The Preserve, Lake Orion MI- Prices Rebounding?

By
Real Estate Agent with Coldwell Banker Professionals

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

Posted by

Jackie Hawley, Realtor, ePro

ReMax Encore
Cell: (248)736-6406
Jackie@JackieHawley.com 
www.MiRelocation.com 

 

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