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Old 01-06-2009, 07:45 AM
 
156 posts, read 350,359 times
Reputation: 51

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No misunderstanding. First off anyone who knows what they are talking about will know that Lakeview dr. has on one side lake property, and the other is off lake property, She did tell me 4/2 it looks like it is 3/1.5 but still for 24k?

I found the link in 1 min. WWLX IDX

Lots in this area off water were going for 6 to 8k a few years ago. Water lots were going for 100k. A lot with a Mobile on it was going for 35k. Even if this needs 20k worth of material and some TLC you could not have bought anything for that a few years ago. Shows how bad things are getting. I think you will see more of this. I had to mark my vacant land down to 800 and acre to move it and now I know I could not get that. I was offered 8 years ago 40k for 10 acres, when I sold 2 years ago I could not get but 19k for 20 acres and was lucky to get that.
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Old 01-06-2009, 07:49 AM
 
24,834 posts, read 37,276,103 times
Reputation: 11538
Quote:
Originally Posted by upandrunning View Post
No misunderstanding. First off anyone who knows what they are talking about will know that Lakeview dr. has on one side lake property, and the other is off lake property, She did tell me 4/2 it looks like it is 3/1.5 but still for 24k?

I found the link in 1 min. WWLX IDX
I could not get this to open. I tried three times.
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Old 01-06-2009, 09:09 AM
 
156 posts, read 350,359 times
Reputation: 51
Default expired listing

http://i291.photobucket.com/albums/ll282/edteach2/24khome_0001.jpg (broken link)Well,
I called Coldwell banker. It expired with in the last hour. The mls was 259354, It just expired. She emailed me the listing. Here is a copy of it. Even at that price they are not selling as it is still available I was told.

[SIZE=3] [/SIZE]
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Old 01-06-2009, 09:11 AM
 
156 posts, read 350,359 times
Reputation: 51
I have been working trying to find the listing and convert it from pdf. I am not posting using another name. If you can not deal with my posts so be it. But if you look at my IPS number it will most certainly not match thank you very much for asking. I have done all the leg work for your skeptic attitude. I have better things to do than try to educate you on home sales in North Michigan.
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Old 01-06-2009, 09:21 AM
 
24,834 posts, read 37,276,103 times
Reputation: 11538
Quote:
Originally Posted by upandrunning View Post
My sister just called from north Michigan. She said there was a stick built finished in 95 on Lake View Dr. Wolverine MI. for 24k. Not a bank repo. This is the kind of thing that is going to devastate those who have hung on to their property. I can remember in 84 wildwood lake property going for 12k for three lots. Then as late as 2 years ago a single lake lot was going for 101k and even a bit higher. I can see property taking a huge dump in Michigan. I am sure glad I sold most of mine a few years back. I see on the MLS water wonderland the lady who over paid me 100k for my property is trying to sell it now for 99k and she is over priced by 40k. Bad times.
[SIZE=3] [/SIZE]
Repossession
No frontage
As is
Use caution
Fixer upper

All words in the link you gave.
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Old 01-06-2009, 01:28 PM
 
7,357 posts, read 11,720,704 times
Reputation: 8942
Quote:
Originally Posted by loanofficerMI View Post
This has made my job as a Loan Officer very hard here in MI. The thing is, our homes here were really OVER valued for awhile and now that everything is shifting in the housing market, the prices are leveling off to where the values really should be.
There was such a Refi boom and banks stretching the appraisal values to get people what they wanted=as MUCH cash out as possible.
Eventually this falsely inflated the housing values in MI. houses were gaining value at an unreasonable rate.
FHA is now allowing us to use the Borrower's mortgage BALANCE as the "value" so we can refinance them into a lower rate. This will help those who owe more than their home is worth.Moderator cut: advertising is not allowed

Jody
Let me ask you this: homes were getting overvalued by how much, in general? People around here still believe the highest figure is the accurate one and for that reason they're even more devastated when they have to price it lower.
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Old 01-06-2009, 01:55 PM
 
87 posts, read 254,672 times
Reputation: 44
Quote:
Originally Posted by Cliffie View Post
Let me ask you this: homes were getting overvalued by how much, in general? People around here still believe the highest figure is the accurate one and for that reason they're even more devastated when they have to price it lower.
It seems a lot of people have problems getting it into their skulls that a 990 sq ft house in Royal Oak is no longer worth 210,000.

I'd say it depends on the area. Houses in more rural areas like where I lived were probably overvalued by not nearly as much as the aforementioned homes. Heck, it could ranger anywhere from 20k-50k in many cases, considering many of the same homes in R.O. are now going for 155k-160k instead.
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Old 01-06-2009, 07:52 PM
 
Location: SE Florida
9,367 posts, read 25,171,575 times
Reputation: 9454
Quote:
Originally Posted by upandrunning View Post
No misunderstanding. First off anyone who knows what they are talking about will know that Lakeview dr. has on one side lake property, and the other is off lake property, She did tell me 4/2 it looks like it is 3/1.5 but still for 24k?

I found the link in 1 min. WWLX IDX

Lots in this area off water were going for 6 to 8k a few years ago. Water lots were going for 100k. A lot with a Mobile on it was going for 35k. Even if this needs 20k worth of material and some TLC you could not have bought anything for that a few years ago. Shows how bad things are getting. I think you will see more of this. I had to mark my vacant land down to 800 and acre to move it and now I know I could not get that. I was offered 8 years ago 40k for 10 acres, when I sold 2 years ago I could not get but 19k for 20 acres and was lucky to get that.
Wow, eight years ago it was worth 4k and acre and you took 1k an acre two years ago? I guess you didn't get the memo that we were on top of the bubble two years ago!

But seriously, I am sorry that you took such a hit. Imagine if you would have held on to it until now- you'd have to pay someone to take it off of your hands.

I am trying to help a friend who has to relocate to Michigan and your posts are very discouraging. I guess I need to do more homework.
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Old 01-06-2009, 09:39 PM
 
Location: SE Florida
9,367 posts, read 25,171,575 times
Reputation: 9454
Quote:
Originally Posted by upandrunning View Post
Well,
I called Coldwell banker. It expired with in the last hour. The mls was 259354, It just expired. She emailed me the listing. Here is a copy of it. Even at that price they are not selling as it is still available I was told.

[SIZE=3] [/SIZE]
I am confused- the listing shows a status change on 1-5, but yet you say it expired on 1-6. Howzat?
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Old 01-07-2009, 05:14 PM
 
156 posts, read 350,359 times
Reputation: 51
Quote:
Originally Posted by HIF View Post
I am confused- the listing shows a status change on 1-5, but yet you say it expired on 1-6. Howzat?
I called coldwell banker, got the thing PDF emailed to me converted it to JPG and posted it. If you want details call them. I am through carrying the water for you people. The point is that housing sales are getting desperate. The statment that people can not get it through their head that home values are dropping and will not move the price and this complicates things is so true. Also we were not on our peak 2 years ago by a long shot. It was more like 4 years ago maybe a bit more. 1 and a 1/2 years ago the whole bubble started to crack. If I would have put my home on the market agressivly 5 years ago, I may have hit the high. But thats the way things go. I still made out like a bandit. I got over 300k for my property after all was broken up and sold off, and I had 125k into it. Plus I rented two of the homes for 6 years at 475 a month.
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