4314 Buteo Drive, Traverse City - NEW LISTING

Move-in Ready Newly Constructed ranch home located just 2 miles from downtown Traverse City in the desirable west side Grayhawk development!  This stunning custom home features a bright and airy great room with a gas fireplace, built-in bookshelves, hardwood flooring, quality kitchen with quartz countertops, large island and stainless steel appliances, a main floor master bedroom suite with a beautifully designed ceramic tiled bath and large walk-in closet, 3 spacious bedrooms, 2.5 baths and 2,088 sq. ft of main floor living area, finished 2 car attached garage, cement board siding, energy efficient 2x6 construction, and a wraparound covered porch with composite decking and stone accents.  Additional finished sq. potential exists in the full unfinished basement offering egress windows and rough plumbing for a future bath! Enjoy low maintenance living and lower township taxes within minutes to Munson Hospital and the heart of Traverse City!

PLEASE CLICK HERE FOR ADDITIONAL INFORMATION ON THIS NEW LISTING!

7423 Westwind Road, Traverse City – SOLD

SOLD TRAVERSE CITY WATER VIEW HOUSE

SOLD by Oltersdorf Realty LLC on 6/13/2018
7423 Westwind Road, Traverse City, MI - 4 Bedroom, 3.5 Bath Old Mission Home
Asking Price: $614,900

Ideal location at the base of Old Mission Peninsula just 4 miles to downtown Traverse City! This large spacious home features 4 bedrooms, 3.5 baths, ~4,000 finished sq ft, walkout basement, attached garage, West Bay sunset water views, in ground pool, and a 0.72 acre parcel in a wonderful neighborhood! *Photos provided by the Northern Great Lakes Realtors MLS.

*Photos provided by the Northern Great Lakes Realtors MLS.

11140 E Lee Mann Road, Northport – SOLD

SOLD NORTHPORT WATER VIEW HOUSE

 LISTING SOLD by Oltersdorf Realty LLC on 6/8/2018
11140 E Lee Mann Road, Northport – House on 20.47 Acres & Elevated Water Views
Asking Price: $295,000

A slice of heaven can be enjoyed from within this ridgetop home and its secluded 20+ acre parcel offering panoramic elevated Grand Traverse Bay water views and picturesque Leelanau County rolling countryside views!  With over 1,800 sq feet of finished one floor living area this home can be used as a year-round primary home or as a low maintenance vacation home/rental property.  The 20 acre parcel features extraordinary year-round unobstructed sunrise views, western & eastern sloping topography, and hundreds of feet of frontage along a beautiful spring fed creek that traverses the property. Possible land division options exist for this unique offering.

1771 S Cherry Blossom Lane, Suttons Bay - SOLD

SOLD SUTTONS BAY WATER VIEW HOUSE

 LISTING SOLD by Oltersdorf Realty LLC on 5/18/2018
1771 S Cherry Blossom Lane, Suttons Bay, MI - Water View Ranch Home
Asking Price: $500,000

Spectacular elevated water views of West Grand Traverse Bay and Old Mission Peninsula are enjoyed from throughout this completely remodeled ranch home situated on a low-maintenance 1.15 acre private parcel! Enjoy 2900+ sq ft of finished living area, an open great room with cathedral ceilings and abundant natural light, a spacious main floor master bedroom suite with a walk-in closet and picturesque water views, a large deck, a partially finished walkout lower level, and an attached 2 car garage. Recently remodeled inside and out with new high quality CertainTeed vinyl siding, new shingles, remodeled master bath and guest bath with tile floors and glass shower doors, new carpeting/flooring and paint throughout, new lighting and blinds, and many more stylish updates! Wonderful low traffic location on a county maintained road with access to 700’ of shared water frontage on West Bay!

4041 S Whitehill Drive, Cedar - SOLD

SOLD CEDAR WATER VIEW HOUSE

 SOLD by Oltersdorf Realty LLC on 5/7/2018
4041 S Whitehill Drive, Cedar, MI - Water View Home on 2.25 Acres
Asking Price: $499,900

Beautiful 3900+ sq ft 5 bedroom, 3.5 bath home centrally located in Leelanau County featuring a gourmet kitchen, hardwood floors, countryside and Lake Leelanau water views, and so much more on a private 2.25 acre parcel! *Photos provided by Northern Great Lakes Realtors MLS.

910 Rose Court, Traverse City - SOLD

SOLD DOWNTOWN TRAVERSE CITY RANCH HOUSE

LISTING SOLD by Oltersdorf Realty LLC on 5/7/2018
910 Rose Court, Traverse City, MI - Affordable "In-Town" Ranch Home
Asking Price: $165,000

Adorable 2 bedroom, 1 bath, 875 sq ft ranch home located in downtown Traverse City! This one level house features an attached 1 car garage, large fenced-in rear yard, and an updated bathroom just minutes to downtown Traverse City!

616 N St Mary’s Street, Suttons Bay - SOLD

SOLD VILLAGE OF SUTTONS BAY HOUSE

LISTED & SOLD by Oltersdorf Realty LLC on 5/4/2018
616 N St. Mary's Street, Suttons Bay, MI - Affordable Village of Suttons Bay Home
Asking Price: $150,000

Affordable Village of Suttons Bay home located on a large 90’x120’ parcel! This quaint wood sided home features beautiful tile flooring, an open kitchen, main floor laundry, a fenced yard, deck, shed, forced air natural gas heat, municipal sewer & water. Situated within the charming year-round Village of Suttons Bay just blocks from public sandy beaches, boat launches & marina’s, restaurants, shopping, library, theatre, and so many more convenient amenities. North Gateway zoning allows for possible use as single family, multi-family, retail, professional, restaurant, B & B, medical offices, etc.

409 S Main Street Unit #4, Leland – SOLD

SOLD LELAND CONDOMINIUM

LISTING SOLD by Oltersdorf Realty LLC on 4/25/2018
409 S Main Street Unit #4, Leland, MI – Leland Condominium & Boat Slip
Asking Price: $349,000

Spectacular fully remodeled Leland condominium that includes a private boat slip directly on the Leland River with quick boating access to North Lake Leelanau and located just a few blocks to Fishtown & Lake Michigan beaches! The stunning maintenance free condominium features a living room with oak wide plank flooring, brick wood burning fireplace, and Pella windows offering River views. The completely new kitchen offers rustic cherry cabinets with Reeded glass cabinet door inserts, Antique Labrador granite countertops, high end stainless steel appliances, tile backsplash & flooring, a custom restored 1930’s Detroit streetlight, and the stylish bathroom includes a low step walk-in tiled shower with River Rock floor, glass doors, Kohler fixtures, and marble countertop. Every detail has been thought of in this recent remodel making this condominium entirely move-in ready!

3170 Horseshoe Drive, Traverse City – SOLD

SOLD TRAVERSE CITY HOME

SOLD by Oltersdorf Realty LLC on 2/20/2018
3170 Horseshoe Drive, Traverse City, MI - Affordable Ranch Home
Asking Price: $174,900

Affordable 1,150 sq ft ranch home features 3 bedrooms, 1.5 baths, full unfinished basement, attached 2 car garage, newer roof, newer furnace, and is situated on a very quiet 0.56 subdivision lot located just outside the city limits of downtown Traverse City!

6080 S Lake Leelanau Drive, Traverse City - SOLD 2018

SOLD LAKE LEELANAU WATERFRONT HOME

LISTING SOLD by Oltersdorf Realty LLC on 2/5/2018
6080 S Lake Leelanau Drive, Traverse City, MI – Cottage & 75’ on South Lake Leelanau
Asking Price: $449,900

Charming 928 sq ft home and a 320 sq ft guest efficiency apartment with direct Lake Leelanau water frontage!  Enjoy spectacular 180 degree western facing sunset water views from this attractive Northern Michigan cottage and guest apartment featuring knotty pine and wood floor accents, large kitchen with tile accents, 3 bedrooms, and 2 baths.  Ideal boating and swimming directly from your 75’ of private sandy bottom water frontage in a fantastic location on a shared private road with a tree lined buffer allowing for wonderful privacy.  Just 10 minutes to Traverse City in desirable Leelanau County!

2017 Leelanau County Year-End Home Sales

2017 Leelanau County Year-End Home Sales

Units Sold: +5.09% over 2016
Volume Sold: +12.67% over 2016
Average Sales Price: +7.21% over 2016
Median Sales Price: +7.45% over 2016

2004-2017 Leelanau County Home Sales. Average Sales Price surpassed 2005 high in 2017, Median Sales Price surpassed 2005 high in 2016.

2004-2017 INFLATION ADJUSTED Leelanau County Home Sales. In 2017 the Average Sale Price & Median Sale Price are still well below the 2005 high when taking into account inflation.

The 2017 year end (January 1 – December 31) home sales data have been posted in the charts above. The home sales statistics compare real estate housing sold in Leelanau County from January 1, 2017 through December 31, 2017 to the same time period in 2016, 2015, 2014, 2013, 2012, 2011, and 2010. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City within the southeast corner of Leelanau County.

This report is based upon sales information obtained from the Northern Michigan Realtors MLS from 2004-2017. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

2017 Leelanau County Year-End Private Waterfront Home Sales

2017 Leelanau County Year-End
Private Waterfront Home Sales

Units Sold: +16.85% over 2016
Volume Sold: +16.78% over 2016
Average Sales Price: -0.05% below 2016
Median Sales Price: -4.16% below 2016

The data below includes all reported home sales with private direct water frontage and private "across the road" water frontage within all of Leelanau County on Lake Michigan, West Grand Traverse Bay, and all inland lakes. Homes with frontage on rivers, ponds, and creeks are excluded.

2004-2017 Leelanau County Private Waterfront Home Sales: Inflation adjusted data provided to compare 2017 sales to the previous market high of 2007.

Total Number of Waterfront Home Sales over $1 Million in Leelanau County.

Leelanau County Private Waterfront Home Sales data 2004-2017 for houses with private water frontage on all Inland Lakes, Grand Traverse Bay, and Lake Michigan. This includes Traverse City, Suttons Bay, Omena, Northport, Leland, Lake Leelanau, Cedar, Maple City, Glen Arbor, and Empire. The data includes homes with private direct water frontage and "across the road" private waterfront. This excludes homes with shared access, creek frontage, river frontage, and pond frontage.

This report is based upon sales information obtained from the Northern Michigan Realtors MLS from 2004-2017. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

2017 Grand Traverse County Year-End Home Sales

2017 Grand Traverse County Year-End Home Sales

Units Sold: -5.92% below 2016
Volume Sold: +4.37% over 2016
Average Sales Price: +10.95% over 2016
Median Sales Price: +13.79% over 2016

The 2017 year-end (January 1 – December 31) home sales data for Grand Traverse County has been posted in the charts above. The home sales statistics compare real estate housing sold in Grand Traverse County from January 1, 2017 through December 31, 2017 to the same time period in 2016, 2015, 2014, 2013, 2012, 2011, and 2010. This includes the townships of Acme, Blair, East Bay, Fife Lake, Garfield, Grant, Green Lake, Long Lake, Mayfield, Paradise, Peninsula, Union, Whitewater, and the City of Traverse City.

It was another year of record breaking residential home sales throughout 2017. During 2017 Grand Traverse County Home Sales Volume increased +4.37% over 2016's record setting volume. Median Sales Price was up +13.79% while Average Sales Price was up +10.95%. Total number of units sold decreased -5.92% due to very low inventory throughout the entire year.

This report is based upon sales information obtained from the Northern Michigan Realtors MLS from 2004-2017. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

2017 Leelanau County Vacant Land Sales

2017 Leelanau County Vacant Land Sales

Units Sold: +7.59% over 2016
Volume Sold: +13.23% over 2016
Average Sales Price: +5.24% over 2016
Median Sales Price: +12.31% over 2016.

Historical look back at Leelanau County Vacant Land Sales 2004-2017 (Units Sold & Sales Volume)

Historical look back at Leelanau County Vacant Land Sales 2004-2017 (Average Sales Price & Median Sales Price). The Average Sales Price for Leelanau County vacant land remains -36.27% below the 2008 high and is -44.02% inflation adjusted below the 2008 high. The Median Sales Price for leelanau County vacant land remains -41.27% below the 2008 high and is -48.50% inflation adjusted below the 2008 high.

The 2017 year end (January 1 – December 31) vacant land sales data have been posted in the charts above. The vacant land sales statistics compare real estate vacant parcels sold in Leelanau County from January 1, 2004 through December 31, 2017. This includes the townships of Bingham, Centerville, Cleveland, Elmwood, Empire, Glen Arbor, Kasson, Leelanau, Leland, Solon, Suttons Bay, and the City of Traverse City within the southeast corner of Leelanau County.

This report is based upon sales information obtained from the Northern Great Lakes Realtors MLS. Undisclosed sales are not included in the data. This is for basic review purposes only. All attempts for accuracy have been made but cannot be guaranteed.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

Leelanau County Building Permits 2007-2017

Leelanau County Building Permits 2007-2017

According to the Home Builders Association of Michigan (HBA), the median new home construction price in the Greater Grand Traverse area is $437,180. This is the highest in the state and places it within reach of only 10% of the households in our area, or only available to those that can qualify by having a household income of $116,620 per year.

Leelanau County Home Inventory 2004-2017

Leelanau County Home Inventory 2004-2017

Leelanau County single family residential home inventory has reached its lowest level of supply in 14+ years! After peaking at a 3+ year supply in the summer of 2010 housing inventory has since dropped to a 6-12 month average supply throughout 2017. There were 247 units sold in 2010 compared to 495 units sold in 2017.

Michigan Court of Appeals Decision: Renting Your Primary Home

Michigan Court of Appeals Decision: Renting Your Primary Home

Leelanau County Vacation Rental.jpg

Can I rent out my primary home as a short term rental and still retain my principal residence exemption (PRE)?

In late 2017 there was a ruling by the Michigan Court of Appeals that could potentially impact many short term vacation property rental owners in Leelanau County. The petitioner was the owner of a vacation property in Boyne City who was denied their Principal Residence Exemption (PRE) by the Michigan Tax Tribunal because they rented out their primary home for more than 14 days during each year. The petitioner provided proof that he occupied the house for the majority of the year as the primary residence, was registered to vote at the address, and it was the address listed on his driver’s license and tax returns. He also stated that he had not claimed a principal residence in another state.  

In the appeal, RENTSCHLER v. TOWNSHIP OF MELROSE the Michigan Court of Appeals decision was the following:

“…For all these reasons, we conclude that the PRE guideline provision relied on by the Tribunal is erroneous and inconsistent with the GPTA. Renting one's home for more than 14 days does not disqualify a homeowner from the PRE. Accordingly, accepting the Tribunal's factual findings, we conclude that defendant has satisfied the legal requirements to qualify for the PRE. We therefore reverse the Tribunal's decision and remand for entry of a judgement granting petitioner's request for PRE for the 2013, 2014, and 2015 tax years. We do not retain jurisdiction.”

The Michigan Court of Appeals decision did not specify how many rental days is too many to qualify for the Principal Residence Exemption so it is likely there will be additional controversy and/or court cases dealing with this issue.

Here are a few helpful links dealing with this topic:

 http://caselaw.findlaw.com/mi-court-of-appeals/1881127.html

http://publicdocs.courts.mi.gov:81/OPINIONS/FINAL/COA/20171128_C336333_21_336333.OPN.PDF

http://www.fraserlawfirm.com/blog/2017/12/michigans-principal-residence-exemption-and-short-term-rentals/

https://www.wnj.com/Blogs/Appellate/December-2017/COA-A-Petitioner-is-entitled-to-a-Principal-Resid

Disclaimer: I am not an attorney. I recommend that you contact an experienced real estate attorney for further explanation on this Michigan Court of Appeals ruling and how it could potentially impact your real estate.

Jonathan Oltersdorf, Oltersdorf Realty, LLC
Phone: 231-271-7777
E-mail: jonathan@oltersdorf.com

Current Mortgage Rates - January 2018

Annual Average 30 Year Fixed-Rate Mortgage Rates

The annual average 30 year fixed mortgage rates increased slightly in 2017 up to an annual average of 3.99%. Above you will find the historical monthly average rate dating back to 2006.