Breaking real estate discovery: it is easier for rich people to buy homes than poor people! Also, there are more of those in affluent Oakland County, which accounted for 85 percent of the 216 luxury homes sold in the region last year. Ah yes, once again real estate reporting in Detroit astounds with its obviousness and not-so-ground breaking quotes from local agents. When the numbers show that luxury sales are up, it is best to call agents around town to get boring quotes that confirm it. Also, news that home sales are up in the $250 K to 750 K price range means some people are getting deals in Macomb, Oakland and Wayne counties!
"Those are the only people who get mortgages without any hassles," said Frank Brace, a Realtor at Keller Williams in Plymouth. "It also brings to mind the tremendous deals still available — prices that are 30 percent, 40 percent lower than what the homes previously were listed," he said. "Those prices in the $750,000 range are likely homes that were priced at the $1 million range at one time."Well bring on the carpetbaggers interested in bland suburban architecture, Detroit News. It will give you more opportunities to whine about gentrification later. There must be someone getting priced out by now and ready to cry about it.
· Metro Detroit home buyers set sights on the upper end [The Detroit News]