From: Cindy Pangborn <PangboC@gpschools.org>
Date: Mon, Mar 30, 2020 at 9:17 AM
Subject: Re: GP Real Estate Market Update | Coming Soon Listings
To: Gary Niehaus <gcniehaus52@gmail.com>
Cc: <AdminAll@gpschools.org>, SchoolBoard SchoolBoard <SchoolBoard@gpschools.org>

I really do not know why we were sent this. This is purely an ad for Saris Real Estate. No numbers on anything but property closed. These properties that closed were under context at least 4 to six weeks ago . No mention of the numbers who have removed their listings before the virus hit. Realtors are trying to put out there best “face” of optimism and not show fear of losses both in sales and market value. Where’s the reports on listing prices vs purchase price? I am talking pre virus outbreak.
I assume you will now let all Real Estate companies advertise in our web site through out administration and Board.
Should these ads be put through you?
Cindy
On Sun, Mar 29, 2020 at 7:38 PM Gary Niehaus <gcniehaus52@gmail.com> wrote:
FYI...Thanks, GCN

Sent from my iPhone

Begin forwarded message:

From: Jimmy Saros <JBSaros@SarosRES.com>
Date: March 29, 2020 at 7:05:09 PM EDT
To: Gcniehaus52@gmail.com
Subject: GP Real Estate Market Update | Coming Soon Listings
Reply-To: JBSaros@SarosRES.com

COMING SOON

641 N. Oxford | Grosse Pointe Woods

$479,000

4 Bedrooms | 2.1 Bath | 3,100 SF

Open concept New Kitchen, Master Suite

w/walk in closet, Home office,

attached garage, partially finished basement

with wet bar

Repped by Jimmy Saros

COMING SOON

Vendome | Grosse Pointe Farms

$765,000

Stunning Estate in The Pointe's

most desirable location!

Ready for your finishing touches.

Repped by Spencer Ray

Photos coming soon!

COMING SOON

S. Duval | Grosse Pointe Shores

$869,000

4 Bedrooms | 3.3 Baths

Repped by Kyle Lawrence & Spencer Ray

Photos coming soon!

ADDITIONAL COMING SOON DEALS

365 Jewell | Ferndale | $245,000

Repped by Dave Fekin

17244 E Warren- Industrial/ Commercial

Detroit | $159,000

Repped by Kyle Lawrence

2191 College | Lincoln Park | $127,900

Repped by Peter Maniaci

Click Here for Additional Featured Listings

How is COVID- 19 Effecting

Real Estate Transactions locally?

Our team has been having a lot of conversations with clients over

the last 2 weeks about the effects COVID-19 is having on

the local real estate markets. Below is our current synopsis:

Important things to note:

Keep in mind the real estate market is much

different from financial markets.

They move slower, have a longer transaction cycle,

and are generally more stable.

58 properties in The Pointes have closed or gone pending

over the last 14 days alone.

Given recent restrictions on physical property showings,

our team is getting creative and figuring out ways

to still complete transactions while ensuring all parties stay safe.

Property values have remained stable. Deals are getting

done at pricing in line with recent market conditions.

Deals in contract are still getting to the closing table.

There have been a few transactions where purchasers have

backed out during escrow and defaulted.

There have been some transactions where the buyer has had a job relocation

get delayed, or the buyer lost their job

and is no longer able to qualify for financing.

Buyers not closing is few and far between thus far.

Current inventory has come close to a complete halt over the

last few days with the restriction of physical showings.

Our team has decided to hold a number of new listings from the market

until it is safe for physical showings again- hopefully at the end of

the 3 week restriction.

What Hasn't changed on transactions:

Buyers have still been making offers!

Deals are still closing!

Most appraisals can happen remotely with no physical inspection

Title work ordered & obtained remotely

Underwriting & loan approval handled remotely

Closings taking place with only essential parties

What's on hold for the next 3 weeks?

Physical buyer showings

Property Inspections for occupied properties

Contact one of our market experts to hear additional

"boots on the ground" information

and to discuss potential future effects

our local real estate market may experience.

Offered By:

Jimmy Saros

Vice President

O: 313-886-9033

E: JBSaros@SarosRES.com

Jim Saros

President & CEO

O: 313-886-9030

E: JGSaros@SarosRES.com

Spencer Ray

Senior Associate

O: 313-924-8384

E: SRay@SarosRES.com

David Fekin

Senior Associate

O: 313-924-8399

E: DFekin@SarosRES.com

Jacob Davis

Associate

O: 313-886-9543

E: JDavis@SarosRES.com

Zach Van Elslander

Associate

O: 313-924-8399

E: ZVanElslander@SarosRES.com

Kyle Lawrence

Associate

O: 313-924-8394

E: Kyle.Lawrence@SarosRES.com

Peter Maniaci

Associate

O: 313-924-8393

E: PManiaci@SarosRES.com

What's your home worth?

Over the last 12 months we have seen values increase as high as 18% in The Pointes. Whether you are contemplating a sale in the near future, or are just curious to learn how much equity you have in your home, our team can provide you and your family a complimentary market analysis that we will update annually to ensure you are always making the most informed and financially rewarding decisions possible.

Please email hello@SarosRES.com to schedule your appointment today.

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This message was sent to gcniehaus52@gmail.com from JBSaros@SarosRES.com

Jimmy Saros
Jim Saros Real Estate Services
17108 Mack Avenue
Grosse Pointe, MI 48230

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