WE? RE #1 I • METR O RETROIT NO OTHERr D

.

MEL FAR

BIGGEST PURCHASE page 59

"Of the 1,500 [real estate]
agents in Oakland County," Nor-
man said, "I would say probably
250 make a good living. You've
got probably another 250 that
make a living, and about 1,000
that are just bumping into each
other and should be in another
profession."
He began selling real estate
part-time while teaching. He sold
$1 million in property that first
year while working part-time. His
income from his part-time job was
$45,000, and $40,000 from his
full-time job. So he chose real es-
tate.
Susan Weinstock of Ralph
Manuel Inc., in Farmington Hills,
agrees with Mr. Norman about
lakefront property.
"Lakes are hot. Everyone
wants a piece of water." she said.
"This is a big change in lifestyle
... I have a lot of friends who sold
their parents' cottages on Sylvan
Lake, Cass Lake, in Keego Har-
bor and even on Silver Lake and
now regret it. When you used to
come out (there) from Southfield,
it used to be such a long ride. But
now we're all here, we're all
around."
But Weinstock, a former art
teacher, sees a great need for con-
dominiums, especially in the
Franklin area.
"What we are missing in this
area are deluxe condos. The up-
scale ones. Not wonderful, like we
have. But six special units built
on a little special piece of land out
in that area."
Asked about changes she has
noted in the business, Weinstock
replied, "Where we used to sug-
gest areas based on price and
what the prospective buyer's
needs were, more people are com-
ing to us and telling us where
they want to live. And the reason
for that is the neighborhoods have
changed.
"We now have a tremendous
mixture of all sorts of nationali-
ties and religions in here (Oak-
, land County). And I think it is
due a lot to the car industry. We
have representatives from all
over the world now coming in,
and everybody is living much
more like New Yorkers do.
"Neighborhoods in New York
did not change the way neigh-
borhoods did here. My girlfriends
that I went to school with in New
York are all now living in their
parents' houses in the same block.
New York didn't have the mi-
gration that you had here.
"I think the migration here has
slowed down, and I think it is
wonderful. I think the neighbor-
hoods are going to stay far more
stable. And I think that's excel-
lent," said Weinstock.
And she has good news for
homeowners in the older suburbs.
"I think prices will stay stable. I
find that the neighborhoods in
Southfield sparkle. People who
have moved in there have main-
tained it beautifully. And where

•

you think people left and the
houses weren't going to be kept
up, it is simply not true.
"Detroit's real estate values
stayed stable because they nev-
er went high and then collapsed,
as they did on both coasts," said
Weinstock. 'We're in a great mar-
ket. Our neighborhoods are go-
ing to be extremely stable from
now on. I think you'll see people
moving back to Oak Park, espe-
cially in the north, around Lin-
coln Road.
"An Oak Park house doesn't
stay on the market for more than
two weeks if it is priced right. Two
weeks and they are gone," she
said.
Is it the effect of investors buy-
ing homes for renting? "Investors
are a dirty word in Oak Park. I
think it is just people moving in
there," she said.
Huntington Woods is also sta-
ble, said Ms. Weinstock. Hunt-
ington Woods homes frequently
are not listed in April, when
much prime real estate comes on
the market. Homes there often
are not listed until July or August
because the owners don't want a
closing until after the High Hol-
idays. `They want one more sum-
mer and the Jewish holidays in
their old home," said Ms. Wein-
stock.
She sees a tremendous influx
of first-floor master bedroom or
ranch condos. 'They don't stay on
the market now. The condo mar-
ket is hot. The Haggerty Road
and Halsted Road area is hot —
it's not far anymore," she said.
"I think we're getting a bulge
of population of 60- to 65-year-
olds. And they are people who
want a first-floor master or a
ranch. There just aren't enough.
There aren't even enough ranch
houses. A lot of these people
would prefer a ranch to a condo.
There are ranches on slabs (avail-
able), but there aren't any with
basements," she explained.
And there are more demo-
graphics to consider. For instance,
those 50- to 65-year-olds who
have been in their house and
raised a family don't want a small
condo because they have grand-
children, and they want their
grandchildren to come over. If you
add this group to the equation, it
is easy to understand why Ms.
Weinstock said ranches are at a
premium. "Ranch houses and
condos, in the $80,000 to
$125,000 range, it is like, 'Find
me one."'
Added Ms. Weinstock, "If peo-
ple have a specific need or want,
they are going to be telling me
right up front. Everybody is
aware of the fact that we, as
agents, should not be directing
them. They, as buyers, should be
directing us. If they need to be
near a school or to walk to a syn-
agogue, they'll tell me.
"Especially in Bloomfield Hills,

BIGGEST PURCHASE page 63

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