How's the market for a Dearborn Park II Townhome? (real estate market, lease)

[snoylekim]

OK.. that makes sense ..was wondering how there would still be a developer lien on Dearborn II.. Do yourself a favor and use an attorney for stuff when you're selling the townhome ...

[SloopyJ]

Originally Posted by revive

I mean, I'd expect condo values have gone a lot because of the oversupply. But townhomes are in much shorter supply, especially in a good location.

There's truth to this, but traditionally the biggest market for DPII townhomes has been owners of smaller condo units in the South Loop and other areas downtown. Now, those "move-up" buyers can't sell their existing units, and their investment reserves are probably down, so you've lost a big part of the market for your townhome.

When we sold our DPII townhome last year, we were surprised how much effect this had (and we sold before things got REALLY bad, but even still most prospects were already nervous about their ability to sell their own places). We ended up selling to first-time owners, but with the subsequent stock market crash and stricter equity requirements on mortgages, many first-time buyers are going to be short the cash (and/or job security) to invest in a pricey townhome.

Unfortunately, I have to think the downtown market will lag the better parts of the suburban market in terms of a market comeback. There are still thousands of condo units still being delivered downtown this year. Downtown will do much better than the far-flung burbs, but fully-built suburbs with good transit and schools will be the first to bounce back, IMO.

[revive]

Thanks... that's a very good assessment. In fact that's exactly what I'm experiencing.

Originally Posted by SloopyJ

There's truth to this, but traditionally the biggest market for DPII townhomes has been owners of smaller condo units in the South Loop and other areas downtown. Now, those "move-up" buyers can't sell their existing units, and their investment reserves are probably down, so you've lost a big part of the market for your townhome.

When we sold our DPII townhome last year, we were surprised how much effect this had (and we sold before things got REALLY bad, but even still most prospects were already nervous about their ability to sell their own places). We ended up selling to first-time owners, but with the subsequent stock market crash and stricter equity requirements on mortgages, many first-time buyers are going to be short the cash (and/or job security) to invest in a pricey townhome.

Unfortunately, I have to think the downtown market will lag the better parts of the suburban market in terms of a market comeback. There are still thousands of condo units still being delivered downtown this year. Downtown will do much better than the far-flung burbs, but fully-built suburbs with good transit and schools will be the first to bounce back, IMO.

[chet everett]

Originally Posted by Lana Faro-Ward

Can you please advise on a good realtor to use in Detriot. Please see my horrible experience below. I really need a good realtor to work with asap. If you could recommond asap i would be grateful .


Can anyone please advise me of a trustworthy realtor in Detriot. I am interested in moving/ investment properties in areas such as Southfield , Bloomsfield , Gross Point , Farmington, Sterling Heights. I was very keen on the Dearborn area until i recenlty had a horrible experinence with a local realtor Brian Matelic whom owns Re/max Team 2000 franchise. On first impressions he came across pushy but knowledgeable. I enquired about a property for which i have been completley mislead. I required nesscary documentaction which was not provided he then tried to rail road me into the sale. I am shocked and trumazised by his pushy manor he was very rude an swore at me for not closing . The worst thing is at the beganning of the sale he advised me the property had low taxes which is important to me as taxes are high here ,compared to other states. He advised me the property had other documents, which he failed to provide and the taxes where much higher than he said . I am having to seek legal advice to recover my costs. I am horrified at this local realtor ! this has put me off buying a home here. ! has anyone had simliar experiences . ? I have since spoken to other Realtors which i am sure are trusty worthy and helpful people . But my confidence is dented so much. So i would be grateful if someone could recomend a few Realtors based on there own experience , rental or sale .

Thank you

Lana Faro

Try the forums for Michigan / Detroit...

[revive]

OK, it's spring time and I'm revisiting the idea of whether I should put my townhome at Dearborn Park II in South Loop on the market.

In the past this specific property type/location was always an easy sell. How's the market been nowadays?

What kind of price should I expect, compared to 3 years ago, ie. the same, or a little less, or a little more?

[jdiddy]

Originally Posted by revive

OK, it's spring time and I'm revisiting the idea of whether I should put my townhome at Dearborn Park II in South Loop on the market.

In the past this specific property type/location was always an easy sell. How's the market been nowadays?

What kind of price should I expect, compared to 3 years ago, ie. the same, or a little less, or a little more?

Expect to sell it at the 2005 comps.

[revive]

Originally Posted by jdiddy

Expect to sell it at the 2005 comps.

Will it sell as easily & quickly as in 2005?

[Los Guys]

I agree with the 2005 comp level. Some 2BD/2BR condos on the Northside are going at 2004 prices because of the glut of similar units on the market. As for selling quickly and easily, expect that the lower it's priced, the quicker it will go. If it's priced near or above similar offerings, it could sit for a long time.

[ChiHiRiser]

Originally Posted by revive

Will it sell as easily & quickly as in 2005?

I doubt it. 2005 comps were only one year off peak.

Instead search the MLS for what your competition is and how long they've been listed. I know Wabash Club has a bunch of listings, townhomes even as low as 285k, but admittedly those are outliers. But honestly I'd stay put if you have that option.

[revive]

I will likely stay put, particularly because I have a great tenant & lease term.
When do you think will be a good time to sell? 2011, 2012 ?