A refreshing breeze blew through Brighton at the Greater Brighton Area Chamber of Commerce breakfast this morning. I sat and listened to Rod Jones of Work Skills, Fred Grant of Stonefire Bistro and Genoa Woods Conference Center, Dan Hartman of deCode and Tim and Mike Corrigan of Corrigan Oil speak about what they have done with their businesses to keep them vibrant and alive despite the economy. All these business owners look for ideas outside the box. They network with other business owners and creatively develop their business plan to be and remain profitable. Diversification was a major topic and all of these business owners have multiple companies and/or projects.
Fred Grant encouraged everyone in the audience to find another business owner and ask for advise on one issue our businesses may be having. This is the kind of business community I want to be a part of. Positive and forward thinking. The Brighton Chamber is progressive in enabling business owners to network in a positive way. Thanks to all who participated and shared. Thanks to the Brighton Chamber of Commerce and Pam McConeghy for putting the breakfast together.
- Karen Jolley
Thursday, February 28, 2008
Notes from the Brighton Chamber of Commerce Breakfast
New Listing: 7563 Wellington Road
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Brighton Prepares for Upgrades Throughout Town
Brighton city officials have outlined its list of capital improvement projects for 2008-09.
The city is planning on replacing part of sewer system in the downtown area. The "Millpond Bypass Sewer Project" will include a new sanitary sewer near First St. and Mill Pond Lane. Construction will take place this year.
Also on track is a reconstruction of Charles Orndorf Drive- with includes adding a center left turn and and upgrading traffic signals. This will be a welcome configuration with the additional of St. Patrick School in that area.
Other items to be upgraded are police car replacements and new snow removal equipment.
Some of the projects are being funded by bond requests, others from the city's general fund.
Wednesday, February 27, 2008
Good News for Michigan as Foreclosures Decline
After seemingly endless bad news regarding Michigan's housing and economy woes, The Detroit News reports this morning that foreclosures in our state may possible have hit their peak and are in decline. The article indicates that Michigan foreclosure filings in January declined 7.03 percent compared to the same month a year ago.Tuesday, February 26, 2008
2008 Livingston County Real Estate Market Report
Saturday, February 23, 2008
Property Assessments Are Decreasing Locally
The Ann Arbor News this week reported all but two municipalities in Washtenaw and Livingston counties will see property assessments decrease this year. The declining assessments could mean lower taxes for some, and higher for others.
You can read this informative article here.
Friday, February 22, 2008
Indoor Garage Sale/Used Sports Equipment Sale
The Paul Bennett Recreation Center on W. Grand River in Howell is hosting an Indoor Garage Sale/Used Sports Equipment Sale on Saturday, February 23rd 9am-3pm. The cost is $24 to rent a table for residents & $28 for non-residents. There is no admission fee to enter! This is your opportunity to buy and sell new & used merchandise, clothing and collectibles. New this year, they will be having a used sports equipment sale. Please call 517-546-0693 ext. 0 for more information or visit www.howellrecreation.org.Thursday, February 21, 2008
"Cabin Fever" Book Sale This Weekend
Friends of Cromaine Library are having a "Cabin Fever" paperback sale, this Saturday February 23rd, from 9am to 3pm. There will be a coffee bar and music. Books are 10 cents each or $3 a bag. New Listing: 1534 Chelsea Circle
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3 bedrooms, two baths
Beautiful Ranch on premium wooded lot. Many cosmetic updates in the last year make this home a winner! Features include volume ceilings, four skylights, fireplace with tile surround and beautiful mantel, two decks, new Kinetico H2O softener and more. The walkout lower level is ready for finishing and offers plumbing for a full bath. A great master suite too! Close to everything!
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Housing Market Stimulants
There is a lot of controversy right now regarding whether the Federal Government is on the right path in creating stimulus packages to assist in-over-their-heads homeowners.Wednesday, February 20, 2008
Casino For A Cause to Benefit Gleaner's Food Bank
The Hartland Chamber of Commerce presents Casino for a Cause on February 23rd at the Hartland Sports Center to benefit Gleaner's Food Bank. The event is from 5:30pm-midnight and offers a Texas hold em’ tournament, black jack and roulette along with other games of chance. Entrance fees will cover unlimited food and soft drinks along with a cash bar. For more information call the chamber office at 810-632-9130 or visit http://www.hartlandchamber.org/. Pre-registration is required for this event and is limited to the first 125 registered players.
Tuesday, February 19, 2008
The Animal Ball is Coming This Weekend
The Humane Society of Livingston County’s Animal Ball is slated for this coming Saturday, February 23rd. Enjoy an evening of dinner, dancing and bidding on live and silent auction items. Tickets are available at the HSLC shelter as well as other locations throughout the county. Tickets are $70 each and include an open bar, dancing and lots of fun! Contact the shelter at 517-552-8050 for more information or to purchase tickets.
Saturday, February 16, 2008
New Listing: 727 Glenwyth Drive
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727 Glenwyth Road
Brighton, MI 48116
Three bedrooms, one bath
1000 square feet
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Intelligent Investing in Livingston County Real Estate
Over the last few years, TLC and HGTV have featured programs dedicated to “flipping houses.” Someone would buy a distressed home, make improvements, and then sell it for a huge profit. That simply does not work here in today’s market.
This post is NOT about flipping houses.
I want to give a brief financial description of investing that does make good sense in today’s market: purchase and hold (with tenants).
With the change in pricing over the last few years, opportunity is here. Income properties actually bring income again! Here’s a realistic scenario in our area:
* 2 unit duplex in Brighton with 2 bedrooms and 2 baths on each side
* Currently listed at $150,000
* The property is purchased for $140,000
**Since this is not an owner occupied dwelling, a bank will probably require 20% down or $28,000
**A new 30 year fixed mortgage of $112,000 (plus closing costs) at 6% would mean a monthly payment of $675
**Taxes would run $300/mo.
**Insurance is $50/mo.
**Water & sewer is $50/mo.
**Maintenance is $50/mo.
**Misc. additional $50/mo.
**Total monthly expenses equal $1175
*Monthly income on each side is $675
**Tenants pay for electricity, gas, and cable
**Total monthly income equals $1350
*Positive cash flow every month is $175 or $2,100/year for year right now and more as rent rates increase throughout the thirty years of ownership
Keep in mind this is a long term investment. In 30 years the property would be paid off by the rents of the various tenants over the years. You will own the property free and clear. Even if the property only appreciates at a rate of 3% annually over those 30 years, it will still be worth just under $340,000. The initial investment of $28,000 down payment plus closing costs has given you an incredible return. Yes, you’ll need some additional updating/maintenance along the way. Let’s look at those numbers again:
* $28,000 down (now)
* $4,000 closing costs (now)
* $25,000+/- updates & additional maintenance (year 15)
* $57,000 total investment over the 30 years
Assuming the difference between revenue and expense continued at $2,100/year, income on the property would already eclipse the investment: $63,000. Income should increase throughout the years.
So in Year 30, you own the property free and clear with a value of at least $340,000 and it has generated additional income throughout ownership! If the property appreciates at an average of 5%/year, then Year 30 value is over $600,000!
Again, this is a realistic example of a property in our area. We have lists of available properties that would be similar to this scenario. Let us know if you’d like to see those properties or if you would like to schedule a private consultation to discuss real estate investing.
As I’ve mentioned in previous posts, this may just be the Golden Age of real estate purchasing in Livingston County. The smart investors are taking advantage of this market and playing the game Monopoly for real. Are you in? I have dibs on the shoe, but the dog and car are still available.
-Todd Buckley
Wednesday, February 13, 2008
New Listing: 5670 Navajo Trail
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New Listing: 229 Brookwood Drive
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Hartland Area Historical Society's Old Glory Gala This Friday
The Hartland Area Historical Society is celebrating the 50th Anniversary of its historical collection with an Old Glory Gala. The dinner & auction will be held at Waldenwoods on Friday, February 15th. Money raised will go to the building improvement fund to make the much needed renovations to the Florence B Dearing Museum. Tickets are available at the Hartland Chamber, Hartland Community Education, or by calling the society at 810-632-6711. Our Hottest Picks for Right Now
We have three exceptional Buyer Specialists on hand to help you find your dream home. Each of our Buyer Specialists tour and preview dozens of homes each week. Here are each of their Hottest Picks for Right Now.
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Recently reduced to $149,900. This is a true opportunity for any buyer- this home has a large kitchen, walk-out lower level ready to finish, in a popular Howell subdivision.
For more information on this property, click here. Or call 810-229-7000 to talk to a Buyer Specialist today.
Kimberly K, Buyer Specialist picks....
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12328 Margaret Drive; Fenton, MI 48430Recently reduced to $179,900. Beautifully remodeled home across the street from Lake Fenton. New carpet, paint, and granite in kitchen and baths.
For more information on this property, click here. Or call 810-229-7000 to talk to a Buyer Specialist today.
Joan Darnell, Buyer Specialist picks...
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Recently listed for $269,900. Four bedroom home on one of the most beautiful lots in Sundance Meadows. Has upgrades found in homes in the $400K+ range.For more information on this property, click here. Or call 810-229-7000 to talk to a Buyer Specialist today.
At The Buckley Jolley Real Estate Team, our Buyer Specialists focus on assisting Buyers & representing their best interests all the way HOME!
This Could Be the Golden Age of Real Estate (Buying!)
Ah, the fond memories… growing up in Livingston County, I remember my parents commenting on the properties they wish they would have purchased over the years. In the 1980’s, we’d be driving around and they would let us know how much they could have picked up this piece of land and that house in the 1970’s. In the 90’s it was looking back to the prices of the 80’s. They said, “If we only knew then…”
Fast forward to today. Could this be the Golden Age of real estate purchasing? I think so. Let’s face it, with the changing market, we’ve already traveled back in time to the pricing of ten years ago. In twenty years, we will be talking about the good old days when you could get a nice 4 bedroom colonial in Brighton for $225,000. The days when interest rates were around 5 ¾% and there were hundreds of homes to pick from in every price range.
Our team is forming lists of properties that we believe are good investments. Interested? Let us know, so we can keep you up-to-date on these properties. We want to help investors and regular “Joes” take advantage of this opportunity. Our Top Ten picks will include some Buckley Jolley listings and also properties listed by other real estate companies. We’ll work hard to find the good deals. You can count on it. Look for a follow-up post on real estate investing in the next few days.
By the way, my parents made some very good real estate decisions over the years. It’s just human nature to remember the fish that got away!
-Todd Buckley
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Tuesday, February 12, 2008
"Project Lifeline" To Be Announced Today for Overdue Homeowners
USA Today reports this morning that six of the major home lenders have signed on to join the Federal Government in a program called "Project Lifeline". Borrowers with all types of mortgages, not just those with high-cost subprime loans, could now be eligible for help.
The plan will allow seriously overdue homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms.
More on this plan is expected to be announced by the Treasury Department and the Department of Housing and Urban Development today.
Click here to read the article.
Monday, February 11, 2008
Short Sale- Frequently Asked Questions
In a previous posts, we talked about What is a Short Sale?, A Strong Dose of Patience is Needed for the Short Sale Procedure, and Helping Avoid Foreclosures with Short Sales. For your reference, here are a few of our most Frequently Asked Questions (FAQs) regarding Short Sales. Please give us a call at 810-229-7000 for more information or to speak with someone regarding a Short Sale today.
What is a Short Sale?
A Short Sale is a negotiated settlement. This is when the Lender agrees to accept less than the amount owed as a payoff on a loan.
Why should I consider a Short Sale?
Evaluate your own budget in detail and determine if you can afford your monthly payments including your mortgage payment. If you determine that you can no longer afford to make your monthly mortgage payment, contact us immediately. Do not wait until it is too late for a short sale option. The earlier you start the higher our likelihood of success.
Why would my Lender want a Short Sale versus Foreclosure?
No lender wants to foreclose on anyone, it is a lot of work and nobody wins. A Short Sale is a better return on an investment for the Lender rather than a foreclosure. The cost for a Bank to foreclose on a property is $60,000 or more. Not only does a Short Sale save the Bank money they get their money from the sale approximately six months sooner than on a foreclosed property.
Why would a lender accept less than the outstanding debt?
A Lender will have the property appraised to determine if it is valued at less than your mortgage pay off balance. The lender will then make a business decision based on the value, estimated legal expenses and all information supplied by you in your completed short sale packet to foreclose or to accept a short sale.
How long does it take to complete a Short Sale?
Once the completed Short Sale packet and a signed purchase agreement have been sent to the Lender, it can take between thirty (30) and ninety (90) to get the bank to agree to a Short Sale (this process is lengthened if there is more than one mortgage company involved). If your Lender has started the Foreclosure process and a Foreclosure sales date has been posted, we will make every effort to have this accepted and completed even sooner.
How do Foreclosure and a Short Sale affect my credit?
Foreclosures show up as a Foreclosure and stay on your credit record for seven (7) years. Anytime you apply for a new loan or have your credit checked, the foreclosure will show up and may be required to be disclosed on job applications as well. A Short Sale is listed as Settled Debt and is much less harmful to your credit. Please consult a mortgage representative or credit company for more information.
What is a Deed in Lieu of Foreclosure?
To voluntarily give the property back to the Lender to prevent the lender from bringing foreclosure proceedings.
What is a Deed?
A legal document conveying title to real property.
What is Loss Mitigation?
A process to avoid foreclosure; the Lender tries to help a borrower who is in danger of defaulting on their loan.
What is Loan Modification?
A loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan to reduce their monthly payment amount.
What is a Forbearance Plan?
A loss mitigation option where the Lender prepares a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.
What is the difference between a Satisfaction of Lien versus a Release of Lien?
A satisfaction is a total release for the debt owed. A release is when a lender releases the lien to allow the property to be sold but the borrower may still be required to repay the balance of the debt.
What liability do I have when doing a Short Sale?
The Lender has three possible ways to handle the Deficiency Balance, which is the portion of the mortgage debt not covered by the sale of your property:
· The lender can attempt to collect the deficiency balance from the Seller/Borrower after the property closes
· The lender may require the Seller/Borrower to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale.
· The lender may agree to cancel the entire deficiency balance. The amount of debt forgiven may be reported on a 1099 to you as income.
We strongly urge you to seek the advice of a qualified tax professional.
In late December 2007 President George Bush signed the Mortgage Forgiveness Debt Relief Act of 2007 into law. This new legislation is to help homeowners avoid foreclosure by allowing them to refinance without any tax consequences or have their lender agree to a short sale on their home. The Mortgage Forgiveness Relief Act allows for the homeowner to reduce the basis in their house (as reported by the mortgage company on a 1099C) and not reporting this forgiven debt as a capital gain or taxable income, therefore not creating any additional taxes due for the homeowner.To get a summary of this bill go to http://www.govtrack.us/congress/bill.xpd?bill=h110-3648 .
What is a deficiency Judgment?
A deficiency judgment can arise if the Lender agrees to sell the property for less than the mortgaged amount. The Lender holds the borrower/seller responsible for the unpaid portion of the loan.
Is the Deficiency Balance Negotiable?
Yes.
Although there are no guarantees, a successful Short Sale should eliminate a deficiency judgment, minimize your tax liability and keep Foreclosure off your credit report.
-Emily Trenkle, Closing Coordinator, The Buckley Jolley Real Estate Team
Sunday, February 10, 2008
Sushi Zen- A Brighton Gem
Last evening, I enjoyed my second visit to one of Brighton’s newest restaurants (it opened in March of 2007), Sushi Zen. My first visit, just a mere two weeks ago, was so satisfying; I didn’t want to waste any time before I returned.
This restaurant sits in an unassuming strip mall on the corner of Main and Grand River, but inside it is chic and elegant. The staff is attentive, knowledgeable and extremely friendly. The menu is creative, with lots of items to choose from.
Kudos to owner Yoon Kim for creating such a great Livingston County establishment, we are so happy you are a part of our community!
- Jennifer Woollatt, Internet & Call Coordinator, The Buckley Jolley Real Estate Team
Sushi Zen
114 W Grand River Ave
Brighton, MI 48116
(810) 225-3330
Friday, February 8, 2008
Many Livingston County Fish Frys to Choose From
St. Augustine Catholic Church
6481 Faussett Road 5:00- 8:00
Howell, Mi. 48430 517-546-9807
St. Joseph's Catholic Church
440 E. Washington Street 4:30-7:30
Howell, Mi. 48843 517-546-0090
St. John's Catholic Church
2099 N. Hacker Rd 4:00-7:30
Howell, Mi. 48855 517-546-7200
St. Mary's Catholic Church
1060 Dexter Pinckney Road 4:30- 7:00
Pinckney, Mi. 48169 734-878-3161
What's Hot What's Not: New Home Trends of 2008
Thursday, February 7, 2008
New Listing: 1172 Thorn Ridge Drive
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1172 Thorn Ridge Drive
Hartland, MI 48843
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New Listing: 414 Woodfield Square
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Two bedrooms, two baths
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For more pictures, see our virtual tour.New Season of the Celtic Kettle Coffee House
The Celtic Kettle Coffeehouse at the Hartland Music Hall presents Jill Jack & Billy Brandt Saturday, February 9th at 7:30 pm. On February 29th enjoy a Leap Year Concert with award winning singer songwriter Dick Siegel. Monday, February 4, 2008
New Listing: 4155 Prairie Rose
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2400 square feet with an additional 1000 in the partially finished basement
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Local Ordinances for Snow Removal
This time of the year, with the frequent snowfall, it is hard to keep up with clearing the snow off the sidewalk in front of your home. Did you know that most local goverments have ordinances regulating how much time you have to clear a path? A few of our local municipalities have posted their snow ordinances on their websites. If yours is not listed here contact their main office.
Brighton Chili & Ice Festival This Saturday
The Second Annual Chili & Ice Festival will be held this Saturday, February 9, 2008 from 10:00 am - 4:00 pm. Previously this event was held solely at the Brighton Mill Pond, but this year the event has expanded into a second venue - the Green Oak Village Place shopping center.
The Chili & Ice event normally features about 40-50 sculptures sponsored by local businesses. In addition to beautiful ice sculptures, several varieties of chili will be served by local vendors, along with coffee, hot chocolate, hot cider and other beverages.
Although the official Festival is Saturday, sculptures will remain in place for viewing as long as the weather permits.
Livingston Lamplighters Offering Singing Valentines
