2011 Recap

I’m happy to report good news for Traverse City as I look over the final sales numbers for 2011!  The number of sales for commercial real estate in Grand Traverse County was up 70% from the previous two years and up to a level we haven’t seen since 2005.  Although prices are still down significantly from the peak in 2007, they are up significantly from 2010.  Fewer new properties came on the market last year and property was selling in a shorter time frame and closer to asking price than in the previous year.  We also had the highest percentage of sold properties that we’ve had in the past 7 years!

Leasing activity was a similar story, but the numbers were even stronger.  There were 23% fewer spaces listed for lease last year and 64% more leases were signed.  With 87 lease deals done in 2011, it’s the best year we’ve had in over 6 years.  This is great news for landlords looking to fill vacancies.  I was pleased to be a part of 28 of these leases, giving me 32% of the leasing market.

Along with the 7 sales transactions I completed last year, I’m proud to report that I participated in 26% of all commercial transactions in the county last year.  My average sale price was closer to the listing price than the average for the MLS, which means more money in my client’s pockets.  Having reached my 2011 goals, I continue to set my expectations higher for 2012.  I plan to sell and lease more commercial real estate in the next year while continuing to give my clients the highest level of service possible!

-Dan Stiebel, CCIM

Dan Stiebel

Dan Stiebel

Associate Broker
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