Real Estate in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak, Troy and Oakland County Michigan

In 2010 there were 167 single family home sales in the Village of Beverly Hills. We’re offering our free downloadable report with detailed information on every property sold to readers of our site. Be warned, the file is large, so if you would like a copy emailed to you, just drop a note to Maureen(at)maureenfrancis.com (replace the (at) with @) or call me at 248.430.4450.

Like many of you, we’ve invested in this community, and we appreciate all that the Village of Beverly Hills has to offer.

There is probably more information here than most people will need. If you would like us to provide a market analysis specific to your home to help you get a better assessement of current value, please feel free to contact us. Here is a link to a quick and easy statistical summary that is at the end of the long report.

In addition to both being full time Associate Brokers with SKBK Sotheby’s International Realty, we are proud Beverly parents, and I’ve has served on the Village Zoning Board of Appeals for the last 4 years.

Thank you again for your interest in the real estate market in our village.

Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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I am sure there are many more, but those are just a few of our favorite things about living in Beverly Hills, Michigan. What are yours?

Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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HGTV brings us the following list of Home Staging tips for Fall:

#1: Focus on curb appeal. Selling a home during the fall certainly comes with one advantage: The season’s beautiful foliage can automatically make your home more attractive for showings. However, you still need to do your part to keep your home looking its best. Start by sprucing up your lawn: Keep falling leaves at bay with frequent raking and patch up any brown spots in the grass.

As the trees shed their leaves, your home becomes more and more exposed, making its exterior appearance especially important. Chipped paint or dirty siding will be extra noticeable, so pressure-wash your home and repaint before showings if needed. Be sure to take care of fall-specific maintenance projects — like cleaning your gutters and downspouts — to show buyers that you’re serious about your home’s upkeep.

As a finishing touch, a few subtle fall decorations — like pumpkins, tri-colored corn or a wreath on the door — can give your home an inviting look.

#2: Appeal to the senses. As the weather cools down, make your home a warm, welcoming space where buyers will want to stick around. If you encourage them to stay awhile during showings, you give them more time to admire your home’s best features.

Nothing says fall like the pleasing aromas of apples and cinnamon. Before showing your home, burn a cinnamon-scented candle or simmer a pot of apple cider on the stove with a stick of cinnamon thrown in. If you opt for cider, leave it in a thermos with cups for buyers to enjoy. Brighten up your home by opening all the blinds to let in as much natural light as possible. Finally, emphasize comfort in your home with luxurious fabrics, like soft blankets, plush towels or a silky table cloth.

#3: Flaunt your fireplace. A warm, inviting fireplace is a great selling point as the weather gets cooler. Highlight this fall-friendly feature by arranging your furniture to make your fireplace a focal point. Place a mirror, artwork, vases or other tasteful decor on top of the mantel to make it even more prominent.

#4: Update your listing photos. If your home has been listed since spring or summer, update your online photos with brand new fall shots. Pictures from the previous season make your listing seem dated.

The original list has ten items, but the last six really apply all year long! Find the complete list here: 10 Tips for Selling a Home in the Fall

Written by Marianne Sweet
Home Sweet Home Staging, (586) 212-8400
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I recently did a Home Staging Consultation for a homeowner who had already purchased a new home … on MY block, as it turns out. Small world!

As he diligently worked his way through his “to-do” list, he discovered an issue and called me for advice. While de-cluttering and rearranging his office, he realized that his task chair had left deep indentations in the carpet.

The original advice to him during the Consultation had been to replace the worn and dated blue carpet, which he declined to do, but I reiterated that solution. The suggestions to use a commercial-grade steam cleaner or the “ice cube trick” to raise the fibers were met with a lukewarm response. What he really wanted to know was “Can we just put an area rug over it?”.

As Home Staging is about accenting the home’s attributes and NOT about hiding the flaws, the answer is clear. While it is tempting (and easier) to cover a carpet issue with a rug or strategically place artwork over a hole in the wall, it is against a good Stager’s code of ethics.

Buyers should not discover any surprises when they get the keys and walk through their new home for the first time. Sellers should fix the flaw or expose it so the client knows what they are buying.

Written by Marianne Sweet
Home Sweet Home Staging, (586) 212-8400
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Extension of the home buyers tax credit was iffy, with it looking uncertain up until the final days before the credit was due to expire. Many buyers and sellers were sitting by nervously, with lender backlogs and other complications preventing them from making it to the closing table in time for the credit.  Approximately 6,400 home buyers in Michigan alone would have been negatively impacted if the tax credit extension had not been passed.

Senate and House vote to extend tax credit to home buyersThe Senate and House have approved a plan to give home buyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. It still has to be signed by the President. The consensus is that he will sign it today.

The move by Senate Majority Leader Harry Reid (D-Nev.) would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to close the sale.

The proposal would only allow people who have signed contracts to finish later. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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Relief might be on the way for harried home buyers, mortgage officers and title companies who are rushing overtime to make sure they close  before June 30th so that their home purchases qualify for the $6,500 and $8,000 tax credits that were offered on purchase agreements signed by April 30th.

Our market saw a frenzy of activity in March and April as buyers rushed to find homes and get them under contract.  Multiple offers returned to the market and sellers delighted in quick sales.  Fortunately, the market has remained at a very good pace even after the credit expired, and the uptick seems to be sustaining.

ANDREW TAYLOR
The Associated Press

(AP) — WASHINGTON – The Senate has approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The proposal would only allow people who already have signed contracts to finish at the later date. About 180,000 homebuyers who already signed purchase agreements would otherwise miss the deadline.

Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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The tax credit that gave new home buyers and move up home buyers an opportunity to receive $8K or $6.5k, respectively certainly had a positive impact on the market, especially in the month of April, as buyers rushed to get in under the deadline.  Multiple offers were commonplace and anxious buyers often bid up homes for well over asking price.

Everyone wondered what would happen in the month of May, once the incentives were gone.  I am thrilled to report to you that our company, SKBK Sotheby’s International Realty, had it’s best month in 5 years, putting approximately $32,000,000 in accepted new business on the books.  Our market extends well beyond Birmingham and Bloomfield, and sales from neighboring communities like Royal Oak, Troy, Beverly Hills and surrounding Oakland County municipalities are always a major part of our business.

A number of factors contribute to this. 

• Inventory remains low, well below previous years and sellers have become more accepting of current market valuations as they try to sell their homes.
• Interest rates remain low, attracting buyers to the market.
• Consumer confidence is rebounding.  Investors are picking up great deals, and home buyers who intend to occupy are able to do the same.

We are working with buyers who consiously decided to wait until AFTER the tax credit to avoid the rush and the competition.  Those buyers are now in a position that is slightly less competitive than what we were seeing at the end of April, though we are still seeing situations with multiple offers and homes selling quickly.  In fact, two of our listings, one in Birmingham and one in Bloomfield Village, both sold within their first 10 days of listing. 

I am optimistic that our market has taken a turn and is becoming more balanced and vibrant once again.

Photo by Patricia Drury

Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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Anyone who has sold a house has been through it … the caller says “We’re close by and would like to see the house. Can we come RIGHT NOW?” The seller hangs up and goes in to full-on panic mode! Where to start cleaning?

From the online pages of Real Simple Magazine (www.realsimple.com), a checklist to get your bathroom in shape QUICK! Make sure you have cleaning supplies on hand at all times so you don’t have to spend valuable time searching for them.

# Minute 1: Drop two Alka-Seltzer tablets into the toilet bowl and let the bubbles do their magic. Toss used towels in a pile outside the door; stash odds and ends (brushes, hair dryer) in drawers or a pretty basket. Get rid of melty soap bars and lingering chips.

# Minute 2: With a damp microfiber cloth, swipe cobwebs from ceiling corners (stick the cloth on the end of a broom to reach) and dust door frames, tile ledges, moldings, shelves, framed art, and sills. Rinse and wring. Do the light switch and the soap dish with a disinfecting wipe.

# Minute 3: Spray mirrors with glass cleaner and rub in circles with the cloth. Then run a wipe over the vanity and the sink to pick up rogue hairs, powder, and toothpaste. (Clorox brand is safe for most hard surfaces, including marble.) Grab a new wipe for the faucet handles, the wall behind the faucet, and any light fixtures.

# Minute 4: With a fresh wipe, clean the top of the toilet tank, the flusher handle, and the lid. Use a new wipe for the top and the bottom of the seat and the lip of the bowl—in that order. Take one more wipe and do the base of the toilet and the floor around it. Next, swish water around the inside of the bowl with a toilet brush and flush. Using (you guessed it) another wipe, clean the vents and the baseboards.

# Minute 5: Move the wastebasket to just outside the door. Set out clean hand towels and a roll of toilet paper. With a couple of wipes, tackle the floor. Clean dust and hair from every corner, starting with the corner farthest from the door and backing out. Empty the trash and you’re done.

Author’s note: I personally think you can reduce the number of wipes by half, but I’m thrifty like that!

Written by Marianne Sweet
Home Sweet Home Staging, (586) 212-8400
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Last week a spectacular home in Birmingham hit the market at a list price of $6,395,000, making it the most expensive residence currently on the market in the City of Birmingham.  Our company, SKBK Sotheby’s International Realty, has been entrusted to market this exceptional home.

400 Arlington was originally built for Carole Ilitch Trepeck and her then husband David Trepeck, who founded Uptown Entertainment, the company that runs Birmingham’s two movie theaters, Birmingham 8 and The Palladium.  Uptown Entertainment is a subsidiary of Ilitch Holdings (as in Little Caesers, Detroit Tigers, Detroit Red Wings and so on…)   The Trepecks decided to move to California and the home was sold to it’s current owners in 2002.

The 11,000 square foot home sits on 2.25 acres of immaculately manicured gardens with a magnificent swimming pool.  There are 6 bedroom suites, 8 full baths and 2 half baths.   A guest house/private apartment with a full kitchen and sitting area is perched over the 4 car garage. The lower level features a wine cellar, workout room and additional living space.    The main floor features a separate service kitchen for parties and events.  Public records show that the home’s 2009 property taxes were $85,314.

The house was very well received by local agents who toured it for the first time this week.  We enjoyed listening to oohs and ahhhs as agents explored the home and declared it one of the finest on the market today.

Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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February sales for residential properties in Oakland County increased 25 percent over the same month last year; in Macomb County, the increase was 6 percent.

Listings decreased in both counties (by 15 percent in Oakland and 6 percent in Macomb), but while Oakland posted a sales volume increase of 45 percent, Macomb’s sales volume dipped 4 percent.

The following Oakland County municipalities* experienced the largest year-to-year (February 2009 to February 2010) increases in sales:

• Royal Oak, up 119 percent; sales volume increased 135 percent to $8 million, from $3.4 million
• Bloomfield Twp., up 95 percent; sales volume increased 128 percent to $11.4 million, from $5 million
• Independence Twp., up 94 percent; sales volume increased 154 percent to $6.3 million, from $2.5 million

Oakland municipalities that experienced a sales decrease included Hazel Park (down 18 percent), Pontiac (down 17 percent) and Southfield (down 13 percent).

Information on all municipalities can be obtained here.

Republished from Metropolitan Consolidated Association of Realtors

Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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The good news is that, in my little corner of the world, real estate sales have really picked up this year! No doubt that some this activity can be attributed to the Home Buyer Tax Credit which is scheduled to expire on April 30th – and I sure hope that congress decides to extend that so we can keep the momentum going. From what I am seeing the Real Estate market in Southeastern Michigan has really stabilized with inventory way down and sales way up. Real Comp’s recent statistics for Oakland County showed sales up 20+ percent over last year and inventories down 25 percent! Based on the law of supply and demand this should create a much more stable base for prices this year and this is evidenced by the fact that we are seeing final sales prices that are generally within 5% of asking price on most deals.

Another factor contributing positively to the market is low mortgage rates with rates this year running between 4.875% and 5.25% on 30 Year Fixed Rate loans for well qualified buyers. Rates have stayed low not because the Federal Reserve has kept the Federal Funds rate at close to zero, but because news on inflationary pressures has been non-existent. Inflation, or the fear of it, is what causes mortgage rates to rise. This month both the Consumer Price Index (CPI) and the Producer Price Index (PPI), which are both the preeminent inflation indicators, were reported as pretty much flat, meaning that there is little to no upward pressure on the prices of goods and services in the U.S. (right now). As long as that remains true interest rates will stay low.

Arguably the most important factor which will affect interest rates over the coming months is excessive government spending. Yesterday, the government sold a record $42 billion (yes billion) dollars of 5 Year Notes and the demand for this new debt has been low because there is a limit as to how much U.S. debt the world is willing to hold! Interest rates on these bonds are pushed higher in the marketplace in order to encourage buyers to act and this increase in treasury borrowing rates will bleed into all other interest rates in our economy. The government must stop the record deficit spending or it is going to have serious consequences. As of right now, interest rates are still holding at a very very low position.

So, here in Bloomfield Hills, Michigan, the economy and real estate are looking a bit brighter. The big auto makers which dominate our local economy have made major strides in improving their long term positions and to ensure their survival – maybe even to start to prosper again. Continued strength in the economy is directly tied to consumer sentiment and it seems that we consumers are feeling a bit better and opening up our wallets just a little bit wider. Let’s all think positively and encourage those around us to do the same and then we’ll see the current trend take hold. This in turn will increase business profits and then business will hire more employees and things will just keep getting better. The economy is really just a state of mind – our state of mind!

Written by Ken Mascia
Prime Capital Mortgage, 248.644.1200
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