Real Estate in Lakewood: It is a-changing

Transitioning from buyer's market to seller's market — on some homes...got one?

I've been working as a Lakewood Realtor(R) for 6+ years and I show a lot of homes in Lakewood. I also SELL a fair amount of homes here. I'm noticing a trend that I think we homeowners should pay attention to.

The "market" is changing. We are transitioning from what was a buyer's market to what is rapidly becoming a seller's market...on individual homes. It's a strange phenomenon because a home that has sat on the market for some time MAY continue to sit some more, while a home that went up on Saturday is sold by the following THURS and at a great price. I bet you want that!

In real estate its always the same 3 things: Price, location and/or condition. That's why your house does or doesn't sell...sounds so boring.

Here's how its working now:

1) House is clean, uncluttered, priced exactly right for its condition, it gets a lot of showings, gets an offer, SOLD!

So what? you say...

Let's make it real....

1) I have some buyers looking between Manor Park and Woodward. Close to Detroit (the downtown area): 3 bedrms, 2 ba, 1800 sq ft, fenced yard, hardwood, up to $200K....GOT ANYTHING?:??

When's the last time you heard someone WAITING for a house to come up?

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Mark Buckley February 12, 2013 at 11:40 PM
You should advise your buyers of Dru Siley's ( director of development ) abuse of "conditional use" on residential properties off Detroit ave. They should also be made aware of his predilection for big box stores on that street. Take them by Grace Ave. Have a good look at the scale of the Drug Mart site. He orchestrated the demolition of a residential apartment building on Grace as well the truncating of the property of the house next to it. All this to accomodate a large commercial interest at a very real cost to the people who live on the street. Your buyers should know that any street off Detroit is in play.
maggie j robinson February 13, 2013 at 01:57 AM
Interesting you should mention that apt bldg...now gone! It was my first 8 yrs in our fair city spent in that very bldg!
Mark Buckley February 13, 2013 at 03:22 AM
Small world. Sadly the last group of tenants all of them good neighbors, some of them veterens, many on disability were evicted by Drug Mart before the Planning Comission even considered Mr. Siley's plan for the site.
AL Resident February 28, 2013 at 10:48 PM
I prefer Drug Mart to a rundown apartment building. I think most Lakewood residents (and anyone that wants to become a resident) understand that Detroit Rd & Madison Ave are the commercial corridors of the City and are fine with it. I don't see how rezoning one parcel to commercial is going to hurt property values of nearby homes...especially when that parcel was already zoned for multi-family and is adjacent to a commercially zoned property. In this specific case I would argue that it probably even helps them. The city has more than enough multi-family housing, but its completely under served with retail. Time has passed by the majority of the existing retail and small office space in Lakewood that was built in the early part of the last century. Those spaces are for the most part obsolete which is evidenced by their continued vacancy. We need to update and I think Siley understands this and is taking the appropriate actions. Anything is better than vacant storefronts.


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