Southeast Michigan - Oakland County Real Estate Blog

Last One to Leave, Turn Out the Lights.  I'm gonna stay, fight, and be left standing.  Unless, of course someone could smack some sense into me.

What's your funny or shocking story? 

On a recent training trip to California my colleagues first laughed and then were shocked when explained that I wanted an "Infinity" brand car but was not allowed to purchase one.  They thought I was joking when I explained that there wasn't an agent in Michigan that would be seen in anything not OBVIOUSLY built by Ford, Chrysler, or GM.  You try pulling up to a listing appointment in a Honda and see how many clients you get.

Most of my business is located in Oakland County.  In the past Oakland County Michigan has quoted itself as one of the 5 most affluent counties in the country.  Maybe, maybe not.

While many areas of the country enjoyed a housing bubble in the early part of the century, I was listing homes for employees of the Big 3 automakers and their suppliers - AND THERE ARE A LOT OF SUPPLIERS!  I had to explain to my clients that the great housing market bubble was not relevant in Michigan.  The Auto industry was already quietly tanking and housing values were stagnant.  Southeast Michigan is/was the definition of a localized economy.  I can't think of a larger geographical area more dependant on one single industry.

When my best friend called me in 2005 and informed me that "he had his training and could now originate mortgages" I knew it was time to be scared.  I called him a "Fruitcake" when he tried to tell me about a loan that allowed a borrower to decide if they wanted to pay 6% or 1% - They could choose each month how much to pay.

I told him it was bullshit or there was a catch.  He didn't understand negative amortization and was out writing Flex loans for any takers.  Not for my clients, thank god. 

A local builder's idea of demographic due diligence was checking to see if a Wall-Mart was close enough.  if so, then up went another site-condo development.

The mass Exodus from the area is phenomenal and the stats -per capita -shock me every day.  I lose a friend or relative moving out of state every week.

These are NOT Detroit statistics - those are even worse - These are previously affluent suburbs in North Oakland County...

Unemployment -  Michigan's seasonally adjusted jobless rate in July was 7.2%, highest in the country.

Distressed sales for March 98% (I have no idea where the 2% that aren't foreclosures or well below SEV are)

Number of active listings (NOT including vac land, condo, bankrupt devel, etc) = 17,000 (was 5,000 in 2001)

Number of sales for March '08 = 523

Percent of sales with bank owned title (does not include shorts)  = 67%

So what surprises you?