This is just my opinion on what is happening in Oakland County lake front homes for sale. I myself don't think Oakland County Lake front homes have dropped that much in value. Many Oakland County lake homes are holding their value. Sure they have dropped a little but not as much as the rest of the Metro Detroit real estate market.
Many of the lakefront homes in the upper price brackets are not selling. The market is not there. There are currently 114 Oakland County water front homesthat are priced over a million dollars. 114 homes. And only 7 of them have sold in the last year. That means we have a 16.3 year supply of million dollar waterfront homes. That's a lot of homes.
I think we will start see some more drastic price drops over the winter. The longer the Metro Detroit economy is in the dumps the farther home prices will fall. We just don't have the confidence to put that kind of money out on luxurious homes whether they are second homes or a primary home.
So my guess is that we will start seeing some Oakland County lake front home prices start to fall toward the end of the winter.
Russ Ravary your metro Detroit real estate agent
SEARCH OAKLAND COUNTY WATER FRONT HOMES FOR SALE
photos courtesy of Real Comp II ltd
;)
;)
Looks Like a BEAUTIFUL Place to Live and Work...
I read Adam's blog, NEW GROUP - Market Reports about the new group, Market Reports - and it makes perfect sense to me that we leave comments for one another, to help with promoting each others market reports in the search engines.
John