General question for Real estate owners

[Michael Greene]

I'm not sure if this is the right place for this, but i just have a question to ask out of curiosity. Sometimes i drive through the rich neighborhood of the metro detroit area (Grosse Pointe) and look at the houses as motivation, but i noticed something strange recently.....A LOT of the houses are up for sale, like...A LOT. Huge mansions, probably 7 and 8 figure homes and all pretty relatively close to each other. My question is, in the real estate world...is that a signal for something ? As in, maybe those people know something less affluent people don't know yet? or am i trippin? lol

 

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[SteveO]

That is a sign that a buying opportunity may be on the horizon in the right situation. What seems odd here is that the economy is doing fine as is the re market. Detroit has had a serious upswing in values. Perhaps people are ready to cash in.

 

[jon.a]

Cashing out. Maybe they bought during the down turn.

 

[Tilos]

It definitely a seller's market. If they're a lot of For Sale signs, that's telling you something.

Any idea what's surrounding the Gross Pointe Area? Maybe a surge of apartments or commercial that's causing them to sell.


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[Michael Greene]

It definitely a seller's market. If they're a lot of For Sale signs, that's telling you something.

Any idea what's surrounding the Gross Pointe Area? Maybe a surge of apartments or commercial that's causing them to sell.


Sent from my iPhone using Tapatalk

Yeah, i just thought it was kind of strange to see so many houses, mansions at that, being up for sale in the same area. Grosse Pointe is actually not that big of an area, but its mostly houses..very few commercial properties and fewer apartments. Downtown Detroit is like 15 minutes away though and there's a lot of commercial properties and apartments going up down there. Maybe it's related.

But...correct me if i'm wrong..i'm learning, you guys are suggesting that maybe these people bought their houses when they were cheaper and re market was at a low...and they're selling them now because the economy is up? That would make sense, i guess i just didnt even consider that people would buy those kinds of houses to flip them

 

[HayesTech]

I live nearby Grosse Pointe as well, there is nothing ghetto about this area, despite its proximity to Detroit. The founder of art van has a house there that is enormous and the Ford mansion is there too. These houses are totally uncharacteristic for MI. My theory is that they want to get around more people like themselves (West Bloomfield) or they want to get out of Michigan while the markets high. (Michigan blows, think MJs winter experience in Chicago)