One of the priciest homes to hit Metro Detroit market in years [[asking $15,000,000)

[DTWflyer]

This is such a niche piece of property, its an outlier home, its huge and out of reach of all but a tiny fraction of people. The original owner is now getting older and likely cannot support the huge home, and its very possible the family does not want to continue to maintain this huge estate. Houses worth $15M will sit on the market an awful long time just because the potential buyers are far and few between.

That being, said not so sure about all the doom and gloom about Birmingham / Bloomfield Hills.
Birmingham, agreed is certainly has changed from what it was 10-15 years ago, but it sure seems like if anything the real estate prices have continued to climb and in most neighborhoods have prices many families out of the market. Tear-down and reconstruction in B'ham are the highest I've seen in several years, even now creeping more into the Pembrook Park neighborhood.
Yes, some of the smaller homes that could be potential tear-down targets have been turned into rentals. There are some dumpy/tired houses that are rentals in the neighborhoods near Woodward between Lincoln & 14 Mile.

This is not the case in the Quarton Estates, Popleton Park neighborhoods at all as most homes in there are in the $500 - $900K range.

Bloomfield Hills is interesting since the average age is 65 and most homes are like estates. Bloomfield Hills seems like it will always continue to attract the older, conservate home buyer looking for a quiet retreat.

I don't know, I'm not buying the doom and gloom scenarios for these locations.

[48009]

1. Yes, some of the smaller homes that could be potential tear-down targets have been turned into rentals. There are some dumpy/tired houses that are rentals in the neighborhoods near Woodward between Lincoln & 14 Mile.

2. Bloomfield Hills is interesting since the average age is 65 and most homes are like estates. Bloomfield Hills seems like it will always continue to attract the older, conservate home buyer looking for a quiet retreat.

I don't know, I'm not buying the doom and gloom scenarios for these locations.

Good post.
1. What do you think that does to the school district, or the downtown area, etc.? The blight is pervasive and eventually bleeds and diminishes other home prices.
2. Bloomfield Hills will hold on longer than any other Metro Detroit town because it’s by far the wealthiest enclave and by far the hardest to enter. But there’s only so long you can fight off and ignore the surroundings. Pontiac isn’t getting any better. Birmingham is struggling to maintain its identity. And Bloomfield Twp and West Bloomfield are seeing a rapidly changing landscape.

I just don't think SE Michigan can support these anymore. I think what you'll see in the future are pockets of elite [[i.e. neighborhoods), instead of entire towns.

[Baselinepunk]

Good post.
1. What do you think that does to the school district, or the downtown area, etc.? The blight is pervasive and eventually bleeds and diminishes other home prices.
2. Bloomfield Hills will hold on longer than any other Metro Detroit town because it’s by far the wealthiest enclave and by far the hardest to enter. But there’s only so long you can fight off and ignore the surroundings. Pontiac isn’t getting any better. Birmingham is struggling to maintain its identity. And Bloomfield Twp and West Bloomfield are seeing a rapidly changing landscape.

I just don't think SE Michigan can support these anymore. I think what you'll see in the future are pockets of elite [[i.e. neighborhoods), instead of entire towns.

Here's another issue to chew on: I think that once the babyboomer population bubble finally makes its way through, even more of these [[and other) homes will be on the market.

Frankly, I don't see the need to develop new homes when there will not be the population [[or the stomach to live in such glorified orifices to Capitalism) that will cause a migration to fill the housing void in da 'Fields.

Plus, the current population in those towns certainly are not cranking out kids that will fill that void either. There's a ton of those kids that got the hell out of dodge right out of college. Once they get a taste of the outside world '[[read: outside the state), there's no motivation to come back, except to visit and be a tourist.

[48009]

Here's another issue to chew on: I think that once the babyboomer population bubble finally makes its way through, even more of these [[and other) homes will be on the market.

Frankly, I don't see the need to develop new homes when there will not be the population [[or the stomach to live in such glorified orifices to Capitalism) that will cause a migration to fill the housing void in da 'Fields.

Plus, the current population in those towns certainly are not cranking out kids that will fill that void either. There's a ton of those kids that got the hell out of dodge right out of college. Once they get a taste of the outside world '[[read: outside the state), there's no motivation to come back, except to visit and be a tourist.

I think iheartthed was trying to say there will always be a need for high end enclaves and he or she isn't off the mark. I mean there's always going to be industry and a 1% [[and .10%) in SE Michigan and they have to live somewhere--why won't it continue to be Birmingham/Bloomfield? I just don't think SE Michigan will be able to sustain the overall scope of those towns.

Any of my daughter's friends that moved back moved back [[usually around late 20s, early 30s) only did so to be closer to family. If that core family leaves the state, that draw to go back is gone. Visit or be a tourist? HA!

[DTWflyer]

Good post.
1. What do you think that does to the school district, or the downtown area, etc.? The blight is pervasive and eventually bleeds and diminishes other home prices.
2. Bloomfield Hills will hold on longer than any other Metro Detroit town because it’s by far the wealthiest enclave and by far the hardest to enter. But there’s only so long you can fight off and ignore the surroundings. Pontiac isn’t getting any better. Birmingham is struggling to maintain its identity. And Bloomfield Twp and West Bloomfield are seeing a rapidly changing landscape.

I just don't think SE Michigan can support these anymore. I think what you'll see in the future are pockets of elite [[i.e. neighborhoods), instead of entire towns.

The so-called "blight" in Birmingham is nothing like Detroit, in fact in looks no better or worse than 50% of the homes in most inner-ring suburbs. Unlike Detroit, these areas still have all of the city services and amenities to draw in people. Plus, even the "dumpy" bungalows are not cheap to rent. Even rentals that haven't been fixed-up still rent for at least $1200-$1400 in Birmingham, and they start at 1000 sq ft. It is impossible to find a rental in good shape in Birmingham for less than $1700/month. Go south of 14 Mile to Royal Oak or Clawson and rents immediately drop by at least $300/month for the exact same house.

Plus, we are talking about what maybe 100 houses that fit this profile out of a city of what more than 9000. These areas where like that that 15-20 years ago when I was growing up there. These areas where always known as the "lower income" areas, a relative term for Birmingham.

Downtown Birmingham has changed more because of the fact it has become a regional entertainment desination and draws people in from all over for the bars/restaurants/movies 10 years ago it was essentially a sleepy downtown area primarily for the adjacent residential areas. The different demographics and petty crime in Birmingham are more a function of people coming in from other areas than the lower-income renters in a few parts of Birmingham.

Bloomfield Hills has not been impacted by being adjacent to Pontiac for decades, not sure what that would change all of the sudden now.

[48009]

The so-called "blight" in Birmingham is nothing like Detroit, in fact in looks no better or worse than 50% of the homes in most inner-ring suburbs. Unlike Detroit, these areas still have all of the city services and amenities to draw in people. Plus, even the "dumpy" bungalows are not cheap to rent. Even rentals that haven't been fixed-up still rent for at least $1200-$1400 in Birmingham, and they start at 1000 sq ft. It is impossible to find a rental in good shape in Birmingham for less than $1700/month. Go south of 14 Mile to Royal Oak or Clawson and rents immediately drop by at least $300/month for the exact same house.

Plus, we are talking about what maybe 100 houses that fit this profile out of a city of what more than 9000. These areas where like that that 15-20 years ago when I was growing up there. These areas where always known as the "lower income" areas, a relative term for Birmingham.

Downtown Birmingham has changed more because of the fact it has become a regional entertainment destination and draws people in from all over for the bars/restaurants/movies 10 years ago it was essentially a sleepy downtown area primarily for the adjacent residential areas. The different demographics and petty crime in Birmingham are more a function of people coming in from other areas than the lower-income renters in a few parts of Birmingham.

Bloomfield Hills has not been impacted by being adjacent to Pontiac for decades, not sure what that would change all of the sudden now.

There have always been lower income pockets in 48009 but those pockets have gotten even cheaper, there are more rental houses mixed in throughout town, and when *half* of the homes sold were bank owned, a lot of buyers didn't fit the template of the quiet Birmingham buyer of yesteryear. I'd bet Birmingham would be in even bigger decline if bham lifers could actually sell for what they need to. A lot of people here put 6 and sometimes 7 figures into remodeling their homes.

And yes, the city officials clamoring to make dtown some regional destination was terrible for the town. And crime and property values, etc.

Bloomfield Hills wasn't shielded from the real estate or auto industry crash. And with an older population, there simply aren't those lucrative jobs here to keep those property values that high.