  Gistok Member Username: Gistok Post Number: 5288 Registered: 08-2004 |
On the VW HQ moving to Virginia thread, Quinn brought up an interesting question about who will buy their houses. Well that got me to thinking, who is going to buy the mansions and large homes of the top 200 Comerica officers moving to Texas? Will Comerica buy them up and hold on to them until the local economy improves? I'm sure that won't sit well with Comerica stockholders. Taking a bath on reduced home sale prices would be too "Schadenfreude" to be true for Comerica's top brass, so I wonder what will happen with those residences? If the top brass homes averaged $400-$500 thousand (and up), that's nearly $100 million in home values (and moving costs) that won't be moving any time soon. Just wondering? | ||
Patrick Member Username: Patrick Post Number: 4904 Registered: 10-2003 |
Eh, who is gonna buy the homes of several hundred more Comerica employees who will be silently transferred to Texas in the next 5 years? | ||
Lilpup Member Username: Lilpup Post Number: 2716 Registered: 06-2004 |
wouldn't be surprised if some of the top brass was already commuting from Texas | ||
Wolverine Member Username: Wolverine Post Number: 364 Registered: 04-2004 |
"Will Comerica buy them up and hold on to them until the local economy improves?" It wouldn't surprise me. | ||
Rustic Member Username: Rustic Post Number: 3153 Registered: 10-2003 |
sic scrappers on those piles of bricks ... | ||
Novine Member Username: Novine Post Number: 107 Registered: 07-2007 |
If they're priced to sell, they'll sell. http://mioaklandcounty.com/blo g/2007/08/15/oakland-county-ho me-sales-up-in-july/ | ||
Crawford Member Username: Crawford Post Number: 121 Registered: 10-2006 |
^ LOL, that blog is written by a broker. I guess times are hard and she has lots of time on her hands. | ||
Soomka1 Member Username: Soomka1 Post Number: 36 Registered: 02-2007 |
The big guns probably have the typical relocation deal. They can try to sell it on their own, or they can accept a price that is set by Comerica's relocation people. Usually people try to get more on their own for a while, and if they don't sell it, then they take the price the company set. With the way things are with Michigan real estate though, Comerica is going to have a lot of places to sell off. They are going to have to raise everyone's service charges for a while to catch up. | ||
Rocket_city Member Username: Rocket_city Post Number: 383 Registered: 04-2006 |
This question is like asking (in the 1940s): who will buy all the luxury mansions in Boston-Edison/Indian Village/Palmer Park/Rosedale Park/Brush Park when the entire city empties out in the 1970s? This is nothing new to the Detroit area. Oakland County, maybe, but OC is Detroit, just separated by an imaginary line that was suppose to be designed so that the people north of it never have to suffer from their created disaster. | ||
Jt1 Member Username: Jt1 Post Number: 10041 Registered: 10-2003 |
I know a few people that are being discussed and they have sold their homes. Comerica ate a large chunk of the price and allowed them to sell considerably below market value. It is easy to sell a home when you can discount the heck out of it then get a check from your employer for the difference. | ||
Gistok Member Username: Gistok Post Number: 5290 Registered: 08-2004 |
Thanks Jt1, that scenario makes the most sense to me. It didn't make sense for Comerica to just sit on 200 or so empty McMansions. | ||
Zephyrprocess Member Username: Zephyrprocess Post Number: 458 Registered: 08-2006 |
Just like what happened in Ann Arbor with Pfizer buying out the homes of those folks whom they transferred to Groton, Connecticut |
