A sign of the time from Crains. Thoughts?
"As a public health crisis roundly shattered the global economy, last year Oakland County saw the most $1 million-plus home sales recorded within its borders in recent memory.
"To boot, the home to some of Michigan's wealthiest communities set high water marks for monthly luxury home sale records this century — twice.
..."It's not evenly distributed," Jonathan Silberman, a professor of economics and director of the Southeastern Michigan Economic Data Center at Oakland University, said of COVID-19's impact on peoples' economic well-being.
"People who can work from home and people who have stock market investments, they have done fine or their income and wealth has increased, if not accelerated. It's falling on people in the service industry with lower incomes. This is well known. The experience economy — going to a restaurant, going to a concert, travel and leisure, that's where the brunt of the economic collapse is."
...Austin Black II [who participated on DetroitYES in the past], head of Detroit-based brokerage City Living Detroit, sold a $1.5 million home in downtown Birmingham last year to a client who toured properties not only in the posh Oakland County suburb, but also Northville, Royal Oak and Plymouth.
He said upper-income households have not only done well financially in the last year but also have saved considerable sums by not traveling or dining out.
"They have saved a ton of money over the last nine to 10 months," giving them more to invest in a new home, Black said.
https://www.crainsdetroit.com/real-e...onomic-fallout
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