Brighton Michigan real estate talk December 2014

In the last year there has been no Brighton home that sold over a million dollars. Not even a lake house on Woodland Lake in Brighton. There has been 498 homes and condos that sold in Brighton and Brighton Township in the last year. Another 44 homes were rented. On the average these Brighton homes sold in an average of 61 days. That is about the norm for the metro Detroit real estate market. We had a another strong year here in Metro Detroit. We did not have the strong sellers market that we did in 2013, but home sales were strong. Home prices did not increase as much this year. What I noticed as a realtor is that homes that were updated and move in ready sold very quickly. Homes that needed work and were major fixer uppers sat on the market. Of course homes that the owners thought we were back to 2006 and 2007 prices still have their over priced homes. There were quite a few of those over price homes.

The most expensive Brighton home that sold was 12251 Jacoby, Brighton Twp 48380 that sold for $950,000. It was a lakefront home on Beach Lake which is a smaller quieter private lake. It had been on the market only 3 months. It was priced to sell. Here is the description of the home.

Stunning lakefront nestled on private 6.5 acres with over 9000 sqft total living space. 5 bedrooms, 6 1/2 baths. Soft contemporary completely remodeled, like new home. Quality materials, designer finishes throughout- gourmet kitchen, ss appliances, stone countertops, bamboo flooring. Bright open layout with fabulous waterfront views. Main floor master with massive walk in closet, spa like bath. Five bedrooms plus 1000 sqft finished space above 2nd garage, many possible uses- guest house/in-law/home business/art studio... Beautiful treed grounds w/ abundant wildlife- additional 2.65 acres available to be purchased separately. 410’ frontage all sports lake w/ dock and private boat launch. Multiple outside decks with large 20’x40’ in-ground pool. Home theater, exercise room, two 5 car garages.

The least expensive condo that sold in the Brighton and Brighton Township area was 8713 Candlewood Trail, Brighton 48116 that sold for $34,200. It was a 2 bedroom, 1 1/2 bathroom condominium that was about 733 square feet in size. Association dues were $161 and taxes were $1001. You cannot live anywhere that cheap. You cannot even rent an apartment for those type of prices. The condo needed work or as the realtor said it TLC. It took about 2 1/2 months to sell.

Right now there are 126 Brighton homes and condos for sale. They have been on the market an average of 122 days. That is only about a 3 month supply. However either many of these Brighton homes for sale are overpriced or the Brighton real estate market has slowed down. In some areas of Metro Detroit the real estate market is cooled. So if you are buying that is good news. You should be able to negotiate better. For sellers it means that you are going to have to be very price concious. If you really want to sell you have to price your home correctly.

May the New Year bring you and your family good health and happiness.    Russ Ravary your metro Detroit Realtor