Monday, April 23, 2012

Harbor Springs Real Estate Market Update

Harbor Springs Property Tax Assessor Tim Grimm made some positive comments about the Harbor Springs area real estate market to the Harbor Springs City council recently, according to an article appearing in the February 29, 2012 edition of the Harbor Light, which is reporting that Grim stated that the sales numbers give him reason to believe that the real estate market is "leveling off" and that "the trend is encouraging." Grimm noted that in some areas of the city of Harbor Springs, "we had sales that even indicated a slight increase in values." In Harbor Springs, the total real property taxable value for 2012 (prior to any Board of Review adjustments) was $226.1 million, compared to $224.7 million in 2011. Total assessed values saw a decrease from of approximately $5 million to $272.6 million. So while the total property tax base declined slightly, the taxable value is increasing as the result of properties taxable values becoming uncapped and due to the 2.7% cost of living increase in taxable values. Grimm noted that sales have been steady in the city recently, with 30-plus residential sales in town for the past couple of years. Grimm, who is also the assessor for West Traverse, Cross Village, Center, Readmond and Pleasantview Townships, noted that there were few vacant land sales in outlying townships, and stated that "if you are interested in purchasing property and building your retirement home, this might be the right time given values and low interest rates." Grimm also mentioned activity with respect to Boyne Highlands and Trout Creek condominiums, pointing out a number of recent sales, along with strong waterfront real estate sales in the Cross Village area. Grimm stated that recent sales activity could be indicative of improvement in the local real estate market.