MARK Z's Blog: Commerce Township Real Estate

GOLF MANOR SUBDIVISION MARKET UPDATE

Address                         BR      Baths        SF         Style               Status                 Price

8412 Buffalo                 4          2           1977     Tri-Level          For Sale            $125,000

2589 Red Arrow           3          1 ½       1496     Ranch             For Sale            $152,900

8435 Buffalo                 3          1 ½       1800     Tri-Level          For Sale            $148,000

8626 Buffalo                 3          2            2113     Tri-Level         For Sale            $159,900

8656 War Bonnet         3         1 ½        1522      Colonial          For Sale            $159,900

2580…

It's nothing new among self made millionaires, and independently wealthy individuals who have accumulated wealth through their own means, to go against the common trend in society.  As a matter of fact most millionaires are made during a recession.

Our current Commerce Township real estate market in Michigan provides such opportunities that are being overlooked by many due to the emotional and financial pain associated with the decrease in value of their own homes.  For the past 20 years when Commerce Township home values were consistently appreciating every year, we all felt good about the market and homeowners wouldn't think twice about selling their home for a gain and buy a larger more expensive home.

But consider this example.  Lets turn back…

There is no way to sugar coat what is going on with the real estate market and home prices in general in the Detroit Metro area.  This update is specific to the Commerce Township Real Estate market.  The number of homes sold in Commerce Township, so far in 2008 (29 homes sold) have fallen 31% compared to 2007 (42 homes sold) this same time.  In 2007 the highest price home sold through February was $600,000 and in 2008 the highest price home sold in Commerce Township was $421,600.

Whats worse is the condo or townhouse market in Commerce Township.  Homes prices have been hit hard, but not as hard as the condominium real estate market.  The average condo sold in 2007 for $115 per square foot compared to $90 per square foot in 2008.  Thats a decrease of 22%. …