Metro Detroit

NEWSLETTER: JUNE 2024

June 15, 2024

WHEN OPENDOOR CLOSES

IF. WE MEANT “IF” OPENDOOR CLOSES.

They say when one door closes another door opens and the door was about to close on a listing of ours so we turned to OpenDoor to keep the door open and they did, but then almost let it close before we closed. Or something like that.

For those who are not familiar, OpenDoor is a U.S.-based online company that buys and sells residential real estate (see: iBuyer), offering “instant” cash closings for those looking to bypass the traditional real estate listing experience.

In recent years, many companies have abandoned the iBuying platform (see: Zillow) for reasons we won’t bore you with here, but we’ll just say real estate valuations from a distance are difficult, no matter how amazing your algorithms are. Or something like that.

Anyway, despite our hesitancy to work with a company that prides itself on removing Realtors from real estate transactions, we needed to close quickly for an amount that was close to market value and OpenDoor seemed like the best route.

So we decided to write a blog post about it, as we do, which you can read here. For those of you with things to do and no time for blogging, here’s the short version:

• The initial offer from OpenDoor was well above fair market value, but the actual/“final” offer came in $30K lower, putting it at FMV (if not slightly below), but close enough.
• They initially promised a 2-week closing, which then became a 6-week closing, which we negotiated down to a 3-week closing; we literally were down to the final hours for this to fund, in order to close on our purchase.
• The lower offer was sold as “better than the market” because there wouldn’t be Realtor commissions taken out – and that was true! – but they did take out a 5% service fee, along with repair fees, etc., which ended up totaling 6%. Or the cost of a standard real estate commission.

We also had to call and email several times a day, every day, and even more, as we got closer to the requested closing date. Much of that time was spent re-negotiating items that had already been approved – contractually – but magically kept disappearing from addendums and closing docs.

I can’t imagine someone with a full-time job trying to navigate their process without a Realtor; it was all-consuming.

In the end, we were happy everything worked out for our client because that of course is the ultimate goal.

Was it fun? No. Will we likely use them again? Probably not. Are we smarter from the experience? Yes, but the bar was low.

As for the house… OpenDoor relisted it a week later for roughly $60K over market value, without so much as vacuuming it; several weeks and one price decrease later it is still sitting, but we’re sure the algorithms have potential buyers exactly where they want them.

Or something like that.

Pictured above: With new construction, we can skip OpenDoor and just open this door instead…

CURRENT LISTINGS

OUR NEW CONSTRUCTION COLLECTION

LOT #15 | WHISPERING RIDGE ESTATES

This home is complete and MOVE-IN READY! Featuring 3 bed/2.5 bath/2,459 sqft, and a 2-car garage, 1933 Camrose Court is nestled on a corner lot in the intimate, Whispering Ridge Estates neighborhood. This open-concept floorplan offers views of protected wetlands and is surrounded by a charming variety of homes thanks to several different home builders leaving their unique mark on the streetscape.

Featuring an all-brick exterior, luxurious interior finishes abound, including upgraded Merilatt cabinets throughout with soft-close drawers; 6” engineered flooring; quartz countertops throughout; GE stainless steel kitchen package with a gas range, refrigerator, and more, as well as chimney hood + backsplash; 9′ ceilings throughout with a 12′ ceiling + gas fireplace with surround and mantle in the great room; step ceilings in the spacious foyer and owner’s suite.

Beautifully tiled bathrooms and a coveted 5′ stand-alone tub pair with a spacious walk-in closet in the owner’s suite; upgraded Moen plumbing packages are featured throughout; a 1st-floor laundry with a sink and cabinet sit adjacent to the mudroom, with a custom storage bench; 8′ entry door greets guests; 8’10” basement walls allow for a higher basement ceiling.

CLICK FOR MLS DETAILS

Located near Benstein & Glengary in Commerce, Whispering Ridge Estates is in one of the few sections of the township that 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!

4272 TUPPER LAKE DRIVE | LINDEN

Located near the shores of Lake Ponemah and nestled on the banks of the Shiawassee River, this 2,059 sqft ranch offers 3 bed/2.5 bath and a 3-car garage.

Built by Kensington Family Homes, this home features designer finishes throughout, a large Chef’s Kitchen that includes a gas cooktop, stainless steel hood, double oven, and microwave, surrounding an oversized island that is perfect for casual dining or entertaining.

The home pictured is of the same plan built elsewhere; this home is nearing completion and should be ready in the next couple of weeks!

Connect with us (if you’re already working with us), or reach out to Julie directly for the details.

UPTOWN VILLAGE | MILFORD

Sure, there’s another notable development getting a lot of attention in the Milford area at the moment, but this quaint new development by Kensington Family Homes puts you a little closer to the heart of Milford.

Located on the north side of Downtown Milford in Uptown Village, these well-appointed 2-3 bed/2.5-3.5 bath townhomes are a short walk to one of Metro Detroit’s most coveted historical downtowns, with rows of shops and restaurants that are steeped in the authenticity that comes with nearly two centuries of cultivation.

Only a small offering of these townhomes will be built, so act soon; connect with us (if you’re already working with us), or reach out to Julie directly for the details.

OUR NOT NEW (BUT NEW TO YOU) COLLECTION

All of our current re-sale listings are under contract – YAY!

IN OTHER RESIDENTIAL CONSTRUCTION NEWS…

NEIGHBORHOOD UPDATES

The Elkow Heights neighborhood by Lombardo Homes is down to its final four lots. Located in Lyon Township from the $500s, this price point is starting to diminish in the area as values continue to rise.

Late last month Toll Brothers opened Edgewood in West Bloomfield (pictured above), offering attached 2-story condos, featuring 1st-floor owners suites, from the upper $500s. Situated on the north side of Walnut Lake Road (just east of Haggerty), the neighborhood offers wooded/natural surroundings while remaining commute-friendly.

As we transition from lotteries for lots, back to builders actually offering incentives, Pulte was offering up to $50K in incentives over Memorial Day weekend. If the incentive trend is back in fashion for holiday weekends, let this serve as a friendly reminder that Independence Day is around the corner…

MICHIGAN CENTRAL | CORKTOWN

With all the buzz around the re-opening of the spectacularly renovated Michigan Central Station, we thought this would be a good time to remind everyone that while a residential component still hasn’t been decided on for the project, it remains a possibility. Early in 2023, Bill Ford Jr., was asked about the possibility of residences in multiple interviews; in each, he said they go back forth but ultimately nothing has been decided. It is our understanding that there is space on the upper two floors that is either being preserved for residential, or could be easily converted…

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.

If you’re already working with a client and they have a house to sell, we can help with that as well – using our knowledge of the construction process, to help prevent any issues with timing, etc., when we list their home.

Get in touch to find out how we can sell your homes (and your client’s home), and save everyone money in the process.

Also… if you like what you’ve seen in our June 2024 newsletter, connect with us to find out how your homes can be featured in future newsletters!

AGENTS: BECOME AN EXPERT…

WE ARE THE HOME FOR NEW HOME SPECIALISTS!

Join us. We are growing our national network of New Home Experts® agents across the United States and beyond.

If you are a builders sales rep looking for something different, or an agent/broker with a masterful level of experience selling or building new construction homes in your local market, we want to talk.

Set your business apart from competitors by focusing on this lucrative real estate sector; one that most other agents are either afraid of, intimidated by, or both.

Interested? Let’s chat about the life of an “expert” and if it’s the right path for your career.

CLIENTS: WE LOVED WORKING WITH YOU!

…AND WE WOULD LOVE TO HELP YOUR FAMILY AND FRIENDS AS WELL.

(at least, the ones who are like you)

Our clients mean the world to us, and watching their dreams turn into reality is what keeps us going. We appreciate all of you, and would love the opportunity to help your friends, family, and co-workers as well.

If anyone you refer to us builds, buys, or lists a home with a New Home Experts agent from now until the end of 2024, we will send you a $100 Amazon gift card to show our appreciation.

Call, email, or just send them our way – we’ll take it from there.

And of course, if YOU decide to build, buy, or list with us again, the same offer applies to you.

CONTACT US

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 Anita Bath. We’ll never know it’s you…