Residential Real Estate in your city

[iheartthed]

Originally Posted by Velvet_Highground

Birmingham is at $726,972 up 18.3%
https://www.rockethomes.com/real-estate-trends/mi/birmingham

Bloomfield Hills is at $571,400 down 12.2%
https://www.rockethomes.com/real-estate-trends/mi/bloomfield-hills

Why is Birmingham so much more expensive than Bloomfield Hills now?

[Crawford]

It isn't. Anyone who knows those communities knows the numbers are garbage. Bloomfield Hills is, by far, the wealthiest town in MI, and has the highest home prices.

I assume for Bloomfield Hills they're using anywhere with a Bloomfield Hills mailing address, which would include all of Bloomfield Township and Bloomfield Village. But Bloomfield Hills proper has to have a median sale price well above $1 million. $2 million seems pretty typical, based on the people I know who have bought in Bloomfield proper. A real mansion will cost a lot more, and a tear-down or gut job will cost less.

Bloomfield Township has like 45,000 people, and Bloomfield Hills has like 4,000 people, so when you combine the two, I could see a median in that range, since Bloomfield Township has a lot of modest neighborhoods and townhomes. You can definitely get something pretty nice in Bloomfield Township in the 500-600k range. Parts of the township in Pontiac school district actually have amazingly inexpensive homes.

[Crawford]

Actually, looking at the Rocket Mortgage list, the whole thing is fake. I have no idea what they're doing, but it's fakenews. Has no relationship to Case-Shiller data. They are most definitely not using recorded home sales data.

[Steely Dan]

Originally Posted by Velvet_Highground

[
[
Median Sold Prices

(Monthly breakdown)
The city of Detroit average home sale price was 80,000 down 3.7%.

The breakdown is as follows by number of bedrooms:
1 - $154K, +16.2%
2 - $55.8K, -1.7%
3 - $76.1K, -1.5%
4 - $118.1K, -8.7%
5+ - $181.2K, -17.6%

Tha 1-bed figure is a typo, right?

I mean, there's no way that the median 1-bed price is more than the median 4-bed.

[iheartthed]

Originally Posted by Steely Dan

Tha 1-bed figure is a typo, right?

I mean, there's no way that the median 1-bed price is more than the median 4-bed.

That's probably accurate. The 1-bedrooms are condos mostly located downtown or midtown that are far more expensive than most houses in the city.

[iheartthed]

Originally Posted by Crawford

Actually, looking at the Rocket Mortgage list, the whole thing is fake. I have no idea what they're doing, but it's fakenews. Has no relationship to Case-Shiller data. They are most definitely not using recorded home sales data.

I wonder if they're using only their own customer data for this. That would explain some of it since the people most likely to get mortgages in Bloomfield Hills are on the lower end of the income spectrum (relatively).

[Crawford]

Originally Posted by iheartthed

I wonder if they're using only their own customer data for this. That would explain some of it since the people most likely to get mortgages in Bloomfield Hills are on the lower end of the income spectrum (relatively).

Yeah, maybe. Rocket Mortgage is huge in Metro Detroit. Or they're just conflating postal codes.

My parents live in Bloomfield Township, and the postal code is Bloomfield Hills, but many people use Bloomfield Township. In any case, there is no possible way a median priced home in Bloomfield Hills is similar to Bloomfield Township.

Bloomfield Hills is just the tiny estate area around Cranbrook. It's basically just the Cranbrook campus, mansions, a few ranch teardowns, and country clubs.

Bloomfield Township is that whole area between Pontiac and Birmingham, Troy to West Bloomfield. A big geography with everything from giant lakeside mansions to very modest townhouses and ranches. To outsiders it's all Bloomfield but there is very big variation.

[Steely Dan]

Originally Posted by iheartthed

That's probably accurate. The 1-bedrooms are condos mostly located downtown or midtown that are far more expensive than most houses in the city.

It's absolutely nutso to me that a 1-bed median price could be 3x higher than a 2-bed median price.

That runs 1,000,000% counter to EVERYTHING I've ever known about my local market.

Mind = blown

[Crawford]

The Detroit condo market is tiny, and a few sales would make the data messy. Chicago has a giant, mature condo market.

There are likely no more than a couple hundred one bedroom condos in Detroit, and they're likely almost all downtown or nearby, and built in the last few decades. So if 10 one-bedrooms sell in a year, the data might be funky.

[iheartthed]

Originally Posted by Steely Dan

It's absolutely nutso to me that a 1-bed median price could be 3x higher than a 2-bed median price.

That runs 1,000,000% counter to EVERYTHING I've ever known about my local market.

Mind = blown

The city of Detroit has a huge glut of under-utilized single family housing and very little condo inventory. There's very little condo inventory in the entire metro area, so the little that does exist, especially in a walkable area, will go for a premium.

[Velvet_Highground]

^My thoughts exactly iheartthed

Originally Posted by Crawford

Actually, looking at the Rocket Mortgage list, the whole thing is fake. I have no idea what they're doing, but it's fakenews. Has no relationship to Case-Shiller data. They are most definitely not using recorded home sales data.

It doesn’t I just grabbed the monthly sales by googling home prices in X city and rocket had the best formatting. I wanted to give a glimpse of the region as a whole to get a better idea about what exactly is happening. As for if the data is 100% accurate quicken was known to fudge things in the past I but it lined up with what I saw.

These are just the monthly sales number and can jump around when a big home is sold like in Grosse Pointe having a 220k home sale avarage & Grosse Pointe Shores a 75% jump in prices that’s not a real trend just a few big sales in a small city.

Originally Posted by Steely Dan

Tha 1-bed figure is a typo, right?

I mean, there's no way that the median 1-bed price is more than the median 4-bed.

The link to the data is below but yea it’s that screwy right now though home prices in the city have jumped I believe 23% year over year this is just a monthly snapshot.

Still it does show some strange trends a high demand for new and renovated studios and small apartments while bigger houses have seen their prices dropped (from a record surge in prices).

Ive been watching real estate in the East English Village / Cornerstone area & I can say that the big 4- 5 bedrooms have seen a cut in some cases. It still it was strange getting down into the nitty gritty. If I have the time and find the appropriate resources I’d like to check out a selection of neighborhoods to see if there’s a dichotomy between neighborhoods like the Rosedale or University District areas and neighborhoods like East English Village & Morningside that are 5 years or so behind them in development but with similar housing.

If I have the time next month I’d like to do a comparison & check of this is an irregularity or there is something more to it.

[The North One]

Originally Posted by iheartthed

I don't get what you don't get about what I wrote. It's not that confusing.

Nobody said what you said was confusing, it's just obviously wrong. If BE was so unsustainable it would be full of blight and not immaculate in demand homes.

[iheartthed]

Originally Posted by The North One

Nobody said what you said was confusing, it's just obviously wrong. If BE was so unsustainable it would be full of blight and not immaculate in demand homes.

Boston Edison has had a ton of blight over the years. It's in better shape now than what it was in a decade ago, but it's still not hard to find an abandoned house in the area. A quick Google search pulled this up:

• Video Link

[Crawford]

The parts of Boston Edison near Woodward have always been pretty solid, but when you head west, the area really declines. There are still plenty of vacant lots and abandoned structures west of the Lodge.

I'm amazed Boston Edison survived the riots intact. It was basically right next to the riot epicenter. Two blocks north of the blind big that sparked everything. No doubt the community was extremely engaged/involved during that crisis. Kudos to them, esp. in the rough years following the riots.

[iheartthed]

Originally Posted by Crawford

The parts of Boston Edison near Woodward have always been pretty solid, but when you head west, the area really declines. There are still plenty of vacant lots and abandoned structures west of the Lodge.

I'm amazed Boston Edison survived the riots intact. It was basically right next to the riot epicenter. Two blocks north of the blind big that sparked everything. No doubt the community was extremely engaged/involved during that crisis. Kudos to them, esp. in the rough years following the riots.

There has been blight on the side closer to Woodward too. Arden Park cross Woodward has also seen its fair share of blight too. I'm not claiming that the area was ever a bombed out ghetto, but it has definitely seen blight before lol. The difference between cost of ownership in these neighborhoods and real estate value seems pretty obviously to be why the area has been susceptible to blight.

This isn't specifically a Boston Edison thing, though, or even something specific to residential real estate in Detroit. It's a Detroit residential AND commercial real estate issue. It's the same reason why so many buildings got razed in downtown Detroit over the past 40 years, and also why it's so hard to get anything built in Detroit.

[Velvet_Highground]

The riots though still murky except with the timeline and major events but it seems more like the anger was taken out on the local retail. The mass uprooting of blacks who didn’t have the same options ethic whites and Jews had during the freeway construction saw Dexter - Linwood as the place to relocate to on the west side. The Jewish community was in political alliance pushing more progressive policies so blacks saw the community as a welcoming one.

To me from what I’ve seen residences weren’t attacked during the riots, they burned with the commercial strips that were set on fire, the attacks on firefighters was the cause that likely led to that fate. To borrow a term from the Haitian Revolution the problem was with the “little whites” not the “big whites” the people who ran businesses in the neighborhood and had a high standard of living while up to 20% of blacks were falling through the cracks. There certainly wasn’t a uniform response by any community to the riots whites rioted and looted though not many but many blacks didn’t and were obviously the hardest hit.

Imo there was a rage against the machine the slowing job growth rate the dirty, mean and labor intensive jobs were being phased out in the factories to enhance profits but also to hit the unions. Less well off whites and blacks were competing for the same jobs that weren’t as abundant and youth unemployment among the black community was up to 50%. Downtown wasn’t a target nor were the upper middle and opulent neighborhoods.

There’s still a undercurrent of the sentiment of 67 in the city with the majority of gas stations and convenience stores in the neighborhoods owned and operated by Chaldeans and Arabs who make a good living in poor communities. Not like it was as Detroit isn’t the richest major city in the country anymore clearly but I think there’s something to be said that Virgina Park, Lasalle Park, Boston Edison & Arden Park all rich neighborhoods weren’t touched when the chance was there.

Anyways it’s far off topic but I wanted to touch on a tread of thinking I’ve been having about a subject that doesn’t have any satisfying answers.

There’s still good affordable housing in high end communities it’s a much smaller area than in the 2010’s so I don’t think that the Metro is still undervalued. That said the region needs to continue improving infrastructure & adding good jobs for to retain and add residents otherwise there will always be good homes for a steal comparatively. There’s always likely to be a strong well educated white collar workforce in SE MI & areas like the Woodward Corridor, architecturally significant neighborhoods in the city, the NW burbs/ lakes area & Ann Arbor going strong. It’s interesting to see cities like Warren being among the bigger winners of the recent rise in home values.

That manufacturing is being encouraged by the current administration such as by actually holding companies that offshore to the law of the U.S. or their place of business is a smart way to help level the playing field. In the past week a company was forced to pay wages it owed to workers in Mexico and maybe was fined as well idk about the last part but it wasn’t a completely altruistic situation. Just taking a look under the proverbial hood of companies operations overseas can encourage investment here if they can get away with not complying with regulations by bribing the right person and we don’t hold them to account then we’re not even trying to encourage important growth at home.

It’s not all black and white like that & America isn’t going to be the cheap mass manufacturing hub it was during the 40’s. That aside there’s no reason higher end manufacturings shouldn’t be growing here if the industry as a whole is.

[Yuri]

G1:

São Paulo is set for a record in 2024: 150,000 new apartments

150,000 in one year!!! That's a massive, massive number. São Paulo is regarded as expensive, but it could be much worse.

To put things on perspective, São Paulo's population grew only by 200k between 2010 and 2022 census.

[AviationGuy]

I'm selling my home in Austin. The real estate market has been somewhat weak compared to during the pandemic. Not really all that weak in reality, but it has seemed that way relative to the pandemic years. Much to my surprise, there has been a bidding war on my house, which ended last week. If all goes as planned, I'll net way more than expected.

There are various reasons why it happened, but part of it is that I spent a large amount of time during the "low" season (fall) making sure my house was in tip top shape, inside and out. I'm retired so had the time. Many of the old homes like mine are not in great shape, and are marketed in "as is" condition with the false expectation that a sale will bring high dollars. The potential buyers consistently commented on how they could move into my house and not do a thing. Realistically, I think there will be upgrades, such as a new kitchen and new bathrooms.

One bid was from an investor who obviously wanted to buy the property and tear down the house, like is happening all over Austin at a rapid pace. But I wasn't looking for just land value in the sale, so said no.

Moral of the story is that you have to be better than your competition at a general price range and location. During the pandemic, it didn't matter. Buyers took on properties sight unseen. Now, they're very discriminating so you have to do a good job getting the place ready for sale if you want to get top dollar. That doesn't mean expensive upgrades, just that the place has new paint inside and out, new sinks and faucets, new toilets, everything works, and is immaculate. That really got the attention of those who viewed my property.

I don't know if the above applies everywhere, but it does in Austin currently. If we get into another full scale real estate boom, it won't matter much.

[sopas ej]

From dwell:

In Pasadena, a Moody Buff & Hensman Midcentury Hits the Market for $3M





Location: 300 Anita Drive, Pasadena, California

Price: $2,995,000

Architect: Buff & Hensman

Renovation Designer: Stephani Gan

Year Built: 1959

Footprint: 2,304 square feet (three bedrooms, three baths)

Lot Size: 0.19 acres

From the Agent:

"New to the market is a midcentury home situated in the heart of Pasadena’s San Rafael Hills. Beautifully designed and meticulously renovated, this iconic residence has original influence from the celebrated duo of Buff & Hensman. Situated on a spacious lot and elevated above the street, this home offers a seamless blend of indoor/outdoor living with sophisticated design that honors the original aesthetics of the home without sacrificing modern comforts. This three-bedroom, three-bathroom home showcases floor-to-ceiling windows that offer an abundance of natural light and incredible views of the San Gabriel Mountains; warm, wood-paneled ceilings and beams; a stone fireplace; and elegant bathrooms. A spacious second downstairs living room flows seamlessly to the pristine, landscaped yard with many native plants. The home’s midcentury roots endure, but have been updated for contemporary living."

Link: In Pasadena, a Moody Buff & Hensman Midcentury Hits the Market for $3M

[Crawford]

These homes look cool but they have such terrible acoustics. All the hard edges and surfaces.

No way would I live in a MCM home with kids or if I hosted parties.