Discuss Detroit Archives - January 2008 Detroit home sales up by 15% Previous Next
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Rockcity2windycity
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Username: Rockcity2windycity

Post Number: 265
Registered: 11-2005
Posted on Friday, February 15, 2008 - 3:05 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

With the poor housing market across America this might be enough to make people overlook Kwame's indiscretions.

http://www.detnews.com/apps/pb cs.dll/article?AID=/20080215/B IZ/802150373

Sales of residential and condominium units in Detroit nearly doubled in January, compared with the same month a year ago, and the region overall got a nearly 15 percent bump, according to real estate data firm Realcomp.

The city of Detroit led the gainers, posting a 45.5 percent increase in the month, with 736 closings.

Seven Realtors who deal primarily in downtown Detroit area property said they have enjoyed some of their recent best sale months in December and January. Sales of houses and condominiums in Detroit jumped by a 33.9 percent in December 2007, compared to December 2006. No other market in the Metro Detroit area came close to that kind of increase last year, according to Realcomp.
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Rockcity2windycity
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Username: Rockcity2windycity

Post Number: 266
Registered: 11-2005
Posted on Friday, February 15, 2008 - 3:07 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

The headline should've read Metro Detroit but it's still good news for Detroit
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Johnlodge
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Username: Johnlodge

Post Number: 5129
Registered: 10-2003
Posted on Friday, February 15, 2008 - 3:41 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Don't let Detroitrise see this thread.
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Detroitnerd
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Username: Detroitnerd

Post Number: 1909
Registered: 07-2004
Posted on Friday, February 15, 2008 - 3:42 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I am unimpressed.
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Mackinaw
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Username: Mackinaw

Post Number: 4439
Registered: 02-2005
Posted on Friday, February 15, 2008 - 4:20 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

While it did go up for the whole area, Rockcity, Detroit improved by twice as much, thus the headline.

Great news, but no surprising. When prices get so low, things tend to move off the market.
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Detroitbill
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Username: Detroitbill

Post Number: 456
Registered: 09-2006
Posted on Friday, February 15, 2008 - 5:13 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

This is good, many of the units downtown were really overpriced to what they should be, Far better to adjust price for the market, make sales, gain stability and go from there,,Market corrections in the long run are generally for the better if your purchasing. This happened in Toronto and on the U.S, east coast in the mid 90s. Prices dropped sharply ,, units then sold quickly and within 4-5 years had rebounded nicely.Those that did best were the ones who got in when the prices were good. Montreal property in the early 90s was a give away due to the political environment and now has turned around totally.
Downtown has promise in it, If its administration can keep its pants on, the public shows patience for economic conditions to stabilize and the metro area shows faith in it,, we should do well in the coming five years. Many people either dont believe this or cant wait ,, so this should be interesting.. I do feel we will be pleased as we get over the hump in a couple of years. 2008 should be a year of very good value for those looking..
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Hockey_guy
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Username: Hockey_guy

Post Number: 19
Registered: 11-2007
Posted on Friday, February 15, 2008 - 5:23 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Does this mean Detroit's population is stabilizing?
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Detroitnerd
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Username: Detroitnerd

Post Number: 1916
Registered: 07-2004
Posted on Friday, February 15, 2008 - 5:36 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

They just bought houses. Nobody said anything 'bout livin' in 'em. :-)
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Mwilbert
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Username: Mwilbert

Post Number: 91
Registered: 11-2007
Posted on Friday, February 15, 2008 - 5:47 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Detroit's population is redistributing. Expect more of this, and not just inside the city limits, but I don't think there is any reason to think it is stabilized yet. The regional economy will need to stabilize first.
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Mackinaw
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Username: Mackinaw

Post Number: 4441
Registered: 02-2005
Posted on Friday, February 15, 2008 - 6:21 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Actually that was a total lie, Rockcity is right. Detroit sales were up by 45.5 percent. Good stuff.
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Detroitrise
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Username: Detroitrise

Post Number: 1571
Registered: 09-2007
Posted on Friday, February 15, 2008 - 6:27 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

The ultimate question is, are people actually RESIDING in these homes, or are they just purchasing them for home improvement?

It's a no-win situation if it's just for home improvement.
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Goldensunshine
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Username: Goldensunshine

Post Number: 72
Registered: 11-2005
Posted on Friday, February 15, 2008 - 6:29 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Yah, I know for sure people are snatching the foreclosures up, to fix them up if they need fixing, to rent them out, or put them back on the market for regular price. If you can buy them outright, for cheap, with no mortgage, thus no carrying cost, why not?

My husband and I were on realtor.com the other day . . . saw a house on Outer Drive selling for $5000 . . . it got snatched up very quickly.
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Bobj
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Username: Bobj

Post Number: 3876
Registered: 11-2003
Posted on Friday, February 15, 2008 - 7:46 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Good news, maybe we hit bottom!
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Hockey_guy
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Username: Hockey_guy

Post Number: 20
Registered: 11-2007
Posted on Friday, February 15, 2008 - 8:42 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I live in Mid-Michigan and always heard about Detroit's bad reputation. So 2 years ago when I was 20 I actually went inside the city limits of Detroit. And loved it! By the Hitsville USA, and those new townhouses(brush park) on Woodward, it looked fine. I wonder what Detroit's population will stabilize at? St. louis and Baltimore have stopped population lose, after a long time of decline. Is Detroit next? Who knows....

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