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Old 06-07-2017, 11:56 AM
 
Location: Metro Detroit
1,786 posts, read 1,937,484 times
Reputation: 3554

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One of the thing that really surprises me about Oak Park, is that north of 696 it's in Berkley schools, which are some of the best in the metro. You can score a $125,000 home and send your kids to schools that rank 9-10. Once the last of the sub-$200k homes in places like Berkley, Northern RO and Livonia dry up I could see Northern Oak Park becoming very hot among young families. Sadly, southern Oak Park still has garbage schools and that will hold property values down.
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Old 06-07-2017, 12:00 PM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
37,965 posts, read 27,359,940 times
Reputation: 35127
Quote:
Originally Posted by zthatzmanz28 View Post
#140,000 is entry level>>??
That's so cheap it isn't funny. Parking spots near me have sold for more. That's below entry level!
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Old 06-07-2017, 12:14 PM
 
2,477 posts, read 1,770,596 times
Reputation: 3272
Quote:
Originally Posted by Jomz View Post
I knid of agree with this. A friends' house in Sterling heights - with a completely trashed yard and needed repairs was listed for 190k and sold for 205k last week.

House is off dequindre in Sterling heights.
I should sell my house to make profit off of my investment, I need to cuz the market won't stay up this high for long. But stupid part of me kinda loves the house even if I am renting it. Damn why didn't I take the risk and buy another house few years ago. I had the money and credit. Stupid stupid me, I thought about it, I talked about it here but never did it
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Old 06-07-2017, 12:37 PM
 
Location: Detroit Suburbs , MI
157 posts, read 109,247 times
Reputation: 120
Quote:
Originally Posted by keraT View Post
I should sell my house to make profit off of my investment, I need to cuz the market won't stay up this high for long. But stupid part of me kinda loves the house even if I am renting it. Damn why didn't I take the risk and buy another house few years ago. I had the money and credit. Stupid stupid me, I thought about it, I talked about it here but never did it
Well, there will be always some time when the market comes down. keep the money and credit , ready to pounce.
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Old 06-07-2017, 02:14 PM
 
Location: Grosse Ile Michigan
27,776 posts, read 65,692,477 times
Reputation: 32973
Crises!

All the homes under $150,000 are located in places with homes under $150,000


Ohh nooo!

Where are all the homes for under $150,000 in cities with no homes under $200,000?

Ask Disney maybe they can help.



I did a search of Zillow for homes in Michigan under $150,000. It got 72,000 hits.
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Old 06-07-2017, 04:54 PM
 
2,952 posts, read 4,355,284 times
Reputation: 2238
Eh, I have never understood why newspapers quote realty associations. They perpetually say that "there isn't much left" in X neighborhood, area, state, no matter what.

That is their job!
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Old 06-07-2017, 06:00 PM
 
Location: Kansas City, MISSOURI
12,341 posts, read 3,781,217 times
Reputation: 9088
Dumb article, and unfortunately I see a lot like this lately:
Quote:
Michigan is seeing a near-crisis in affordable home building, as difficulty with lending, regulations and a dwindling skilled-trade workforce have struggled to get Michigan out of a construction recession it’s been in for nearly a decade.
That is, there is a shortage of NEW affordable homes. It says nothing about affordable EXISTING homes, which in Michigan (and elsewhere) exist in abundant supply. The article tries to paint a crisis where there is none.
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Old 06-07-2017, 08:35 PM
 
Location: Back in the Mitten. Formerly NC
3,819 posts, read 5,475,426 times
Reputation: 5266
Quote:
Originally Posted by Geo-Aggie View Post
Yeahhh, but in 2007 one could get approved for a $450,000 jumbo ARM on paying interest only, if they had a pulse and a bank account... so that's probably not a great example.

That being said, $140,000 is not an unrealistic price for a home in a middle class neighborhood. Run that number by anyone in the west or the northeast and they'll about hit the floor with shock at how affordable that is. If you're putting $15k down you're looking at a payment of about $600 a month, with a 4% interest rate. Throw in taxes and insurance and you're at what? $900? $1000? That's less than rent on a 2 bedroom place for most.
First, I need to correct myself. I was approved for 150k on a $30K salary in late 2008. I moved in 2007 but rented a year. I closed in November 2008. I purchased when they were giving tax rebates for first time buyers to purchase homes because foreclosures were popping up all over. I actually bought a foreclosure.

Anyway, $140k with $15k down will be more in the upper end of your range, with taxes, insurance, and mortgage insurance. Closer to $1000-1100, especially because 4% is on the low end. Most loans I see are in the 4.25-4.375 range, with some going over 5%. If I see 4% or lower, it is usually an ARM or has been in limbo for months. Regardless, a $125K loan is as cheap as a two bedroom apartment in most of Metro Detroit. Heck. As cheap as a one bedroom apartment in most of Oakland County.



Quote:
Originally Posted by MetroMetro View Post
What do you think this will do to property values in "less desirable" inner-ring suburbs like Oak Park & Hazel Park? I bought a starter home in Oak Park in May 2016 for $88k and I've already had inquiries about whether I'm willing to sell. So, it seems like this seller's market and lack of inventory will bode well for communities like mine.
Hazel Park homes are selling over appraisal with multiple offers in just hours.

Quote:
Originally Posted by BayAreaHillbilly View Post
Hazeltucky has arrived. The Hipsters have discovered it!

Lol. They can't afford the other inner ring suburbs anymore.
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Old 06-07-2017, 11:37 PM
 
1,851 posts, read 2,299,897 times
Reputation: 1864
There are other inner ring suburbs besides those in southeastern Oakland County. I doubt Eastpointe, Redford, and Lincoln Park houses are selling like hotcakes. I am glad that some of the older suburbs are in demand, we really need to curb this sprawl. Like I have said before, we have the same metro population as 1970, but today, that same population is spread out over a vastly larger area.
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Old 06-08-2017, 12:17 AM
 
Location: Detroit
3,671 posts, read 4,810,585 times
Reputation: 2624
Quote:
Originally Posted by BayAreaHillbilly View Post
If anything, SE MI is already too much like the LA of a couple or three decades ago, before density increased. And, SE MI would do well to follow in the footsteps of LA in terms of pursuing close in developments instead of sprawl upon sprawl.
Agreed with you and US Route. They need to put a 50 mile greenbelt around the entire Metro Detroit area. People and jobs moving further and further out for the past 50 years and it's getting ridiculous. The thing with LA has always been it's proximity to the border thus having a large influx of immigrants filling up the older communities as other people moved further out. Maybe Metro Detroit should just allow a large flood of immigrants come in and fill up the older communities, through a screening process of course.
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