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Mount Clemens MI Real Estate – Strategies for Buying and Selling Homes in Michigan’s Economy
Currently the median price for a home in the Mount Clemens MI real estate listings is $138,900, but prices start at $54,900 for a one bedroom condo with a view of the Clinton River. If you are interested in buying Mount Clemens Michigan real estate, but have past credit issues and can’t get a lender to give you a loan for a mortgage, there are solutions.
On the flip side, if you need to sell a home quickly, because of a job transfer, to avoid foreclosure or for other reasons, there are ways to sell a property quickly that you may not know about.
Here we have accumulated some information on these strategies after a brief history of the area.
The city is named for Christian Clemens, who surveyed the area in 1795 and liked it so much that he decided to settle there four years later. He and his friend John Brooks built a distillery there, which helped to attract other settlers. The discovery of mineral wells by Dorr Kellogg in 1870 attracted both settlers and tourists to the growing city. The city was incorporated in 1879.
The Mount Clemens Michigan real estate market boomed during the early years. Many fine hotels and bath houses lined the streets. It is said that people came from all over the world to take the “healing” baths. Most of the hotels and bath houses closed during the Great Depression, but one, the Arethusa, remained open until 1974.
Today about half of the Mount Clemens Michigan real estate market is residential. The other half is commercial or industrial property. Industrial areas are located mostly on the city’s northwest side or near I-94 at North River Road.
Retail businesses, shopping centers and restaurants are found along Gratiot Avenue, Groesbeck Highway and in the downtown area. Since it is the county seat of Macomb, government offices and county courts are located within the city.
124 acres of city parks, playgrounds and ball fields, as well as the Clinton River provide outdoor activities. The Art Center offers classes and a museum for hobbyists or professionals. The downtown night life includes numerous restaurants, bars, billiards and theaters. With all the activities, festivals, historic areas and beautiful scenery, it is no wonder that many people are interested in buying Mount Clemens Michigan real estate.
At the last census, there were 17,312 people living in the four square miles covered by the Mount Clemens MI real estate market. Some work in the industries or retail establishments in town. Some commute easily to other towns in southeast Michigan for work.
If you can afford to rent, you can probably afford to buy one of the homes in the Mount Clemens Michigan real estate listings. Interest rates are low, but qualifying is more difficult than it used to be. If you have been denied financing because of past credit issues or little established credit, then the way for you to become a homeowner is to simply buy the home with no bank involved.
Well, that’s great you may say, but how? The answer is you find a homeowner willing to sell his property via seller financing. In effect, the owner becomes the bank and therefore, there is no real bank involved to get into the home. One of the most common strategies for this is called the lease option (also known as the rent to own).
Of course, most people who will do seller financing don’t want to do it forever. At some point they want to be cashed out of the home so that you become the new owner. This is why while you are paying the mortgage on a lease option, you will be re-establishing your credit. The duration of the option term in a lease option is usually all the time you need to do this. Once your credit score has improved enough so that you do qualify for a bank loan you then get it, and exercise your option, thus buying the home.
Now you are the new legal owner of the home! A lease option is a powerful way to achieve home ownership now even if you don’t think you can.
Yes, there are some requirements. Generally, you need to have reliable employment and a down payment (called option consideration, which is usually about 3 to 5% of the property’s price). So, for example, if you want to buy a $100,000 home, then the seller will generally want $3,000 to $5,000 down as option consideration for you to move into the home. The good news is you will get the consideration back when you exercise the option because it comes off the sales price of the home.
For example, if you buy a home on a lease option for $100,000 and put down $5,000 option consideration, and then after a few months when your credit score has improved, you exercise the option, the purchase price of the home becomes $95,000 because the option consideration you put down to get into the home is applied toward the purchase price when you buy!
If you already own Mount Clemens MI real estate, but need to sell quickly, your solution is the flip side of the coin. Meaning: instead of just trying to sell it to people with a mortgage loan approval from a bank, offer seller financing and you will open up your home to a much larger segment of the market.
The Mount Clemens Michigan real estate market is “soft” right now, as it is throughout the state and much of the country. This means that many properties stay on the market for months and foreclosures are not uncommon. Seller financing is the key.
Currently there are over 100 properties in the Mount Clemens MI real estate classifieds that are listed as foreclosures. Foreclosures can damage a person’s credit rating irreparably, sometimes making it impossible to buy another home for years. If you can’t make payments anymore and need to sell your home quickly, seller financing (even if you owe to the bank what the home is worth) may be the solution you are looking for to avoid foreclosure.
For example, if you living in a $150,000 home and have little to no equity in it and basically owe that amount to the bank but suddenly lost your job, you will eventually face foreclosure unless you regain employment. Trying to sell your home with all of the other thousands of homes on the market is difficult. But if you offer seller financing — such as selling your home on a lease option — you will open up your home to a large segment of the home buying populace who cannot get bank financing upfront but may otherwise be serious buying prospects.
Mount Clemens Michigan real estate investors who do rehabs are one source of great seller financed homes because after they rehab them, they are often flexible in their financing.
Luxury Second Home Real Estate: Five Ingredients to Ensure A-1 Sales
It’s been said that making sales in leisure resort real estate is not rocket science. Perhaps not, but it is a discipline that requires attentive strategies be employed to enhance sales pace and to mitigate risk. Consider the following tenets:
1. Coordinate Marketing and Sales Activities with a Properly Funded Budget. The marketing and sales function is the most important component to the profitable operation of any luxury second home real estate venture. This activity is as equally important, if not more so, than as the quality of the product itself – “the sticks, bricks and furnishings”, if you will. The long accepted adage of “Build it and they will come” is being challenged daily in today’s competitive real estate boom. Even among projects of equal quality, the better marketing and sales entity will inevitably capture a disproportionate share of the market.
As a point of definition, Marketing covers all of the activities required to get a qualified prospect in front of a salesperson. The Sales function covers what happens from that point forward. The two must obviously work hand in hand. We believe marketing and sales efforts must be dovetailed to achieve the common goal of cost-efficient sales that are retained long-term, in order to generate additional downstream revenues. It quickly becomes clear that a well-tuned and balanced marketing and sales campaign can have a very significant impact on the development company’s financial performance. A faster sales pace and shorter sellout reduces both the developer’s and lender’s exposure time and expense.
So, how to get there? Prepare and administer a coherent and appropriate marketing plan that is understood by all – one that can be modified as the circumstances dictate. One requisite of any such plan or campaign is the significant and rapid flow of money necessary to pay for the many promotions, especially in pre-sales start-up activities. There are always several programs that are simultaneously used that all require quick and significant funding.
Strategy: An adequately funded start-up budget to accomplish any pre-sales goals prior to lender funding is essential. Delays in paying for marketing activities can be disastrous. Worse yet, running out of dollars before your marketing program is launched is sheer project suicide.
2. Utilize One Sales Team to Represent All Leisure Real Estate Products. From our experiences in the industry both past and present, we know some simple truths about the leisure real estate buying market. The first fact is that no one buys a real estate product sight unseen. A second corollary is that the bulk of the sales will be generated from prospects that are repeat visitors to the destination resort area. And, the third corollary is that no prospect has a clear idea of which product is right for them until they hear of their options. No one walks through the door wanting to buy a fractional or a condo-hotel interest. The prospect’s opening statement may be that they simply want to hear about the condos for sale.
Relationship selling techniques are in vogue and are appropriate for leisure real estate sales. Here, a sales representative first builds trust with his/her prospects and then proceeds with a discovery phase to determine their prospects’ needs, attitudes, preferences and motivations along with a finding of how often they might use the second home product. The agent can then present the real estate options in light of the solutions afforded to that particular prospect and to advise each prospect on which of the multiple products is best for them. Prospective buyers resent being flipped to another agent after they’ve vested themselves in the one agent, who has now become their friend and trusted consultant. This overriding factor underpins our philosophical approach that emphasizes a single sales team approach to presenting leisure real estate product options.
Strategy: If you are a resort developer with a mixture of residential program offerings, cross train your sales representatives on all second home leisure real estate products. Consider abandoning the idea of maintaining separate sales teams that sell strictly lots, or strictly whole ownership or shared ownership interests or strictly condo-hotel interests. You’ll find that your product options will not cannibalize one another and the project will make more sales faster while experiencing less rescission.
3. Get the Right People on the Team. In order to have a successful ongoing marketing and sales operation, a team of talented, disciplined and motivated people must be assembled and paid well for results. We believe it is imperative to bring in a few key people experienced in the particular product format you plan on offering around which to build your team. It is much more costly to get off to a slow start or not get off at all for lack of talent or expertise.
To achieve the results projected, we believe in acquiring good people, training them and paying them well to retain them. Highly trained and motivated salespeople can maintain significantly higher closing percentages than those of average salespeople.
Strategy: Recruit, train and properly compensate a professional sales team for your leisure real estate project. Hold all accountable to performance standards for the project and tie compensation to performance as much as possible. Having the wrong people on your sales team can be very costly to the project, both in lost sales and wasted marketing dollars. The losses can amount to millions of dollars.
4. Deliver Well Qualified Prospects to the Sales Team
An exemplary and consistent flow of well-qualified prospects will yield much higher closing percentages for your leisure real estate project. Between marketing and sales, the more important and variable of the two is marketing. All other things being equal, the sales staff with its capabilities and closing percentages is predictable and controllable. The overall success of the sales offering is, more often than not, made or broken by the marketing component.
For most properties in resort destination areas, we expect to see real estate product sales consummated by prospective buyers that are generated from three general sources:
A. Group One: Those guests that are physically already there visiting the resort area.
B. Group Two: Those prospects who are planning on coming to the resort area, but who are as yet unfamiliar with the project’s real estate product offering opportunity.
C. Group Three: Those prospects who know the resort area, but who are not planning on visiting the destination this upcoming year.
Interest from prospective buyers tends to be piqued when they see a resort’s new buildings coming out of the ground. And, as that activity becomes evident and exciting, prospects will walk into the preview center to ask “what’s it all about” and investigate whether there is a significant opportunity for them. Until construction stages begin and during pre-sales activities, the question remains as to how to get those guests and prospects mentioned above to inquire about your real estate opportunity.
Strategy: The thrust of any project’s marketing and sales pre-sales plan, along with the attendant expenditure of marketing dollars, should be strictly focused on just this tactical approach – getting well qualified prospective buyers who are sold on the destination resort area to visit the preview center.
5. Get Sales Posted Quickly to Create a Project Buzz. The thrust of any marketing campaign for an upcoming pre-sales season should have an emphasis on “Awareness” – getting the word out on your project’s offering. For Groups One and Two, this awareness campaign will work to ensure that prospects will stop in the preview center to check out your opportunity while at the resort area. For Group Three prospects, the awareness campaign may actually serve to encourage those prospects to rearrange their schedules to accommodate a trip to the resort area sooner than they had planned.
All in all, the marketing campaign should direct prospects to your resort website or sales center, where they can opt in for more information and to set an appointment. The ability to generate walk-in traffic will be the key to absolute sales success. With a properly designed project that incorporates a use plan that makes perfect sense to the consumer, people will buy and sales will flow steadily.
Strategy: The immediate mission is to get sales on the board quickly in order to build momentum and the sense of a successful project. Salespeople need confidence. A sense of urgency must be instilled in them as well as in the prospects. Making sales steadily builds that confidence, creates a “buzz of success” for the project and satisfies everyone involved with the project – th
Miami And The Celebrity Vibe – Upping Real Estate Values
The City of Miami is considered as one of the most diverse and vibrant in the Americas, in huge part because of Miami’s cultural and linguistic ties to North, South, and Central America, as well as the Caribbean.
It’s seen as a glamorous urban destination, which also serves as the headquarters of a lot of multinational corporations. Investors coming from Latin America, Europe, the Middle East and Asia have flocked here to buy vacation homes, start businesses, and bask in the city’s sunny, tropical climate.
The city has districts which offer a wonderful array of world-famous resorts, restaurants, hotels and luxurious condominiums, waterfront homes and estates. Hollywood celebrities have also been flocking to this cosmopolitan Florida center, and this is in large part due to the fact that it has Miami Beach nearby.
Hollywood And Its Impact On Miami’s Allure
In the middle of 2000, the city of Miami started to become prime location for shooting reality television shows, with popular programs like the TLC show Miami Ink; Discovery Channel’s After Dark; Animal Planet’s Miami Animal Police; MTV’s 8th & Ocean, Room Raiders, and The Real World: Miami; Bravo’s Top Chef; VH-1′s Hogan Knows Best; Court TV’s Bounty Girls: Miami, Vice Squad Miami, and Beach Patrol Miami; and the Discovery Times Channel’s Real Miami Cops.
This urban hub is also a center for Latin television and film production. Many Spanish-language TV programs are filmed in the city’s television production studios, which are mostly situated in Hialeah and Doral. This includes gameshows,variety shows, news programs, and telenovelas.
This Florida city also served as the backdrop for several movies, which include There’s Something About Mary, Wild Things, Ace Ventura: Pet Detective, 2 Fast 2 Furious, Bad Boys & Bad Boys II, Transporter 2, The Birdcage, The Substitute, Blow, True Lies, Reno 911!: Miami, Miami Vice and the James Bond films Goldfinger and Casino Royale.
Celebrities Love Living In Miami Beach
Miami Beach has once again became a magnet for investors, and many famous personalities have chosen to set up shop, or invest in vacation homes here. New condominiums have sprouted, and condo units on Ocean Drive, which before were selling for a mere $30,000 in 1985 are now offered for $200,000 or more.
Ocean Drive is the easternmost street in South Beach, and is responsible for the South Beach aesthetic that most out-of-town visitors want to see. This area is a popular Spring Break and tourist area, which includes the famous, yet predominantly local, Pearl and Nikki Beach night spots. It is also home to several prominent restaurants, among them “News Cafe,” “Mango’s,” and the MTV-popularized “Clevelander”, and is also the site of Gianni Versace’s former ocean front mansion.
Because of its value as a great spot for people watching, where beautiful women rollerblade in bikini’s, and Hollywood personalities lounge in cafes, The district is heavily cruised, and parking is hard to find. Celebrities like Nicky Hilton have made investments here, as she recently graced the opening of the Nicky O South Beach Hotel.
Miami, along with the equally-famous Miami Beach, has been