The future of Grosse Pointe housing

[boater4life]

Go for Marine City. Walkable downtown, access to urbanity but distant from the problems, just a hop-skip-jump from Lake Huron cruising for your yacht.

Well I work in downtwon Detroit so Marine City isn't exactly an option.

[Gpwrangler]

Someone is a bit cranky about their property values. Carry on with the juvenile insults; numbers don't lie.

You guys are ALL too hung up about property values.

[Maof]

if your a boater, what about harrison township? easy access to I-94 too.

[Bham1982]

You guys are ALL too hung up about property values.

If you're buying a home for life, I agree. But otherwise, there is no point to putting all your money in a house if it isn't giving you wealth. You might as well rent and put everything in investments.

[RageRoolz]

If you're buying a home for life, I agree. But otherwise, there is no point to putting all your money in a house if it isn't giving you wealth. You might as well rent and put everything in investments.

I'm sorry I had to log in just to say this thinking makes no sense and it is thinking like this that causes people to ruin thing that could be nice.

Buying obviously has downsides, but property value appreciation is just one small benefit of being a home owner. One of the best uses of your home is as a write off. For most Americans it is their best one. It also gives you security. A fixed mortgage rate will provide you a fixed payment for however long you choose to stay [[obviously taxes and ins will vary). This is huge. In the apartment I lived in rent went up over 10% in 2 yrs. You can't stop the landlord from basically pricing you out if they want to. They will want to if you live somewhere nice. Also even if values decrease, when you sell your home you will still be able to get something as opposed to nothing. Your payment on a mortgage will almost always be cheaper than renting as well.

I don't want to be rude but your advice poor. Obviously if you only can commit for one or two years because job uncertainty or something like that your advice makes sense, but that's an exception, not the rule. We can get into ROI's and things of that nature, but your comment seems like it is based upon opinion and sour grapes, not any type of financial logic.

[Gpwrangler]

If you're buying a home for life, I agree. But otherwise, there is no point to putting all your money in a house if it isn't giving you wealth. You might as well rent and put everything in investments.

As long as you don't lose when you sell you are fine. Assuming you work for a living and invest. My house doesn't need to "give me wealth". Smh...

[Lowell]

Detroit south of Jefferson from downtown to GPP has been slowly but surely improving with almost all the blight removed and new subdivisions added, most prominently Greyhaven. This is good for both communities. Just having the nearby shopping opportunities of the Pointes is a huge advantage. There are several large beautiful houses, some arts and crafters, in that far east corner of bordering GPP and the river, particularly Harbor Island with its boat slips. Were I younger I would be jumping on one of those. Once that area stabilizes, which it will, those properties will skyrocket.

[TTime]

I'm sorry I had to log in just to say this thinking makes no sense and it is thinking like this that causes people to ruin thing that could be nice.

Buying obviously has downsides, but property value appreciation is just one small benefit of being a home owner. One of the best uses of your home is as a write off. For most Americans it is their best one. It also gives you security. A fixed mortgage rate will provide you a fixed payment for however long you choose to stay [[obviously taxes and ins will vary). This is huge. In the apartment I lived in rent went up over 10% in 2 yrs. You can't stop the landlord from basically pricing you out if they want to. They will want to if you live somewhere nice. Also even if values decrease, when you sell your home you will still be able to get something as opposed to nothing. Your payment on a mortgage will almost always be cheaper than renting as well.

I don't want to be rude but your advice poor. Obviously if you only can commit for one or two years because job uncertainty or something like that your advice makes sense, but that's an exception, not the rule. We can get into ROI's and things of that nature, but your comment seems like it is based upon opinion and sour grapes, not any type of financial logic.

These are borrowed words and I am paraphrasing but the security associated with home ownership is one of the biggest myths of the last 50 years, especially if you've purchased a home at the wrong time in one of many cities in SE Michigan. The advice you are giving may of course work out but in today's world we should probably be prepared to deal with more home value volatility and always be ready to move if work requires it. While there are major benefits to home ownership risk is still always there and the flexibility of renting in today's world also has huge upside as well, for a number of reasons. i don't think people should quickly forget what home ownership was like in 2008, it certainly didn't provide security for many at that point.

[313WX]

i don't think people should quickly forget what home ownership was like in 2008, it certainly didn't provide security for many at that point.

On the contrary, home ownership did provide a certain type of "security," especially in a region where mass/massive pay cuts and layoffs are a notorious inevitability for even the most educated/experienced individuals due to how unusually cyclical the primary industry tends to be.

One definitely had secured the benefit of buried underwater in mortgage and property taxes they couldn't afford in the first place and also the benefit of joblessness because they couldn't just up and move to a location with abundant employment opportunities without abandoning their properties they poured hundreds and thousands of dollars into and damaging their credit rating in the process as their home gets foreclosed on.

[Hypestyles]

where are the social venues to meet fun, hip people in the Pointes?

[Honky Tonk]

where are the social venues to meet fun, hip people in the Pointes?

Kroger????

[Zacha341]

Hah! It's ain't that bad HT... try Dirty Dog Jazz Cafe! I'll meet cha' there........

[Dave70]

Kroger????

Not kroger, Trader Joe's!

[Honky Tonk]

Great idea! I love their free samples. Maybe I can meet Zacha341 there instead? We could have dinner!

[Cincinnati_Kid]

I'm sorry I had to log in just to say this thinking makes no sense and it is thinking like this that causes people to ruin thing that could be nice.

Buying obviously has downsides, but property value appreciation is just one small benefit of being a home owner. One of the best uses of your home is as a write off. For most Americans it is their best one. It also gives you security. A fixed mortgage rate will provide you a fixed payment for however long you choose to stay [[obviously taxes and ins will vary). This is huge. In the apartment I lived in rent went up over 10% in 2 yrs. You can't stop the landlord from basically pricing you out if they want to. They will want to if you live somewhere nice. Also even if values decrease, when you sell your home you will still be able to get something as opposed to nothing. Your payment on a mortgage will almost always be cheaper than renting as well.

I don't want to be rude but your advice poor. Obviously if you only can commit for one or two years because job uncertainty or something like that your advice makes sense, but that's an exception, not the rule. We can get into ROI's and things of that nature, but your comment seems like it is based upon opinion and sour grapes, not any type of financial logic.

I agree with Bham1982 [[for a change) Everybody doesn't want the responsibilities that go with owning a home, whether they can afford it or not, tax breaks aside. And you surely can take a loss on trying to sell one. The market has improved, but as one poster stated, in this area all it takes is for another downturn from the Big 3, and it's 2009 all over again, and then what? You're stuck with a home you can't get out of without taking a loss, or the bank taking it back.

[Zacha341]

Hah! Freebies indeed. I always get a free cup of coffee while shopping at the GP Trader Joes!

Great idea! I love their free samples. Maybe I can meet Zacha341 there instead? We could have dinner!

[ScienceFair]

If you're looking purely at investment potential, I don't think the Pointes are the way to go. If you're looking for nightlife and a bar scene, GP is not it. But, if you want to live by the lake and stay within 15 minutes of the CBD, GP is your answer. I don't think it's that complicated, it's just a lifestyle choice.

[EastsideAl]

Kroger????

I'm sorry, but as a regular at that store, this just made me laugh out loud. [[As did the thought of "social venues" for "fun, hip people" in the Pointes - my late longtime-GP-resident great aunt would roll over in her grave at such a horrifying thought.) I somehow imagined a dance party breaking out in the basement space by the can return machines.

[EastsideAl]

If I was married [[again) I think that GPP or GP would be one of the first places I'd look for a house. But then I'm a lifelong fourth-generation eastsider, and I can't imagine living so far away from things out where Bham and his well-invested friends are.