet stressful. We will work to achieve your goals and objectives, bringing our years of industry expertise and old fashioned "blue collar" hard work. In this difficult market, we are proven producers selling in the multi-million dollar range year after year.

 We are very familiar with today's market and specializing in Short Sales, REO, Bank Owned, and all types of real estate in  Wayne County , Oakland County, Livingston County, and Washetenaw Countywe specialize in Canton,   Plymouth, Northville, Livonia and Novi.

Disclaimer: I fully disclose that I am human and make errors, from time- to- time. Therefore, all information in this blog is deemed reliable but not guaranteed to be accurate. I reserve the right to make changes and/or correction of any information at anytime.  I make no warranties either express or implied. This blog is not intended to offer any legal, tax or other advice. Please seek permission to repost or re-blog any part of this blog.  I think this satisfies my attorney..

Scott A. Petersen
Remerica Country Place

www.scott-petersen.com

Realcomp MLS has release the sales data statistics for the month for Metro Detroit. If you find stats and numbers interesting this may be of interest to you.  The official analysis release states:

MEDIAN SALES PRICE CONTINUES CLIMB WHILE ONMARKET INVENTORY LEVELS DECREASE FURTHER

PRICES BUOYED BY HIGH NONFORECLOSURE SALES.

• On‐market inventories continue to decline in most areas
• NON‐foreclosure sales outpaced foreclosure sales (3,127 non‐foreclosure sales vs. 2,095 foreclosure sales)
• Average days on market decreases include: ALL MLS decreased by 9 days to 94; Metro Detroit decreased by 11 days to 90.

48187 CANTON, Michigan   has 232 active homes for sale on market.  Homes sold YTD: 369,  which is a -2.08 year over year.  The median sales price is $144,900, which is a - 15.05% year over year.

48188 CANTON, Michigan  has 276 active homes for sale on market. Homes sold YTD: 428, which is a 13.64 increase year over year. The median sales price is $164,780, which is only a - 2.3 %, year over year.

48170 PLYMOUTH, Michigan  has 257 active homes for sale on market. Homes sold YTD: 345, which is a -11.36 % decrease year over year. The median sales price is $179,250, which is a + 14.00 year over year!

When you choose Scott Petersen and The Petersen Team to handle your Canton/Plymouth real estate needs, you choose a  Realtor® who is not just an expert, but someone who really cares about you and your family. Buying or selling a home can be a very exciting and yet stressful. We will work to achieve your goals and objectives, bringing our years of industry expertise and old fashioned “blue collar” hard work. In this difficult market, we are proven producers selling in the multi-million dollar range year after year.

 We are very familiar with today’s market and specializing in Short Sales, REO, Bank Owned, and all types of real estate in  Wayne County , Oakland County, Livingston County, and Washetenaw County we specialize in Canton,   Plymouth, Northville, Livonia and Novi.

Disclaimer: I fully disclose that I am human and prone to errors, from time to time. Therefore, all information in this blog is deemed reliable but not guaranteed to be accurate. I reserve the right to change, make corrections, and changes of any information at anytime.  I make no warranties either express or implied. This blog is not intended to offer any legal, tax or other advice. I think this satisfies my attorney J.

Scott A. Petersen
Remerica Country Place

www.scott-petersen.com
spete05@gmail.com

A few years ago, terms like "short sale," "upside down," and "under water," were not even part of our lexicon. Today, they are common place. Following some 15 years of steady appreciation, peaking in 2006, home values in Michigan have since declined 45% on average. In Oakland County, distressed sales now account for approximately 93% of all home sales. If a short sale becomes your only option, here are some basics to keep in mind.

1.  A short sale results when the seller owes more money on the mortgage than the home is worth.As a result, the seller is forced to negotiate a discounted payoff of the underlying mortgage debt with the mortgage lender in order for the sale to take place. Sellers want to avoid having to pay money against the mortgage at closing and to obtain a waiver of any deficiency. Buyers want clear title and a quick closing.

2.  It is absolutely essential that a short sale contingency be included in the listing agreement for the property and in the purchaser agreement.Such contingencies will provide that the sale is contingent upon the ability of the seller to negotiate a short sale with its mortgage lender upon terms and conditions that are acceptable to seller, in seller's sole discretion. If the seller is unable to get such an approval, the purchase agreement can be terminated, buyer's deposit refunded, and seller has no obligation to the realtor under the listing agreement.
 
3.  Mortgage lenders have very specific, detailed and comprehensive procedures that must be followed, exactly, in order for a short sale to be considered.Substantial documentation must be provided, and there must be full and accurate disclosure on the part of the seller. Failure to accurately disclose such things as hardship, income and assets, may result in the short sale being later set aside on the basis of fraud. The process is detailed and time consuming (as long as 6 months or more), ultimately resulting in either the rejection of the request or a statement of the terms upon which the mortgage lender will agree to the short sale.

4.  Mortgage lenders are not required to waive the balance owing on the mortgage. They may require that some, or all of it, be paid by the seller at closing, or that the balance owing will remain payable by the seller under the original mortgage note or a new promissory note.

5.  A short sale will impact the seller's credit rating and may adversely impact the ability to obtain certain types of mortgages in the future. And, any part of the loan deficiency that is forgiven must be reported by the mortgage lender to the IRS on Form 1099-C. Whether or not the forgiven debt is taxable depends upon a number of factors, including whether or not the home was the borrower's principle residence, when the forgiveness took place, and so on.

Based upon historic trends, many believe that it will take another ten years or more for homes to regain the value that has been lost in the past 4 years. Distressed sales (short sales) are therefore a fact of life that will be with us for years to come.
 

USED WITH PERMISSION   
 
Duane L. Reynolds
Wright Penning & Beamer

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When you choose Scott Petersen and The Petersen Team to handle your Canton/Plymouth real estate needs, you choose  a Realtors® who is not just an expert, but someone who cares about you and your family. Buying or selling a home can be a very exciting and yet stressful. We will work to achieve your objectives, bringing our years of expertise and hard work. In this difficult market, we are proven producers selling in the multi-million dollar range year after year.

 We are very familiar with todays market and handle Short Sales, REO, Bank Owned, and all types of real estate in  Wayne County , Oakland County, Livingston County, and Washetenaw County we specialize in Canton,   Plymouth, Northville, Livonia and Novi.

Scott A. Petersen
Remerica Country Place

www.scott-petersen.com
spete05@gmail.com

I visited for the first time a Habitat for Humanity, ReStore near me in Ann Arbor Michigan. I was surprised to find a warehouse full of gently used building materials from doors, windows, paint, toilets, sinks, to lighting. Next time you need to replace that door... stop by a ReStore and check out their supply.

If your garage is full of building items that are left from past projects, ReStore will give you a tax receipt for those items. The best part is that the proceeds go towards Habitat's efforts.

http://www.habitat.org/cd/env/restore.aspx

When you choose Scott Petersen and The Petersen Team  to handle your Canton/Plymouth real estate needs, you choose  Realtors® who care about you and your family. Buying or selling a home is always more enjoyable when you work with professionals who will listen to your needs and who will work together with you to achieve your objective. We are very familiar with all types a real estate in  Wayne County , Oakland County, Livingston County, and Washtenaw County we specialize in Canton,  Plymouth, Northville, and Novi.

Scott A. Petersen
Remerica Country Place

(734) 776-8355 cell
(734) 981-2900 office 

Remerica Country Place
44205 Ford Rd.
Canton, MI 48187

www.scott-petersen.com
spete05@gmail.com

New ordinances are sweeping through local governments that are targeting Bank Owned properties. The city of Livonia Michigan adopted ordinance #2844 on October 8, 2009, the Township of Canton Michigan adopted a similar ordinance #79 on January 12, 2010, while Plymouth Township adopted Ordinance C-2009-08 on June 23, 2009. The reported purpose of these ordinances are to reign in banks maintenance and care of their properties, while in their inventory. Many of these bank owned, vacant and abandoned registration ordinances require the owner to register the property with the city as being vacant and pay a fee for the registration. This fee and registration supposedly reimburses the cities for their increased policing of blight enforcement against these properties. Additionally, several cities are requiring special inspections for vacant properties before they can be reoccupied. Of course, there is an additional fee for this special inspection of up to $500.

In a real sense banks have brought this upon themselves. Neglected bank owned homes with foot high grass, unsecured doors, and green pools were common in the past few years. Local communities fought a relentless fight to determine which bank owned the derelict properties. In addition, banks are flush with bail-out money, while local communities struggle to make payroll. The city of Livonia, Michigan recently enacted their ordinance in late 2009 and has already registered 137 bank owned and vacant properties. By my calculations, this has netted Livonia approximately $60,0000 for the first six months of the program.

While everyone I know does not mind soaking the banks, these ordinances are also potentially hurting every sale and homeowner. Let me explain. To not directly target the banks for these fees and increased scrutiny, many of the ordinances simply target vacant properties. For example the City of Livonia's ordinance include several definitions that would include non-bank owned properties into their ordinance program. Several of the definitions that I believe will affect sellers are: 

·     A Single Tenant building that has been vacant for more than twenty eight (28) days.

·     Has Utilities that have been disconnected or not in use.   

·     Demonstrates a lack of property maintenance as evidenced by one or more violations.

The first issue that homeowners and sellers may have is that one of the definitions of a vacant home is one that has been unoccupied for 28 days and/or has not used utilities. This means that if a seller has to move out of their home 30 days prior to closing for any reason, their home must be registered and the fees paid. So, if a seller is transferred to another city and moves before closing, their home must be registered.

Additionally, I do not see any provision in many of these newly drafted ordinances exempting homeowners that are snowbirds. In Michigan we have a large population that travels to warmer destinations for the long winter months. Most of these homeowners vacate their homes for longer than 28 days. After my reading of the ordinances of many cities, these homeowners would be required to register their homes and pay the fees.

Now this is not just an exercise for me to find the pitfalls of legislation. I have a current deal that has been swept up into this new ordinance. My clients listed and sold their home with a Short Sale with me that we closed on three weeks ago. As with all Short Sales the duration of the sale was very lengthy. From accepted offer to closing was about 120 days. The sellers had to partially move to a new location due to an illness in their family 40 days prior to closing. The sellers kept all utilities on, maintained and visited the home regularly, as well as kept some contents in the property. This was not a neglected or abandoned property.

The first sign of trouble was two days after the new buyer purchased the home, the city placed a bright orange sticker on the door that proclaimed the occupant of this house is occupying the property illegally and could face misdemeanor charges and be evicted. Defiantly not the welcome you are looking for. When I received the frantic call from the Buyers Agent I was very confused as to why the city was threatening the new homeowner, as this city does not have any type of pre-sale inspection or Certificate of Occupancy.

After talking to several city employees, I was told that the home was reported as vacant and would have to comply with the new ordinance. After many of hours on the phone it seems that the bank that was shorting the property registered the property with the city as being vacant. The banks explanation is that only 30% of short sales are being closed, so they register all properties that are in default even if they have not been foreclosed on yet. In addition, the fines for not registering the properties are $500 for each occurrence on to top of the fees, so registering properties before they are foreclosed only protects the banks.

The ordinance department is not relenting on the fee's because they claim, "we are bound to charge these by the ordinance". So in the cities attempt to soak the banks, they are soaking individuals that are buying their first home, or sellers trying to do the right thing and not allow their home to fall into foreclosure. If cities continue to enforce these ordinances against properties that are not abandoned or neglected, I believe that we will see more sellers simply allow their homes to foreclose, and we will see a second wave of bank owned homes. This will cause a further erosion of home values and not just soak all of us, but may drown us in the process.  

Scott A. Petersen

Realtor

Remerica Country Place

(734) 776-8355 cell

(734) 981-2900 office

(734) 736-1114 fax

44205 Ford Rd.

Canton, MI 48187

www.scott-petersen.com

spetersen@remerica.com

When I am traveling with my children, the phrase "Are We There Yet" is muttered several times during the trip. This question is asked, just as it has been obligingly asked for hundred maybe thousands of years. However, now I am hearing it from my clients, "Are We There Yet?" Are we at the bottom of the market yet? From my vantage point this summer could be defined as the season we hit the bottom for this Real Estate Market. I am seeing 3-12 offers per house on Bank Owned properties. This tells me that there are buyers out there.. they are just looking for bargains. Who can blame them with as many deals as there are on the market. There are three streams joining together to create the RIVER that is washing away the value of Real Estate in this Michigan market:

 1.  Auto industry uncertainty and decline. Job loss = population decrease = vacant properties = lower sales prices. It's that simple. High gas prices are compounding this issue.

 2. Mortgage Crisis. The few buyers that are in the market are finding it very difficult to get approval for a mortgage.

 3. High Inventory of homes. The record number of Bank Owned foreclosed homes are causing a bidding war to the downside as banks compete with other banks to rid themselves of their inventory. Banks have no magic number as many homeowners do.. as to what they MUST sell their home for. To the banks the home is just one of hundreds in a portfolio that must be liquidated at all costs.

If one of these streams can be dammed, we will see improvement. If all three can be stopped, a true rebound will start immediately. With the good news oil prices dropping along with commodities, hopefully we will see the first stream improve. The other two may take longer, but there is hope that this may be our exit and we may be there and not know it yet.