3 Big Items about Michigan Real Estate in the News:
1. In the Sunday’s Business Section of Detroit News – a front page story about new businesses flocking to Ferndale. It is always amusing to hear people musing about missing out on the hot market of todays for example Birmingham, Royal Oak, Traverse City, Canton, Belleville and the evergreen Ann Arbor – but at the same time making no effort to see what is going to be hot in the next 24 months.
I have talked about Ferndale a lot recently to my coaching group students who live or invest in Oakland county even talked about briefly as an example of a good long term play during my last workshop in May.
If you think about it then off course it makes a lots of sense – only 3% of the city’s retail and office space is empty, it is right next door to Royal Oak which is young, hip, vibrant and very expensive right now.
Property values in Ferndale have soared ove 100% in the last decade according to Detroit News. More then 50 new businesses have opened up since 2002. Not to mention a $7 million dollar project to build 32 lofts.
I would suggest that if you are looking to buying Michigan real estate for a long term play – either lease options on single family houses or apartment complexes / duplexes for cash flow – Ferndale deserves a strong consideration from you.
2. Migration happening away from typical suburbs of Oakland and Wayne counties into further Northern areas – once again important thing to mark on your investing calendar if you are familiar with these areas. It is really interesting to see how Canton or Milford have literally transformed ourselves in front of our eyes.
Imagine knowing 7 years ago how hot Canton is going to get and buying houses there. Question for you is do you know what are the “hot spots” for the next 3 years in your county or surrounding suburbs?
Are you watching what is happening in your city or surrounding city? There is lots of money in knowing what other real estate investors don’t know. You can buy houses in foreclosure, land, duplexes and just watch their values go through the roof in these hot areas.
As we speak, I have my own watch list of the hot areas in Michigan – 3 towns that I am watching with great interest and waiting for the right time to make a very serious move.
Do you have a list like that in your computer or is it just luck that is determining where and what to buy???
3. The rise of the suburban downtown – If you wanted to see how the big boys sell real estate then Sunday you have to be in downtown Royal Oak – I went to see the cermony surrounding the opening of the sales office of Main North Terraces in Downtown Royal Oak.
Live Jazz band, free food and drinks – result 40 condos sold in 3 hours – base price $300,000 – for a 1 bedroom, 1 bathroom condominium in a 10 story building.
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