MIND ON MY MONEY
MONEY ON MY MIND.
With money on everyone’s minds this month thanks to Tax Day, we give our annual April shout-out to Lou, who wrote a blog about property taxes that continues to be our most popular post ever. Who knew.
It also offers us an opportunity to talk about a fun (albeit brief) little tax loophole with new construction, that few people know about/realize.
When you close on a new construction home, the current assessment is on the vacant land, which typically is dramatically less than what the completed home will eventually be assessed for.
Of course, cities reassess after a home closes, but sometimes it can take 6 months to a year for that to happen; in the meantime, you are paying a dramatically lower amount on your property taxes.
Using Lyon Township as an example, a $500,000 home will have an annual property tax bill of around $7,400/year; however, on vacant land, it will likely be closer to $3,500 (keeping in mind you won’t likely qualify for the homestead exemption on vacant land). Still, that’s roughly $4K that can be used towards a deck, landscaping, or a single 2 x 4.
Connect with us to chat about your new home search, or for info on other tax-related real estate questions that our legal team will interrupt and advise you to discuss with an attorney or CPA instead…
(pictured above: A new way to announce someone is about to win the lottery…)
OUR NEW CONSTRUCTION COLLECTION
LOT #1 | WHISPERING RIDGE ESTATES
Our first home in Whispering Ridge is complete and move-in ready! Featuring the 4 bed/2.5 bath/2,760+ sqft Wellington plan by Strathdale Development, this home will be similar to what Strathdale has been building in Stonegate, only this will have a Gourmet Kitchen, trimmed & cased arches, and a leaded glass door on the study (with more upgrades to come). Check out the most recent pics (below) of our new modern-craftsman style trim!
LOT #3 | WHISPERING RIDGE ESTATES
Progress is being made on this expanded Wellington plan, as we are only about 45-60 days from completion! Featuring 4 bed/3.5 bath/over 3,000 sqft, a 3-car garage, and a ton of high-end finishes – essentially, it’s a Wellington floorplan on steroids. Connect with us for the details, we anticipate this one will be sold before it’s complete!
Located near Benstein & Glengary in Commerce, Whispering Ridge Estates is located in a particular section of the township that might be the only one which doesn’t require navigating 2-lane roads while winding around every lake in Oakland County, resulting in commute times that range from 30 min to the Donner Party. Yay! Connect with us for the details!
760 BOGIE LAKE | WHITE LAKE
If you’ve ever wanted to live on a peninsula within a peninsula (because Michigan) then this is the homesite for you.
With framing set to begin soon, Kensington Family Homes offers this new Craftsman ranch floor plan featuring 3 bed/2.5 bath and nearly 2,000 sqft, with an attached 3-car garage. High-end finishes abound, as well as plenty of spectacular wooded and water views.
The lot is even big enough that there’s enough space for an outbuilding by the water!
OUR NOT NEW BUT NEW TO YOU COLLECTION
35496 FREDERICKSBURG | FARMINGTON HILLS
This stately Farmington Hills colonial in the popular Barrington Green subdivision offers excellent proximity to amenities, a lovely array of updates, and fabulous curb appeal.
Featuring 4 bed/2.5 bath/2,600 sqft, recent improvements include new appliances (2020), stamped concrete patio w/ firepit (2019), huge patio doors (2019), gutter guards + gutters (2017), and more.
Move in and enjoy a project-free summer! Well, maybe we should say it’ll be free of any “mandatory” projects, you can work out the details of what qualifies as a “non-mandatory project” in couples therapy…
This home just went pending, but we are accepting backup offers! Connect with us here if you’re interested.
IN OTHER REAL ESTATE NEWS…
MAIN ART THEATER | ROYAL OAK
Despite a movement by local residents to save the Main Art Theater, developers are making plans to move forward with a new 5-story mixed-use building at the corner of 11 Mile & Main Street that would include a restaurant, office space, and residential units. On April 12th, the planning commission voted 4-2 to tear the building down. The developer has plans to refurbish and re-install the marquee from the 80-year old theater near its current location on the building. When completed, this project will represent yet another noteworthy project in the heart of Downtown Royal Oak, which has seen some dramatic changes to it’s streetscapes over the past 5 years… [read more]
CRYSTAL LAKE | COMMERCE
A former sand & gravel operation is set to become a 203-home lakefront community in the area of Sleeth & Bass Lake Rd. Featuring several different builders, homes are expected to range in size from 2,000 sqft to 5,000 sqft, and be priced from $475K to $1.2M; the project is located within the Huron Valley School District. We looked at this parcel for several of our builders a couple of years ago, but found it eerily similar to the Hidden Lake Development in Green Oak Township; a project that has taken over 20-years to complete and features homes crammed together around a lake more than double the size of this one, with limit green space. Among the builders involved in Crystal Lake (in our humble opinion), Robertson Brothers Homes snagged the best/most cost-effective lots… [read more]
BUILDERS: DON’T JUST LIST YOUR HOMES…
GET THEM IN FRONT OF THE RIGHT BUYERS!
Our website caters exclusively to new-home-specific buyers, so in addition to the usual audiences found on the MLS, Zillow, etc., we also bring you local buyers searching specifically for new homes, by creating original, organic content, and pairing it with a social media strategy that guides prospects directly to your listing; and we do it for less than what resale agents charge.
Get in touch to find out how we can sell your homes AND save you money in the process.
Questions about your new home search? Call or email us today – we look forward to hearing from you! Not ready for that kind of commitment? Check out our new-home-specific-search and email us incognito. Use a name like Casey Deeya. We’ll never know it’s you…
Lou Bitove & Jeff Bortnick, owners of The New Home Experts®, have more than 35 years combined experience in real estate, much of that with builders like Pulte & Toll Brothers. They also provide market research for area builders, developers and national firms. If you’re considering a new home, remember: the builders rep represents the builder, not you. Work with the only local agents in Metro Detroit to specialize in new homes, and save money in the process – ask us how!