More GM employees moving to HQ from NY

**Spartan** · May-21-13, 04:18 PM

General Motors Co. said Tuesday it will move its Treasury office team in New York City to its Detroit headquarters in the Renaissance Center in mid-2014, affecting about 70 employees
From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2TxqbupJO

Nothing huge, but just a little bit more good news for the city

**Hermod** · May-21-13, 05:38 PM

Gonna hurt those New Yorkers who think the world ends at the Delaware Water Gap. They will not be happy to leave the "big city' and relocate out to where the Indians are still galloping around the wagon train.

**canuck** · May-21-13, 09:00 PM

Yeah but don' fugget one thang there Herm'; they is always some Clint Eastwoody type dude to come set thangs straight. Is called a happyend is what is called.

**rooms222** · May-21-13, 09:11 PM

Back in the day, IIRC, the GM Treasury office was one of the few Wall Street jobs that actually hired a lot of people from top business schools in the Midwest, like U of M Ann Arbor......

**Scottathew** · May-21-13, 10:33 PM

70 jobs, boom! Doesn't sound like much in the shadow of much larger announcements, but it's huge. That's a lot of money that will now be spent in this area.

**DetroiterOnTheWestCoast** · May-21-13, 10:59 PM

They will most likely faint when they start looking at the low cost of housing compared to NY.

**Bham1982** · May-22-13, 07:40 AM

Originally Posted by DetroiterOnTheWestCoast

They will most likely faint when they start looking at the low cost of housing compared to NY.

That's exactly what I was thinking, LOL. 80%-90% discount.

The disadvantage, of course, is that the real estate doesn't appreciate much around here. You bought 10 years ago here, you're happy if you maintained your values. You bought 10 years ago in NYC, your values have doubled.

**poobert** · May-22-13, 08:14 AM

Nice that a good portion of those people won't have the city-phobia that is rampant around these parts, either. They'll probably come with an understanding that life exists outside of the subdivision and shopping mall.

**gameguy56** · May-22-13, 08:23 AM

Originally Posted by poobert

Nice that a good portion of those people won't have the city-phobia that is rampant around these parts, either. They'll probably come with an understanding that life exists outside of the subdivision and shopping mall.

They probably still won't live in the city though. My guess is either Grosse Pointe or Birmingham.

**JBMcB** · May-22-13, 09:55 AM

Originally Posted by poobert

They'll probably come with an understanding that life exists outside of the subdivision and shopping mall.

True, but they are going to be weirded out by downtown. In NYC there is *always* stuff going on - tons of people walking around, cars, trucks, buses, construction, etc... Walking around downtown feels weird in comparison. You get the same vibe in Washington DC - I think because of all the security in the federal buildings, nobody bothers to go outside.

I'm not saying downtown Detroit is dead - far from it - but it's a ghost town compared to the street activity in NYC.

**DetroitPlanner** · May-22-13, 10:15 AM

Originally Posted by Bham1982

That's exactly what I was thinking, LOL. 80%-90% discount.

The disadvantage, of course, is that the real estate doesn't appreciate much around here. You bought 10 years ago here, you're happy if you maintained your values. You bought 10 years ago in NYC, your values have doubled.

If you bought three years ago here, and did not overpay, you have tripled your money.

**Bham1982** · May-22-13, 10:19 AM

Originally Posted by DetroitPlanner

If you bought three years ago here, and did not overpay, you have tripled your money.

Maybe for a foreclosure or for a very inexpensive house in a rough part of town, but I don't think for the average home.

I bought four years ago, and my home is likely worth more, but not vastly more, IMO. And Birmingham is probably one of the most overheated local markets right now.

**Eber Brock Ward** · May-22-13, 10:56 AM

Planner is right, Bham:

Look at this progression of prices in Lafayette Park: http://detroit.curbed.com/archives/2...te-rebound.php

A few years ago, standard brick foursquare Victorian houses in good shape in Woodbridge were going for $25-40k. Good luck finding one under $90-110k now.

Corktown's exploded, too, obviously.

**Bham1982** · May-22-13, 11:12 AM

Originally Posted by Eber Brock Ward

Planner is right, Bham:

Look at this progression of prices in Lafayette Park: http://detroit.curbed.com/archives/2...te-rebound.php

A few years ago, standard brick foursquare Victorian houses in good shape in Woodbridge were going for $25-40k. Good luck finding one under $90-110k now.

Corktown's exploded, too, obviously.

So I'm supposed to take a Detroit promotional real estate blog as evidence, as opposed to the actual sales numbers?

Per the S&P/Case Schiller Real Estate Index, the median price of a home in Metro Detroit has risen slightly in the last four years, though is still below peak valuation.

http://www.standardandpoors.com/indi...ashpidff--p-us----

Now I'm sure I'll hear that it's really the suburbs that have all been declining, and everything in the city proper is worth a million bucks.

My guess is that city values have probably trailed metropolitan values in relative change, though downtown/midtown values are among the stronger relative performers on a metropolitan basis. But overall, given housing construction approaching 0, you can't have such massive population loss while outgaining areas with population gains.

**Eber Brock Ward** · May-22-13, 11:20 AM

1. Those are actual sales numbers in the curbed link. You can cross reference against zillow.

2. Case-Schiller is regional so it lacks relevance to your city-specific point. You wrote: "Maybe for a foreclosure or for a very inexpensive house in a rough part of town, but I don't think for the average home."

I responded to what you wrote and showed that, contrary to your point that it would be less-expensive parts of town, it's actually been the more expensive parts of town have been experienced the type of growth to which Planner referred.

**marshamusic** · May-22-13, 11:21 AM

Originally Posted by Bham1982

So I'm supposed to take a Detroit promotional real estate blog as evidence, as opposed to the actual sales numbers?

Per the S&P/Case Schiller Real Estate Index, the median price of a home in Metro Detroit has risen slightly in the last four years, though is still below peak valuation.

http://www.standardandpoors.com/indi...ashpidff--p-us----

Now I'm sure I'll hear that it's really the suburbs that have all been declining, and everything in the city proper is worth a million bucks.
.

As a member of one of the four Lafayette Park co-op boards, I have reason to believe the figures are correct, as regards the prices in our community.

**southen** · May-22-13, 11:57 AM

Originally Posted by Bham1982

So I'm supposed to take a Detroit promotional real estate blog as evidence, as opposed to the actual sales numbers?

Per the S&P/Case Schiller Real Estate Index, the median price of a home in Metro Detroit has risen slightly in the last four years, though is still below peak valuation.

http://www.standardandpoors.com/indi...ashpidff--p-us----

Now I'm sure I'll hear that it's really the suburbs that have all been declining, and everything in the city proper is worth a million bucks.

My guess is that city values have probably trailed metropolitan values in relative change, though downtown/midtown values are among the stronger relative performers on a metropolitan basis. But overall, given housing construction approaching 0, you can't have such massive population loss while outgaining areas with population gains.

my place that I bought in lafayette park a year ago would be selling for 20-30k more today... so maybe curbed isn't wrong just because the information is inconvenient.

**TexasT** · May-22-13, 03:29 PM

Originally Posted by gameguy56

They probably still won't live in the city though. My guess is either Grosse Pointe or Birmingham.

Oh Jesus. I can't imagine going from NYC to Birmingham. I recently moved out here from Chicago and work in Birmingham quite often and that would be tough for me, let alone a NYer.

It's nice enough. But I could never live there after living in a major city.

**Patrick** · May-22-13, 04:17 PM

Originally Posted by JBMcB

True, but they are going to be weirded out by downtown. In NYC there is *always* stuff going on - tons of people walking around, cars, trucks, buses, construction, etc... Walking around downtown feels weird in comparison. You get the same vibe in Washington DC - I think because of all the security in the federal buildings, nobody bothers to go outside.

I'm not saying downtown Detroit is dead - far from it - but it's a ghost town compared to the street activity in NYC.

I think it depends where in DC you are looking. You could be right across the river in Rosslyn or down in Crystal City and the place is busy as hell during the workweek, but after 6 on weekdays and all weekend these "office park" areas are dead.

I get the feeling a lot of those folks won't be looking to move to Detroit. hell, most of them will probably look for other jobs in NYC.

**rb336** · May-22-13, 04:48 PM

Originally Posted by Hermod

Gonna hurt those New Yorkers who think the world ends at the Delaware Water Gap. They will not be happy to leave the "big city' and relocate out to where the Indians are still galloping around the wagon train.

I thought it ended at the Hudson. everything else is one of the circles of hell

**Hermod** · May-22-13, 06:01 PM

You should have heard the squealing and bellyaching when we moved a large contingent of civil servants from Picatinny Arsenal [[Dover, NJ) to Rock island Arsenal [[Moline. IL) back around 1972.

**iheartthed** · May-22-13, 06:38 PM

Originally Posted by TexasT

Oh Jesus. I can't imagine going from NYC to Birmingham. I recently moved out here from Chicago and work in Birmingham quite often and that would be tough for me, let alone a NYer.

It's nice enough. But I could never live there after living in a major city.

One thing that'll feel like NYC in Birmingham are the obnoxiously expensive drinks at the bars.

**DetroitPlanner** · May-22-13, 08:03 PM

Originally Posted by Bham1982

Maybe for a foreclosure or for a very inexpensive house in a rough part of town, but I don't think for the average home.

I bought four years ago, and my home is likely worth more, but not vastly more, IMO. And Birmingham is probably one of the most overheated local markets right now.

You always overpay when you buy in Birmingham. The last ear alone homes in metro Detroit are up 40 percent. Here is the data that backs it up. http://www.freep.com/article/2013051...s-recover-rise

**mwilbert** · May-22-13, 10:09 PM

Originally Posted by DetroitPlanner

You always overpay when you buy in Birmingham. The last ear alone homes in metro Detroit are up 40 percent. Here is the data that backs it up. http://www.freep.com/article/2013051...s-recover-rise

Please realize that the change in the median sales price is not a good indicator of how much housing prices have gone up or down in an area. People use it because it is easy to calculate, not because it is statistically sound. If you get a shift in the composition of sales [[in this case, a reduction in the percentage of sales that are distressed) you can get a big change in the median price without any change in the price of any actual house.

**bailey** · May-23-13, 08:17 AM

Perhaps its just the cynic in me, but it's been my experience that announcing a consolidation and moving jobs to a far flung location is a PR move to downplay a layoff. GM is claiming those 70 "jobs" are moving from NY to Detroit, however, this is a bit of a dead give away as to what is really happening...

GM spokesman Dave Roman said all the workers will receive offers to relocate. Those who choose not to relocate will be taken care of under the company’s separation policy

70 jobs are leaving NYC, I'd be interested to see the follow up on if they ever show up in Detroit. I'd bet money no more than a handful of key players actually relocated.