Thursday, September 27, 2012

Spotlight Listing: 2542 Arbutus Ct ~$165,000

Our spotlight home this week is a gorgeous 2-Story in desirable Larkin township. This home features 3 bedrooms, 2.5 baths and a charming neutral interior. The kitchen is open to the dining area and has sliders to a deck overlooking the private backyard.  The full basement has tall ceilings and is already partially finished for even more living space. If you are looking for the quiet of country living with the convenience of being close to town and the safety of a neighborhood, consider this great home!

Click HERE for more pictures and information.

This spotlight listing is proudly brought to you by Shelley Park Cluff. Shelley can be reached at 989-698-1100 x110 or by email at sold@shelleypark.com.

Wednesday, September 26, 2012

Chili Salsa Taste Off Results

We had so much fun competing in the Downtown Midland Chili/Salsa Taste Off on Saturday!

Gwen Holt rocked her "should-be-world-famous"chili again this year and won People's Choice FIRST PLACE-Mild. Our office manager, Sherry, entered a fresh pineapple & bacon salsa and walked away with a THIRD PLACE People's Choice Award in the mild and unusual categories!

Thank you to everyone who voted for us and huge thanks to the Downtown Development Authority who put on this great event.

Thursday, September 20, 2012

Spotlight Listing 683 N 8 Mile ~ $142,000

This weeks spotlight listing is a beautiful 4 bedroom, 2 bathroom home nestled quietly back on nearly 6 wooded acres. Very open floor plan, with beautiful hardwood floors throughout. If you're looking for privacy, charm and comfort you don't want to miss this home and setting.

Click HERE for more information and pictures of 683 N 8 Mile!

This home is brought to you by Logan Richetti and he can be reached at 989-698-1100 x170 or via email at logan@parkplacehomesonline.com.

Wednesday, September 19, 2012

Defending our honor….with Bacon!!!

Last year Gwen entered her unbelievably delicious ‘It’s better with bacon” Chili in the annual Downtown Midland Chili Salsa Taste-Off. She walked away with 4 awards including 1st Place People’s Choice Mild and 1st Place Judge’s Choice Mild.

This Saturday, September 22, we will take to the street again against 25 other chili chefs. We need your support to defend our titles!

As an added bonus, we’ve decided to throw our hat in against the salsa chefs. Is salsa really better with bacon? We think so!! Come out and try our Fresh Pineapple Bacon Salsa and decide for yourself.

We will be located in front of Heather & Holly on Main St. Please come out, sample the recipes and decide if “It's better with Bacon!” The event runs from Noon to 2pm and last year tickets did sell out. Come early, taste everything, and vote for Park Place Homes!!

Tuesday, September 18, 2012

Our town named in the top 100 best communities for young people!

Midland, Michigan has been recognized as one of the "100 Best Communities for Young People". ING , in its sixth year presenting this competition, rewards and commends communities that go above and beyond to reduce dropout rates and provide outstanding services and support to their youth...To see the whole article click the link below.

http://www.americaspromise.org/Our-Work/100-Best-Communities-for-Young-People/Past-Winners/2007-Winners/Greater-Midland-Michigan.aspx

Invest In Midland by Logan Richetti Realtor with Park Place Homes

Ready to flip this house?  Not so fast.  The decision to make an investment in residential real estate can be an exciting one, but without the proper due diligence and an experienced Agent in your corner, it can be a big mistake.

Obviously, the goal of “flipping” a property is to make a profit.  That profit is realized by reselling the home on the open market for more than the cost of acquiring, holding, updating and marketing combined.  In order to be successful, all your projections need to be accurate (or at least close).  For purposes of this article, we will assume your financing source is already in place.  You will most likely be using your own cash, a private investor’s cash, or some sort of bank financing for your purchase and repairs.

The first step in the process involves identifying and learning the market segment in which you’re interested in working.  This is where your Park Place Homes Realtor comes in handy.  With some effort and advice from your Agent, you can learn to identify the submarkets in Midland most advantageous to cultivating a quick sale at near full market value for the home you decide to “flip.”  There are several solid Midland submarkets in which most local investors focus.

Once you feel comfortable with your understanding of the market, the next step is to identify a target subject property.  Usually, the only properties with enough potential equity to profitably “flip” are foreclosure listings.  (Note: this is not ALWAYS the case.  Short sales, estates and sometimes homes for sale by owner are potentially viable).  Your Park Place Homes Realtor has access to all the main foreclosure listing websites as well as the local multiple listing service, and he or she can search daily for newly listed properties.

Now that you have identified a potential “subject property” the next move is to schedule a showing or two to begin your repair plan budgeting.  It’s crucial that you have a close approximation of what repairs and improvements are required to increase the value of the property enough to create a gross profit margin.  Park Place Homes has a “Home Improvements Partner” brochure with dozens of reputable contractors we recommend.  Most of them will meet you at the home and provide written estimates for the repairs at no charge to you.  Cultivating relationships with these contractors is very important.  Use an excel spreadsheet to tally all your anticipated costs and then add about 20%, because no project EVER comes in under budget.

After the repair plan is completed, you will also need to account for the costs of acquisition and resale of the property.  Acquisition costs include but are not limited to: purchase price, title company closing fee and recording fees, owner’s title insurance (if you’re purchasing a HUD home, HUD does not provide this for you), a tax proration credit/charge, homeowner’s insurance, and any loan costs/fees from your financing source.  Costs of sale include but are not limited to: realtor fees, transfer taxes, owner’s title insurance, tax proration credit/charge, and any loan payoff costs from your financing source.  If you can develop a relationship with a title company, they will often create a mock settlement statement for your sale and be able to estimate down to the penny what your closing costs of sale will be.  Also estimate your holding period costs for: homeowner’s insurance, water, electric/gas costs, and any loan payments you may have for the duration of your holding period.  A general rule of thumb would be to approximate loan holding costs at around 1.00 of the total project budget per month.

At this point in the process, you have enough information to calculate all the costs of the project.  Now you must decide how much to bid on the property to obtain it.  Never count on re-selling the property for maximum value when calculating your purchase price.  Use the lower end of your estimated resale value and subtract the following: your estimated repair budget, acquisition, holding, and resale costs, and most importantly your desired profit margin.

Here’s an example: 123 Main Street, Midland MI

Estimated Resale Value: $80,000 - $95,000

Resale Value Used for Pro Forma: $80,000

Estimated Repair Budget: $15,000

Estimated Acquisition Costs: $750

Estimated Holding Costs: $3000

Estimated Resale Costs: $7,200

Desired Profit Margin: $10,000

Maximum Purchase Price: $44,050

 Note: This is a highly simplified example, and all figures need to be verified prior to any offers being written.  The harder you work on your due diligence up front, the better the chances are that your results are successful.

 Now you ARE ready to flip this house!  It’s YOUR Move!

Thursday, September 6, 2012

This Week's Spotlight Home 1707 Sylvan ~ $159,000

This 4 bedroom, 2.5 bathroom home is a one of a kind! Very open floor plan with a wall of windows along the back of the home and vaulted ceilings bring a "retro contemporary" feel to this home. Corian kitchen counter tops, cherry cabinets and many fresh updates have been made to this home. Beautiful home for entertaining family and friends with a 20 foot screened porch overlooking the large private backyard for extra space during the warmer months. Home is nicely located close to shopping, schools and dinning. Looking for something unique take a look at 1707 Sylvan today!

Click Here for more information and pictures of 1707 Sylvan

This home is brought to you by Jill Vander Zouwen and she can be reached at 989-698-1100 x 180 or via email at Jill@ParkPlaceHomesOnline.com