Moved/Moving to Michigan (Detroit, Ann Arbor: real estate, work, housing)

[Bhaalspawn]

I like the falling knife analogy; I'd never heard it before and I've read housing threads on other forums; I'm adding it to my vocabulary.

Anyway, this weekend, as work, I was looking over some homes books and I thought that the asking prices were still insane -- $250,000 for a 2500 ft house (northwestern suburbs area). I think those houses should go for about $150,000, but then again, I'm a tightwad. I also saw tiny 1400 ft houses going for around $140,000.

I don't see much economic sunshine in the state's immediate future and eventually homeowners will be forced to either accept losses or accept selling for less than what they could have gotten a couple years ago. So, perhaps the bloodletting isn't over yet, or maybe it's only just begun.

[Takamba]

Anyway, this weekend, as work, I was looking over some homes books and I thought that the asking prices were still insane -- $250,000 for a 2500 ft house (northwestern suburbs area). I think those houses should go for about $150,000, but then again, I'm a tightwad. I also saw tiny 1400 ft houses going for around $140,000.

I grew up in the Rochester Hills area and still have many friends and family living there. (Crooks and Auburn)
I have been living in Lapeer for 10 years now and I absolutly love my "cow town". Unfortunatly, many people are moving here from Rochester and instead of enjoying small town comforts they're trying to turn it into the "New Rochester".
The reason why Rochester and Rochester Hills are so expensive is because thats where all the Doctor's and Lawyer's live. Check out the "modest" homes over by Rochester Adams High School! lol (Silverbell Rd and Adams Rd.) You also have the Lovely Orion Rd strip. (Turn Left onto Orion Rd from Rochester Rd.)
If you want a little more reasonable pricing consider looking North of the boarder. Northern Lake Orion is nice, just watch out for the High School, lots of gang activity coming in from Pontiac.
Go a little bit more North into Oxford and you'll find excellent schools and plenty of room to spread your wings.
Come a little bit more North and you'll find Lapeer. Just leave my cows alone! lol
The only problem coming North is going to be traffic. There's only one main hwy (M-24) and two 2 lane roads (Baldwin to the West and Rochester Rd/Lk Pleasent Rd to the East)

[cloose]

We have put in three offers and had all three rejected. All three are within 50K of asking and all have had their houses on the market aat least 6 months. We sold ours in MO in 2 weeks. My question is WHAT THE HELL ARE YOU PEOPLE IN ROCHESTER SMOKING!? Yes your city is nice but damn has anyone there done any decorating since 1986? The 80;s must have been good to this state. Countering to us with the statement that Our house is worth more than that. Well ya know what IT IS WORTH WHAT I SAY IT'S WORTH in this market. So take your Oak cabinets, Laminate Counters and Laminate floors, crappy cheap carpet and shove it. Seriously, apparently the peeps in Rochester haven't got them memo that it is not normal to have your house on the market over 6 months.

[zygnoda]

nice post

[dmetro]

Originally Posted by Takamba

Anyway, this weekend, as work, I was looking over some homes books and I thought that the asking prices were still insane -- $250,000 for a 2500 ft house (northwestern suburbs area). I think those houses should go for about $150,000, but then again, I'm a tightwad. I also saw tiny 1400 ft houses going for around $140,000.

I grew up in the Rochester Hills area and still have many friends and family living there. (Crooks and Auburn)
I have been living in Lapeer for 10 years now and I absolutly love my "cow town". Unfortunatly, many people are moving here from Rochester and instead of enjoying small town comforts they're trying to turn it into the "New Rochester".
The reason why Rochester and Rochester Hills are so expensive is because thats where all the Doctor's and Lawyer's live. Check out the "modest" homes over by Rochester Adams High School! lol (Silverbell Rd and Adams Rd.) You also have the Lovely Orion Rd strip. (Turn Left onto Orion Rd from Rochester Rd.)
If you want a little more reasonable pricing consider looking North of the boarder. Northern Lake Orion is nice, just watch out for the High School, lots of gang activity coming in from Pontiac.
Go a little bit more North into Oxford and you'll find excellent schools and plenty of room to spread your wings.
Come a little bit more North and you'll find Lapeer. Just leave my cows alone! lol
The only problem coming North is going to be traffic. There's only one main hwy (M-24) and two 2 lane roads (Baldwin to the West and Rochester Rd/Lk Pleasent Rd to the East)

What the heck are you slamming Lake Orion for? It's a nationally acclaimed school in a very affluent area! I graduatedfrom that high school a few years back, and there's absolutely no gang activity from Pontiac. Moderator cut: personal insults

[GAisGreat]

Even with the huge drop in prices, the market here is still WAY overpriced in MI...Don't know where you're coming from, but watch out for property taxes too, you may take a big hit coming here.

[magellan]

Originally Posted by cloose

We have put in three offers and had all three rejected. All three are within 50K of asking and all have had their houses on the market aat least 6 months. We sold ours in MO in 2 weeks. My question is WHAT THE HELL ARE YOU PEOPLE IN ROCHESTER SMOKING!? Yes your city is nice but damn has anyone there done any decorating since 1986? The 80;s must have been good to this state. Countering to us with the statement that Our house is worth more than that. Well ya know what IT IS WORTH WHAT I SAY IT'S WORTH in this market. So take your Oak cabinets, Laminate Counters and Laminate floors, crappy cheap carpet and shove it. Seriously, apparently the peeps in Rochester haven't got them memo that it is not normal to have your house on the market over 6 months.

Actually, the U.S. housing market is reaching a point where it's not uncommon to have a home on the market for 6 months or more. Even in traditionally hot markets like Phoenix and Vegas.

http://news.google.com/news?ie=UTF-8...ncl=1115891911

If you sold your home in 2 weeks, you got had (you were underpriced). I agree I don't like oak cabinets, but hurling insults at your future neighbors seems a bit strange. Certain areas are overpriced, certain areas are underpriced.

Welcome to Michigan!

[mhogan10010]

My family in MI, all say buy if you can, but be prepared to hold on to it for a while. My niece (early 20s) bought a 2 bedroom starter home for she and her hubby and new baby about three years ago. They recently tried to get a home equity loan to do some improvements. The property actually assessed at $10,000 less than they paid for it just three years earlier.

[michiganbob]

Originally Posted by mhogan10010

My family in MI, all say buy if you can, but be prepared to hold on to it for a while. My niece (early 20s) bought a 2 bedroom starter home for she and her hubby and new baby about three years ago. They recently tried to get a home equity loan to do some improvements. The property actually assessed at $10,000 less than they paid for it just three years earlier.

Was it "assessed" (meaning for tax purposes) or "appraised" at $10k less? I wouldn't trust either at this point.

Either way, that's not bad compared to some stories I am reading about folks in Cal, Nevada and Arizona being upside down more than $100K. Their ARMS are ratcheting up and they want to refinance to fixed rates--like the helpful mortgage people told them they could--but the homes aren't worth what they owe, so no deal.

Next stop, Foreclosure City! All aboard!

[bluebunny7]

I have been watching real estate in Oakland County for the past 6 months. Still overpriced. I feel bad for homeowners who recently purchased, but I am not going to overpay just because they did.

I will low ball. I will not overpay. Michigan is in big trouble. I can tell that some people don't get that this change is not a cyclical, it is structural. Not to mention affect of boomer demographics. Your housing prices are likely to go down more.

Also, does anyone have opinions on what neighborhoods or schools are better between Birmingham and Royal Oak? What about good Catholic schools? I don't get the appeal of Rochester? Would someone explain? Don't Birmingham and Royal Oak have better reputations. Willing to learn and listen.