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Old 05-11-2015, 01:45 PM
 
57 posts, read 134,966 times
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My Husband and I are in the market, and are getting the impression that home prices in Ferndale are a bit inflated. A coworked mentioned Oak Park. Would Oak Park be a bad investment?
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Old 05-11-2015, 06:54 PM
 
Location: Michigan
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Oak Park wouldn't be a bad investment at all.
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Old 05-11-2015, 07:20 PM
 
57 posts, read 134,966 times
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Quote:
Originally Posted by animatedmartian View Post
Oak Park wouldn't be a bad investment at all.
Thanks for the reply.

What are your thoughts on Hazel Park?
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Old 05-11-2015, 07:29 PM
 
Location: Michigan
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Originally Posted by mangofacee View Post
Thanks for the reply.

What are your thoughts on Hazel Park?
Hazel Park is a lot more blue-collar than Ferndale or Oak Park, so the vibe might be a little different. But as far as market values, they're going up all the same.

Really there's very few, if any, suburbs in metro Detroit where market values are falling.
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Old 05-11-2015, 07:53 PM
 
57 posts, read 134,966 times
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Quote:
Originally Posted by animatedmartian View Post
Hazel Park is a lot more blue-collar than Ferndale or Oak Park, so the vibe might be a little different. But as far as market values, they're going up all the same.

Really there's very few, if any, suburbs in metro Detroit where market values are falling.
Good to know. Thanks, again!
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Old 05-13-2015, 08:43 AM
 
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Are you in the market to buy a home as a primary residence?

There is a reason why Ferndale prices are inflated - it is because Ferndale is a trendy suburb with a bustling downtown district. Ferndale is a regional entertainment/nightlife destination. Very predominantly white, hipster. Oak Park is not trendy, has no downtown, is predominantly black and is only a destination for the Orthodox Jewish community on the north end of that suburb.

Ferndale is popular for those who want to be able to walk to a lot of shops, restaurants, and bars. And it is popular for the gay community. There are some restaurants in Oak Park, and bars in Hazel Park, but there are not nearly as many. The public schools for all three cities are average to below average, although Ferndale might be on the rise.
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Old 05-13-2015, 10:45 AM
 
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What is your basis for thinking the home prices in Ferndale are inflated? That might help us solve the problem.
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Old 05-13-2015, 11:38 AM
 
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Quote:
Originally Posted by belleislerunner View Post
What is your basis for thinking the home prices in Ferndale are inflated? That might help us solve the problem.
My basis is that many homes have asking prices that far exceed their appraisal estimates. These homes are mostly around Marshall, and south of. This, and I'm also seeing what appears to be a modified version of house flipping. For instance, today I came across a listings on the market for $50K higher than the homes sale price from 2014. This house was not remodeled by the current homeowners. The pics clearly stated that they were from the previous sale. Basically, the house was purchased after what appears to be a massive remodel, for like 92K, last year... it is on the market now for over 140K.
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Old 05-13-2015, 11:42 AM
 
57 posts, read 134,966 times
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Quote:
Originally Posted by usroute10 View Post
Are you in the market to buy a home as a primary residence?

There is a reason why Ferndale prices are inflated - it is because Ferndale is a trendy suburb with a bustling downtown district. Ferndale is a regional entertainment/nightlife destination. Very predominantly white, hipster. Oak Park is not trendy, has no downtown, is predominantly black and is only a destination for the Orthodox Jewish community on the north end of that suburb.

Ferndale is popular for those who want to be able to walk to a lot of shops, restaurants, and bars. And it is popular for the gay community. There are some restaurants in Oak Park, and bars in Hazel Park, but there are not nearly as many. The public schools for all three cities are average to below average, although Ferndale might be on the rise.
Yes, I totally understand why Ferndale is so desirable. My thought was to open our search to the portion of Oak Park that borders Ferndale. Still remain close, but bring down the cost.
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Old 05-13-2015, 01:10 PM
 
Location: Waterford & Sterling Heights, Michigan
339 posts, read 976,103 times
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Yes Ferndale is very hot right now, specially around the area you are looking for. Popular among house flippers, so keep that in mind. I don't know how much is your budget but you can still find good deals under 100k for unremodeled homes in southern Ferndale but you need to do some work. A few years ago most deals were cash, now you have a lot of first time home buyers looking for that finished house (emotional buyers) so prices has gotten higher. While there is nothing wrong with Hazel Park and Oak Park, the fact is that Ferndale's location (along Woodward) and downtown makes it a better long term investment IMHO.
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