Saugatuck, Mi Real Estate Clients are trading up in a down market.
Second home owners who wanted a small, get-away cottage a couple of years ago have now decided they would like a bigger home so they can eventually retire to THE SAUGATUCK - DOUGLAS COMMUNITY.
These owners are taking small losses on the cottages that they purchased in a more expensive market and saving a great amount on the larger homes they are trading up into.
Just yesterday, two of my clients sold their cottage for $214,500 that they had purchased in 2007 for $227,000 And they were thrilled!
This sale generated a 5% loss in the purchase in 2007 to the sales price in 2011. However, statistics from 2007 versus 2011 (Oct to Oct) shows that the reduction of the average price of homes sold in Saugatuck City from 2007 to 2011 was 20%. Dee Dee Hanson's clients did much better the average loss in 2007 vs 2011!
This is the home that was sold yesterday "on the hill" in Saugatuck.
The new home that my clients traded up into cost them $356,500. This home had been built and sold to the previous buyer in 2007 for $539,900. The previous owner of the upscale home was then relocated due to a job situation. The home was taken over by a relocation company who brought more dollars to closing than did my client.
My client saved 35% on their new home versus a loss of 5% on their little cottage. Here is a photo of the great new home.
If you have been considering a larger home, this is the time. It is an ill wind that doesn't bring someone some good. Here is the good from this market. NOW IS THE TIME TO MAKE YOUR MOVE.
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