Monthly Report: Detroit Property Market For The Month Of February

Monthly Report: Detroit Property Market For The Month Of February

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Monthly Report: Detroit property market for the month of February

The comparative report of the month of February of the year 2010 and 2009, shows a rise in sale of non foreclosure properties in Detroit, Oakland, Wayne and Macomb Counties in 2010. The statistics of home sales released by Realcomp II Ltd indicated that the sale of non- foreclosure properties increased because of the tax credit benefit given to the first time home buyers.

Foreclosure sales: The number of foreclosure sales was low in the month of February, but the price of sales increased .The median sale price has also increased in the region.

Non foreclosure sales: The number of non- foreclosure sales increased in the month of February in every County as per the data released by the Farmington Hills-based company.


Oakland County

Non - foreclosure sales: The number of sales, in the month of February, in 2009, in Oakland County was 311 and in the year 2010, the non foreclosure sales was 602.

Foreclosure sales: The number of foreclosure sales in the month of February in 2009 in Oakland County was 608, which reduced to 544 in 2010.

Median Sale Price: The median sale price for non foreclosure properties in the county reduced from $154,500 to $134,450, when compared to the previous year record, whereas, if the foreclosure properties is included, the median sale price increase by 1% to $52,950.


Detroit County

Non - foreclosure sales: In Detroit, in February 2009, sale of non-foreclosure properties was 95, which rose to 123 in 2010.

Foreclosure sales: The number of foreclosure sale reduced in the month of February to 548 in 2010 from 782 in 2009.

Median Sale Price: The median sale price of non-foreclosure properties in Detroit increased from $9,450 in the last year to $15,500 in 2010.The median price of foreclosure properties increased by 11.9 % to $6,153.


Wayne County

Non - foreclosure sales: In Wayne County, the sale of non-foreclosure properties sale was up from last years 394 to 590.

Foreclosure sales: The sale of foreclosure properties reduced in the period from 1,359 in the last year to 1,057 in 2010.

Median Sale Price: The non-foreclosure median sale cost dropped from $85,500 in the last year to $74,000 in 2010, and the median sale price of foreclosure properties increased by 26.3 % to $15,157.


Macomb County

Non - foreclosure sales: The sale of non foreclosure properties in Macomb County was up to 256 from 169.

Foreclosure sales: The sale of foreclosure properties dropped from 407 in 2009 to 357 in 2010.

Median Sale Price: The median sale price in Macomb County lowered from $120,000 in the last year to $99,950 in the current year, in case of, non-foreclosure properties and for foreclosure properties the median sale price lowered by almost 9.1% to $40,000.


Investors from UK and Australia seeking opportunities in Detroit

A number of investors from United Kingdom and Australia are showing their interests in Detroit properties. One of the real estate agent in the city said that he has got at least ten clients who are buying properties in Detroit in bulk and they are from out of state.

The priority of the investors in Detroit is to get cheap decent homes. One of the local real estate investor claimed that they sold more than thirty homes in one day to one investor. The new landlords of Detroit are buyer from outside the state.

A long list of landlords are still interested in buying the housing stock of the city, which had one of the highest owner occupied house in U.S., a few years back. Most of the houses sold are single family houses and not high rise apartments as found in large cities. Detroit has one of the lowest detached ownership rates as per the latest records released by Kurt Metzger and the citys population plunged to half during the economic recession.

The aim to buy the houses is to get rentals, which will cover the maintenance cost and the property will fetch good value as the market improves.

What you need to consider when you buy a house?

The house bought through reliable real estate agent can be bought at a low price and they can fetch good amount in rentals .After a few years, the property prices will be good enough to get almost double the money invested in buying the property. Rentals, typically, in Detroit region carry from $800 to $1000, and government intervention can get you a subsidized rent.

The city officials confirmed the news that there were numerous investors who were buying properties in Detroit. The investors have to contact the local Building Safety and Engineering Department to rent the properties. The city officials also said that they were trying to make sure that the people who make investments in the properties should be able to keep up the properties, to prevent another crisis.

The city officials said that we are convincing people to rent to own the houses or lease to own the houses, to get home ownership. But the tight credit and mortgage is making it difficult for the people to buy home. Investors from outside the state are trying to hire local manager to take care of their properties .One of the Calif.-based investors Michael Alexander, bought 150 properties in Detroit and he has kept a local manager to take care of the rentals.

Detroit had one of the highest number of foreclosure notices as the market was down in the year 2009 and in certain cases, the mortgaged houses were in sale for a low value of $1.There are at least 1,800 homes, which is offered for a low value of $10,000 and they are worth of at least more than ten times the sale price.

Two major deals of Detroits Midtown

Detroit midtown is speculated for being a prospective site for sports development and other developments, raising the land speculation in the region .The plans of the light-rail transit, that will go from Hart Plaza to Eight Mile ,has also raised the sale of properties.

Last month, first biggest land deals was made in Detroit Midtown by an investment firm of Palo Alto, Calif., that invested in former Eddystone Hotel area and on the lands in the neighborhood .The second biggest deal was of $650,000 ,which was made at 131 Temple, and the property was sold by a local developer.



Mayfair Group. Reg. No. 6609354. Registered in England. Registered Office: Berkeley Square House, 2nd Floor, Berkeley Square, Mayfair, London, W1J 6BD, United Kingdom www.mayfair-group.com






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