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.
Many University of Michigan business students who have an entrepreneurial streak take Professor Jerry Davis’ start-up class. Davis has lived in the Silicon Valley, he has a Ph.D. from Stanford University, and he has advice for young people: Forget the Bay Area.
“You spend a whole lot of your time on freeways. It’s expensive, it’s annoying. The weather is beautiful, but basically the Bay Area has turned into Los Angeles,” Davis says. “All the things that people hate about LA are now true of the Bay Area.”
After the housing crash, markets across the country have been on a long road to recovery. These markets are still undervalued, according to real estate investment firm West Realty Advisors.
invest in Detroit
when the founding team members of Shinola were deciding where to locate their company, Detroit was a very early and strong favorite. Shinola manufactures a variety of high quality handcrafted products, including watches, leather goods, bicycles in the $1,000 to $3,000 range and high-end pet products (a tonal leather dog leash sells for $125.00). Steve Bock, the president of Bedrock, the holding company for Shinola, explained that they were attracted to the city because its history is steeped in manufacturing. “If you look at what Detroit stands for and the future of the city, it became an ideal choice to situate our base,” he said, and invest in Detroit.