Auction signals a booming Oakland real estate market

After completing the 2013 Oakland County Land Sale, Oakland County Treasurer Andy Meisner is reporting that several indicators from the sale--34% fewer properties offered than last year, an $8,000 increase in the average per parcel price, 88% of total delinquent dollar amount recovered, and gross sales of $11.5 million--signal a continuing recovery of Oakland County's real estate market and property values. "In 2009 Oakland County's property values were plummeting, while mortgage and tax foreclosures were through the roof," said Meisner. "After reviewing the results of our 2013 Oakland County Land Sale and examining the trend lines during the past three years, I'm happy to report even more evidence of a sustained turnaround in our real estate market. Oakland County real estate is in demand! "Our 2013 Land Sale demonstrated very strong demand for Oakland County real estate, as the average price per parcel of property sold went from $19,000 in 2012 to $27,000 in 2013, and the total volume of sales went from $9.9 million to $12 million even with fewer properties: 1,684 in 2012 and 1,087 in 2013--a 34% reduction." County treasurers are required to conduct two public auctions each year of tax foreclosed properties in cases of abandonment, mortgage foreclosure, or failure to sign a flexible, monthly payment plan. The "minimum bid" first auction was conducted August 26, 27, and 28 at the Ultimate Soccer Arena in Pontiac. "I don't like online auctions," Meisner said. "I prefer an in-person auction over online because I can look buyers in the eye and say: 'Thank you for your interest in Oakland County property. We expect you to make quality renovations to these properties, pay your property taxes, and contribute to the recovery of our property values and stabilization of our neighborhoods. That's good for everyone.'" The Treasurer's Office will be holding its' second land sale in October. The list of properties for sale will be made available online and at the County Treasurer's Office within about 3 weeks of the sale. For any questions, contact the Treasurer's Office at 248-858-0611 or go online to www.oakgov.com/treasurer. Published: Mon, Sep 9, 2013

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