Good Home Prices News! Including, Book Cadillac "selling one to five units a month"

I copied some Detroit specific parts of the article to make it easier.

Brittani Jones, whose home is in Detroit's stylish East English Village, has gotten several offers on her property and there's a steady stream of lookers.
"We are pleased with the interest," Jones said,
The 27-year-old Farmington Hills resident is like many young people who want to move back to Detroit. But it is tougher to find the right place than he thought. "I've been outbid on three different homes" in the past few months
Prices also are climbing in downtown Detroit's condominium market,

Book Cadillac effect has helped the rise in prices, because despite it being the most luxury property in Detroit, it also steadily sells with one to five sales per month," Sanzotta said.
She was referring to The Residences at the Westin Book Cadillac, the landmark building that was renovated into a Westin hotel and upscale condominiums.
A two-bedroom, 1,412-square-foot condo there is under contract for $344,900. Another luxury unit testing the waters this spring is a 2,700-square-foot condo at the River Place, with sweeping waterfront views, for $450,000.

http://www.detroitnews.com/article/2...text|FRONTPAGE

Prices are not rising at all in average middle class neighborhoods. I'm in Roseville and I paid $136,000 for my home in 2005. Three have sold by me in the past 2 years, all ranging from $40,000 to $50,000 and i know two were in great shape.

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Originally Posted by jerrytimes

Prices are not rising at all in average middle class neighborhoods. I'm in Roseville and I paid $136,000 for my home in 2005. Three have sold by me in the past 2 years, all ranging from $40,000 to $50,000 and i know two were in great shape.

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I live in Pleasant Ridge and its complete opposite. Houses are being sold within a week at listing price or above. The Woodward corridor between Ferndale and Birmingham is pretty hot right now.

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Originally Posted by Cliffy

I live in Pleasant Ridge and its complete opposite. Houses are being sold within a week at listing price or above. The Woodward corridor between Ferndale and Birmingham is pretty hot right now.

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I've been tracking Royal Oak lately, and don't see it as that hot right now. Birmingham is vastly overpriced, and not worth it at this time, IMO. And I'm honestly a bit surprised at Pleasant Ridge, though maybe it's childless couples and empty nesters.

And re. Book Cadillac, the whole property has like 60 condo units, they've been marketing it for almost 10 years now, and claim 1-5 units sold per month. I'd say closer to 1, in the best of times, considering there are so few units there, and a number aren't really for sale, but kept by corporations.

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Originally Posted by Cliffy

I live in Pleasant Ridge and its complete opposite. Houses are being sold within a week at listing price or above. The Woodward corridor between Ferndale and Birmingham is pretty hot right now.

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Must be all the yupsters moving out of Mudtown.

I'm surprised the article doesn't mention anything about Willy's...I haven't been paying attention since I dropped my purchase agreement about a year ago...any news on how many units they've sold in the past year?

I've seen a few sales listed in past six months or so. The units are nice-looking [[in pictures; I haven't been inside) but I thought overall it was overpriced. Maybe the market is catching up to it.

I do know a number of people who have gotten decent [[not early 2000's) prices on their houses in the University District recently, on houses that had been on and off the market for several years. So I'm pretty sure there is some improvement there.

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Originally Posted by Bham1982

I've been tracking Royal Oak lately, and don't see it as that hot right now. Birmingham is vastly overpriced, and not worth it at this time, IMO. And I'm honestly a bit surprised at Pleasant Ridge, though maybe it's childless couples and empty nesters.

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Not sure why you're surprised. We probably have the best location in the area being right next to the freeway, Woodward, and have some amazing homes. Plus being between downtown RO and downtown Ferndale. A lot of younger couples are moving in now and I see a lot more strollers. Of course we also have gay couples. Most people don't even know we exist because we are so small and we aren't the most affordable place either.

I disagree on Royal Oak. I had a friend put a house up for sale a few weeks back on a Friday and he had 5 showings on Sunday. A house in good shape and within average budget [[I'm not talking about 700k houses) goes fast.

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Originally Posted by Cliffy

Not sure why you're surprised. We probably have the best location in the area being right next to the freeway, Woodward, and have some amazing homes.

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Pleasant Ridge is well located, and does have very nice homes, especially west of Woodward. The freeway access, in particular, puts you everywhere fast.

I think that the poor schools and high taxes would be a disincentive to some, though.

The schools in particular, because you're asking people to buy big, old homes that require serious investment and high taxes, and probably most folks interested in big homes, even if they don't have kids, want that cohort of buyers available when they sell.

If I wanted a big, old home, right in that location, I would buy in Huntington Woods, which has the same nice homes and sky-high taxes, but above-average schools.

I would guess Pleasant Ridge east of Woodward is somewhat easier sell, because it's smaller homes, and the buyers aren't going to be "traditional" families; they'll be childless, or baby/toddler age.

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Originally Posted by Bham1982

Pleasant Ridge is well located, and does have very nice homes, especially west of Woodward. The freeway access, in particular, puts you everywhere fast.

I think that the poor schools and high taxes would be a disincentive to some, though.

The schools in particular, because you're asking people to buy big, old homes that require serious investment and high taxes, and probably most folks interested in big homes, even if they don't have kids, want that cohort of buyers available when they sell.

If I wanted a big, old home, right in that location, I would buy in Huntington Woods, which has the same nice homes and sky-high taxes, but above-average schools.

I would guess Pleasant Ridge east of Woodward is somewhat easier sell, because it's smaller homes, and the buyers aren't going to be "traditional" families; they'll be childless, or baby/toddler age.

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It really depends on what you care about. The housing stocks overlap, but the bigger houses in Pleasant Ridge are larger than anything in Huntington Woods, and I would prefer Pleasant Ridge as a location. Huntington Woods schools are better, at least until 6th grade.

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Originally Posted by Cliffy

I live in Pleasant Ridge and its complete opposite. Houses are being sold within a week at listing price or above. The Woodward corridor between Ferndale and Birmingham is pretty hot right now.

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Pleasant Ridge is not what most would consider an average middle class neighborhood. It is probably closest to Palmer Woods as opposed to Roseville, Ferndale, Redford, Dearborn Heights......

I have to agree with jerrytimes, most neighborhoods in the City are considerably under the value that they once were and are riddled with foreclosures. Many once strong suburban neighborhoods are still facing the same issues. :[[

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Originally Posted by Bham1982

Pleasant Ridge is well located, and does have very nice homes, especially west of Woodward. The freeway access, in particular, puts you everywhere fast.

I think that the poor schools and high taxes would be a disincentive to some, though.

The schools in particular, because you're asking people to buy big, old homes that require serious investment and high taxes, and probably most folks interested in big homes, even if they don't have kids, want that cohort of buyers available when they sell.

If I wanted a big, old home, right in that location, I would buy in Huntington Woods, which has the same nice homes and sky-high taxes, but above-average schools.

I would guess Pleasant Ridge east of Woodward is somewhat easier sell, because it's smaller homes, and the buyers aren't going to be "traditional" families; they'll be childless, or baby/toddler age.

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I agree with you on schools. Ferndale used to have very good schools in the 80's and 90's but now has fallen. A lot of the people in the neighborhood send their kids to U of D Jesuit or Shrine. Our library is actually Huntington Woods.