Detroit Real Estate

 Today I was reading on MSN.com and they had an article on How far Metro Detroit real estate prices have fallen.  I read Cities where homes have lost the most value.  In the article it said the Metro Detroit area homes have lost 31% of their value. 

If you look at the Detroit Metro real estate market as a circle with Detroit as the center, then the next ring of cities, and then the more upscale cities.

The more upscale cities like West Bloomfield, Canton Township, Northville, Rochester have lost 31% of their value.  But you start moving into the inner circle of many of the middle class cities like Dearborn, Redford, Southfield.  Those cities had some homes that their high prices in 2003 were from $100-$140,000.  Now they are ranging from $50,000 to $70,000.  I would say the average loss in those cities about 50%

But the City of Detroit real estate prices in my opinion have taken a huge dive.  I don't know exactly what the average sales price of Detroit homes were at their height.  But I would take a guess and say the average price was about $65,000.  Last year the average sold price of 10,514 Detroit homes that sold through our MLS was $10,692. 

                                  $10,692. Average sold price

                                                                             That's a 83% drop!!!! 

So I think over all Metro Detroit real estate has dropped more than 31%.  But that is just from a guy in the trenchs.  I don't have all the statistics but this is what I am seeing.   

Information provided courtesy of RealComp II Ltd

Russ Ravary your Metro Detroit real estate agent

My quote of the day:

Treat people as if they were what they ought to be, and you help
        them to become what they are capable of being.
                                                                                                      - Goethe

So you are getting ready to sell your Novi Condo and you know to:

• paint the walls neutral
• clean the carpet
• take down all your family pictures
• de-clutter counter tops, dressers, and shelves
• de - ordorize the house 
• get rid of excess furniture and "stuff"

but what about one of the most important things.  You need to get your condo associations by-laws.  EVERY METRO DETROIT CONDO BUYER will be requesting to see the condo association by-laws.  So take the time and gather up your condo's information. 

1. The name and phone number of the association management
2. The condo associations by-laws
3. What is included in your associations fees
4. What is covered by the association?  Windows, Deck
5. Pictures of the club house or the pool

So when Getting ready to sell your Novi condo this information about your condo will be needed.  So don't be scrambling at the last minute to gather this information.  It will help you sell your Novi condo.

It doesn't matter whether it is a Novi condo, a Canton condo, or any cities condo it's best to get the information early.

More information to help you sell your house.....

Metro Detroit home seller tips 

Metro Detroit relocation information

Search Metro Detroit home listings

My quote of the day:

 Remember, if you ever need a helping hand, you'll find one at the end of your arm ... As you grow older you will discover that you have two hands. One for helping yourself, the other for helping others.

                                          Audrey Hepburn

If you are going to be relocating to Michigan how do you know where you are going to live?  As a real estate agent we can't steer people to one area because of race, religion, family status.  Over the years there has been housing discrimination against different religions, different races, different ethnic groups.

Detroit and it's suburbs were once racially divided.  I believe because of the sub-prime mortgage market it allowed Metro Detroit to become more ethnically and racially diverse.  The ease of getting a mortgage helped us become a better city.  It's natural the immigrants move into the poor areas because that is where the low cost housing is.  It's natural that people want to be with people that are similar to them.  New York has little Italy, San Francisco has China town.  Most major cities have ethnic areas.

Metro Detroit has those areas but what is a little different is that even amongst our "individual ethnic areas" many other religious, cultures, and races live.  Metro Detroit has become a melting pot.  Metro Detroit ethnic areas are like other big city ethnic areas.  We have great ethnic stores, bakeries, restaurants that are unique to the area.  They aren't chain restaurants.  They are unique and great places to visit different cultures right in our city.   Places to worship according to their culture and sometime in their language.

If you live here in the Metro Detroit area you know that

• Ford Motor Company employees live on the West side of town
• Hamtramck is where our "Polish community live"
• Birmingham, Grosse Pointe, Northville, Grosse Ile, Plymouth, Bloomfield Hills, West Bloomfield, Rochester are our wealthier towns 
• Our "Greek town" no longer has Greeks living together because it has become a commercial area.
• Dearborn MI has one of the highest concentrations of Arabic descent citizens in the US.
• Royal Oak, Rochester, Milford, Howell, Plymouth, Northville have old time central down towns
• Chrysler employees live north of Detroit
• Southwest Detroit is home to our Mexican population
• Ypsilanti, Ann Arbor, and Lansing are our college towns
• Ann Arbor and Novi have a good sized Asian population
• Oakland County is our lake real estate area
• Canton has a high population of Indian and Pakistani citizens 

But if you look deeper into the cities none of them are over 50% of the ethnic groups I described.   Italians, Greeks, Irish, Eastern European, Russian, and Germans all live in these cities.  We have all come from some other country.  Some of the cities only have a 10, 20, or 30% concentration of the ethnic group I described.  Like Novi it is a beautiful diverse city with great schools the Asian population may only be 10%.  Many of the foreign car company house their employees in Novi.  Mazda used to house their oversea employees down river.  But I wanted to give a glimpse of the metro Detroit area where you can find great authentic places to eat, and find people that you relate to and feel comfortable with. 

Metro Detroit is a great place to live.  If you are going to relocate to Michigan there are lots of great places to live.

Russ Ravary your Metro Detroit real estate agent. 

Search Michigan home listings 

 It doesn't matter whether you are a Northville home owner, West Bloomfield landlord, or a Canton real estate investor everybody wants to reduce your Michigan property tax assessment and pay lower property taxes.  Here is a way to learn what to do in order to lower your property taxes.

REIA of Oakland County Michigan is community of real estate investors that looks to educate and inform its members on how to be a successful and profitable real estate while obeying local and state laws.  It is a great association to join if you have Oakland County investment properties or thinking of buying some real estate investments.  This class is open to the public and will help you to learn how to fight "city hall" and your Michigan property tax Assessment

REIA of Oakland
A Non-Profit Real Estate Investment Group
Serving Wayne, Oakland, and Macomb Counties January 14th, 2010 
  Proudly Presents

Strategies for Michigan Property Tax Assessment Appeals with Harold Hoyt

 Due to the economic challenges we are facing in Michigan, property tax assessments have become an important topic for investors and homeowners alike.  Harold Hoyt is a principal with Professional Property Tax Appeals, Inc. He will be presenting the procedures for appealing your Michigan property tax assessment.

They include:

-Analyzing and assembling appeal documents

-Presenting your case to local board of review

-Reviewing results from local board

-Petitioning the Michigan Tax Tribunal if necessary

 Harold will be discussing the procedures and deadlines for filings up to and including the Michigan Tax Tribunal. Be sure not to miss this one as there are new laws this year.   Bring your questions and join us at our January meeting. 

There will be a question and answer period after the presentations.
_________________________________

Meeting Location Michigan State University Management Education Center 811 W. Square Lake Road Troy, MI 48098
_________________________________

Meeting Schedule January 14, 2010 5:30pm - 7:15pm Early Bird Q&A and Vendor Expo 7:15pm - 9:30pm General Membership Meeting and Guest Speaker
         The public is welcome to attend at any of the above times.  
It is not necessary to attend all night.
_________________________________   Cost  REIA of Oakland Member - FREE Non-member - $20.00  _________________________________  

 About REIA of Oakland 

Thank you for your interest in the Real Estate Investors Association of Oakland.  REIA of Oakland is a non-profit organization founded in 1981 run entirely by volunteers.  Our goals include providing education to our members, providing professional networking, and monitoring the political and legislative environment as it affects the real estate investment business.  Our meetings are held on the second Thursday of each month at the MSU Management Education Center in Troy, 811 West Square Lake Road Troy, MI 48098 

The meetings begin at 6:00pm with an hour of networking and an informal Early Bird Q&A session.  The seminar portion of the meeting runs from 7:15-9:30pm. Each month we have a different guest speaker, including national speakers on topics useful to  real estate investors. The formal presentation is followed by a question and answer session.

In addition to free admission to our monthly meetings, joining REIA has many benefits for real estate investors from novice to pro.  Visit our membership page for more details about the benefits of membership.

Search Metro Detroit foreclosures - get the latest foreclosure listings emailed to you so you don't miss out on the latest foreclosures as soon as they hit the market. 

I have to been some of these meetings and I am always amazed how nice this group is.  They are always glad to answer anybodies questions.

Russ Ravary your Macomb, Oakland, Livingston and Wayne County MI real estate agent

 White Lake Location

White Lake is located Northwest of downtown Detroit and is located in the middle of Oakland County in the southeast corner of the state of Michigan. White Lake is bordered by the following townships: Springfield, Independence, Waterford, Commerce, Milford, Highland and Rose.

Geography

The beautiful Township of White Lake encompasses 37.2 square miles, 3.5 square miles of which is water. The township's rolling hills and back roads makes country living close to metro Detroit.  White Lake township has 21 lakes totaling a close to 2,600 acres.

Recreation

As you can tell by the name, White Lake Twp is a great place to live or visit if you are interested in water sports or any other sort of related activity. Whether you love water or don't care about water White Lake is a great place to live.  With 21 good sized lakes in the area, it is easy to find a place to enjoy the water. Many Metro Detroiters come to White Lake each summer to take part in all the lake activities.   Some of White Lake's Twp acreage have been preserved and open to the public as state recreation areas, as well as a county park.   Within a 25 mile radius of White Lake you will find more than 75 golf courses. 

White Lake real estate 

White Lake homes are a mixed bag.  Most of White Lakes have lake front real estate.  White Lake waterfront homes range from a 1920's 700 ranch with no basement to luxury waterfront estates.  There are a few luxury waterfront colonials over 5000 square feet with walkout basements and 3 plus car garages.  White Lake waterfront homes range in price from a $100,000 to over a million dollars.

Of course White Lake real estate encompasses farm land, subdivisions, and homes of every shape and size.  They have colonials, ranches, tri- levels, farm houses, quad- levels, victorian homes, and tudors.  So what every your price range and home style White Lake has a home for you.