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Metro Detroit home sales, prices hit 10-year record high in May

Metro Detroit home sales and media sale prices hit a 10-year record high in May, according to Farmington Hills-based Realcomp Ltd. II.

Realcomp: Sales up 8%, median sale prices rise 3.8%, year-over-year

Metro Detroit saw record median home sale prices in May, while the number of sales reached a 10-year high, in the latest year-over-year figures released Thursday.

Median home and condominium sales jumped 8 percent and sale prices increased 3.8 percent in Wayne, Oakland, Macomb and Livingston counties, according to Farmington Hills-based Realcomp Ltd. II. 

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High returns bring foreign investors to Detroit real estate market

The Charles Trombly House at 553 E. Jefferson Ave. is one of the few remaining pre-Civil War buildings in Detroit still standing.

Comparatively high rates of return on real estate investments in greater downtown and metro Detroit as a whole continue to drive foreign investors to the region in search of deals.

It’s difficult to quantify exactly how much money from overseas has been spent on real estate investment sales in the past few years, but it’s well into the several hundred millions of dollars, said Dennis Bernard, founder and president of Southfield-based Bernard Financial Group Inc.
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Why These 5 Investors Are Interested in Detroit?

Why These 5 Investors Are Interested in Detroit

Detroit, Michigan was once a manufacturing mecca, a city where industry and production combined with a rich culture all built around the automotive industry. Recent years have shown a downward trend into citywide chapter 9 bankruptcy, and the perception of Detroit has become one of a dangerous ghost town. The reality is, it’s a city waiting to make a comeback; a city of rich history and great potential, and it’s something many people are beginning to recognize.
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Detroit’s population loss slows; some suburbs see gains

Detroit population

Detroit continues to lose residents, but the population loss appears to be slowing, with about 1% moving out between 2013 and 2014, according to estimates released today by the U.S. Census Bureau.

Detroit View

View looking east towards the McArthur Bridge to Belle Isle from the First National building in Detroit on May 8. According to estimates released by the U.S. Census Bureau, Detroit continues to lose residents.
(Photo: Romain Blanquart, Detroit Free Press)


In the tri-county area, the Oakland County suburbs of Lyon and Oakland townships and Sylvan Lake, as well as Macomb and Washington townships in Macomb County grew the fastest, according to the estimates.
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INDEPENDENT ADVICE

Detroit Property Management has worked with investment funds and high net worth individuals in dealing with each stage of the investment process

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PORTFOLIO DEVELOPMENT

Detroit Property Management has built up a strong network of clients and professionals and is active in acquiring and disposing of properties on their behalf

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PROPERTY MANAGEMENT

Detroit Property Management has experience in developing property in the USA: Assessment of development proposals, Negotiation of contracts

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