Friday, February 15, 2008

Detroit Real Estate Boom? 45.5% Increase in Sales

Detroit News -- 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% bump. The city of Detroit led the gainers, posting a 45.5% 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% in December 2007, compared to December 2006. No other market in the Metro Detroit area came close to that kind of increase last year.

Realtors credit tumbling prices, low interest rates and sales of foreclosed properties or properties hoping to avoid foreclosures.

6 Comments:

At 2/15/2008 10:54 AM, Anonymous sarlevin@umflint.edu said...

Oakland County also has a record high foreclosure rate right now. Sad times for the area.

 
At 2/15/2008 1:59 PM, Anonymous marmico said...

Is there some correlation between Detroit housing resales and the Michigan's consumer sentiment index?

Btw, nice shot of the Motown skyline from Canada.

 
At 2/15/2008 5:37 PM, Anonymous Anonymous said...

marmico said...

"Btw, nice shot of the Motown skyline from Canada."

Looks like it was taken from around the north end of Oullette Ave. near Dieppe Park.

 
At 2/15/2008 6:41 PM, Anonymous marmico said...

Anon, 5:37,

Nice view across the Detroit River. Windsor couldn't convince me in '77 (although there was no lock-in on tuition in those days). So sometimes I view it from the Ambassador Bridge on my way to the I-75.

Thanks for taking the time to GPS it.

 
At 2/16/2008 9:33 AM, Blogger juandos said...

Hmmm, did the state of Michigan become a bit more lenient with their issuance of conceal carry and Castle doctrine laws?

Michigan sees fewer gun deaths -- with more permits

January 6, 2008

By DAWSON BELL

FREE PRESS STAFF WRITER

Six years after new rules made it much easier to get a license to carry concealed weapons, the number of Michiganders legally packing heat has increased more than six-fold.

But dire predictions about increased violence and bloodshed have largely gone unfulfilled, according to law enforcement officials and, to the extent they can be measured, crime statistics.
(there is more)

 
At 2/17/2008 3:22 PM, Anonymous Alex said...

Upside - you get a nice cheap place to live.

Downside - You're in Detroit.

 

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