Happy New Year from Team366

So, the end of the year is upon us and many folks take this time of year to reflect on what’s happened the year prior.   2008 will go down in the history books with a few notable events.  Not least of which is the Presidential election that has FINALLY ended and the near collapse of our financial system.  Gas prices, just a few months ago, were over $4.00 a gallon and now can be had around Ann Arbor for about $1.55, or so, a gallon!

Oh, but wait, this is a blog about real estate….Did anything of note happen in 2008 with regards to real estate?  Well, here’s a quick list of things that happened in the Ann Arbor real estate market:

• The University of Michigan announced it’s intention to purchase the former Pfizer facility;
  • Will create 2,000 jobs across the next 10 years and increase U of  M’s wet lab research space.
• Combined Residential and Condo Sales prices declined at nearly 1% per month in 2008;
• Nearly 4% more real estate was sold in 2008 than in 2007 (through the end of November);
• Real Estate Video became THE marketing tool for property;
• The mainstream media recognized, finally, that the housing market was rough for sellers;
• Real estate marketing dollars are flooding to online avenues;

What did I learn in 2008?  Well, here are a few lessons this real estate agent learned:

• When looking at foreclosures, expect to find ANYTHING;
  • 4 foot long strands of mold are NOT fun to bump into!
• Reverse offers for your selling clients make everyone’s day;
  • that’s where my selling clients make an offer to some interested purchasers.
• Technology in real estate will NEVER overtake real estate skills in getting transactions closed for clients;
  • Technology simply automates routine processes. Clients are different from transaction to transaction.
• Many agents were desperate for a transaction this year;
  • The frantic requests for feedback and near breaches of fiduciary responsibility were the tip offs!
• No matter the marketing system, great price wins out every time!

So what does 2009 hold for the Ann Arbor area real estate market?  Tough to say.  If anyone has a clear crystal ball on this subject, I’d like a peek please, mine’s kinda murky!

The data shows strong trends towards lower prices in 2009, but it is my belief that prices will bottom out in mid/late 2009 for the Ann Arbor real estate market.  Number of units sold will continue to trend up and new listings will continue to fall and then plateau to “normal” levels.  Again, I think this will happen mid/late 2009.

Ridiculously low interest rates have shown to push buyers off the fence.  So, if low interest rates are the standard for 2009, expect well-qualified, first time homebuyers to hit the market.  This means, of course, that first time homebuyer homes will be the property of choice to be selling in 2009, along with foreclosed properties.  I talked about the changing face of Ann Arbor real estate earlier.  

What do you think will be happening in real estate for the year 2009?  Any predictions for the Ann Arbor market?  Drop a comment and let’s start the conversation!

image source *SallyM*

It’s that time of year again! For those unfamiliar with FestiFools, here’s the description from their site:

FestiFools is a non-profit production of the START Project, a University of Michigan Lloyd Hall Scholars Program initiative. FestiFools brings students and community volunteers together to create unique public art that is free and accessible to everyone. Specifically, we make huge-mongous papier-mâché puppets and march them around downtown Ann Arbor the first Sunday in April.

For more information, click on the logo above or check out the video below.

[youtube=http://www.youtube.com/watch?v=OBaPzLNwCnQ]

404040;">World Vision Experience:  AIDS – Nov 13-19, 2008

***UPDATE: The newest schedule for the world vision display of a “child living in an AIDS-affected community ” is:

Nov 13 – Nov 19, 2008
Bethpage, NY
5163495559
Reserve Free Tickets       Volunteer for this event       Church Event Page

Also, we have found a great resource that you can use to keep up with AIDS related events & news. The blog is really good. Its awesome to see that they are embracing new social media avenues to reach their target audience. Check it out at: http://blog.aids.gov/2008/07/were-6-months-o.html ***

This September, experience the journey of a child living in an AIDS-affected community in Africa.  There will be two exhibits in Ann Arbor this year.  Both events are free to experience.

The first is a mini-exhibit will be at the University of Michigan Alumni Center (200 Fletcher St) and runs from September 11 -17.  Click here for more information.

The full exhibit will be at Huron Hills Baptist (3150 Glazier Way) from September 13 – 17.  Click here for more information and ticket reservations.

For more information and to view the trailers of the four orphans, check out www.worldvisionexperience.org.  If you attend any of Team366′s Real Estate Chats, be sure to ask the host about this life-altering event.

It’s that time of year again! For those unfamiliar with FestiFools, here’s the description from their site:

FestiFools is a non-profit production of the START Project, a University of Michigan Lloyd Hall Scholars Program initiative. FestiFools brings students and community volunteers together to create unique public art that is free and accessible to everyone. Specifically, we make huge-mongous papier-mâché puppets and march them around downtown Ann Arbor the first Sunday in April.

For more information, click on the logo above or check out the video below.

[youtube=http://www.youtube.com/watch?v=OBaPzLNwCnQ]

Last week I had the opportunity to sit in on a luncheon with University of Michigan Economist George Fulton and Google Adword’s Grady Burnett.  Both speakers were to the point, witty and frank about the current issues facing the Ann Arbor region.

 George Fulton’s speech can be seen here.  20 years he has been doing this analysis for the Ann Arbor News and every year he has delivered an insightful, frank, yet witty speech.  Remarkable, considering economic numbers are usually the key to curing insomnia!  Now, what would have put this video presentation over the top, for me at least, would have been if they edited in the PPoint Slides George was using.  Here is the pdf of the handouts, and yes, they were the same as what George was referencing in his speech.

Grady Burnett’s speech can be seen here.  Unfortunately, the one question I wanted to highlight was not included in the video presentation here.  It was a question about when Google will overtake Microsoft in terms of size.  The questioner then proceeded on about other MS v Google things, but Grady was ready with a beautiful answer.  In essence, it was, Google focuses on the end-user experience and is concerned about making it the best there is.  That guy is smooth!

The 16th of November Means Two Things

1. The biggest college football rivalry game ever is just around the corner; and
2. New monthly real estate market statistics.

Ohmigoshicantwaittillsaturdayat3:30….

Sorry, I had to get that out of my system.  Outside of real estate, you will bump into the odd post on the family, wine-blogging and U of M Wolverine football.

So What’s This About Statistics?

 For the first time since I have kept this blog, I am making my Ann Arbor Area Board of Realtors monthly housing statistics package available for all to view.  Previously, I had posted individual charts and given a brief summary of what the numbers were showing.

Click on the photo to the left and you will be taken to a PDF of the metrics I currently chart from the Ann Arbor Area Board of Realtors monthly report.

Long story short:  lots of inventory, flattening 12 month trend line of the number of new listings per month, sales off by nearly 12% for the year, and a “back of the envelope” average number of days on market of 167 days.  Check the report for the whole story.

Note:  statistics are based on the Ann Arbor Area Board of Realtors monthly report and only cover stats to do with houses and condominiums.

Technorati tags: Michigan Real Estate, Housing Market, Housing Statistics, Days on Market, Marketing, Statistics

While definitely off the topic of real estate, if you have a pulse, live in SE Michigan, and follow college football even minimally, you know that my beloved Wolverines put a hurt on the Irish last week.

An associate of mine, Ken Collica, kindly emailed this photo to my attention. Apologies to the ND fans who read this blog. It’s been a few years…..

September 1st, 2006 – One day till beginning of the University of Michigan’s football season!  FOOTBALL!!

Of interest to any U of M fan or construction/renovation fan, here is the website for the proposed renovation of our beloved Big House.  Of particular interest for any fan of U of M history is this page about the history of Michigan Stadium.

FOOTBALL!

Technorati Tags: University of Michigan, Michigan Stadium, Big House, Renovation