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Cal The Sales Department (810) 354-7123 Ext. 209
THE JEWISH NEWS
hot? "Novi is growing. The Lyon ed now in terms of their likes and
townships and Fenton are grow- dislikes. They are using their
ing. And more and more Jews heads more and putting their
seem to want lakefronts," she emotions second," she said.
said.
"Buyers are looking in all kinds
Bella Brookenthal of the West of counties. They want to see
Bloomfield-based the Michigan everything there is, everyplace
Group Realtors, Inc., has seen the there is. And they want to make
market change in the eight years their own decisions on it."
she's been active in it, and much
She agrees that lakefront prop-
of that change has been in the erty has become hot, if the price
perception of condos.
is right. "People are looking for a
"Condos used to be like a pun- little cottage on a lake that they
ishment," said Brookenthal. "If can tear down and then put a
you were given a condo listing, very large home on, for millions.
you wondered what you did And they want to build it to their
wrong to deserve it. Now, they own taste, as opposed to buying
are real popular and they sell real one that someone has built to
fast."
their taste. All those cottages we
Brookenthal partially attrib- used to know years ago are all
utes that - change to the mansions.
emergence of 20-
something buyers,
whether married or
single, who have
"gone to college, got a
job, and are not sure
what to do about
grass and lawns, so
they are happy with
condos."
But not everyone
agrees about the
home buying power of
the Generation X
market.
Susan Weinstock discusses a house with Robin
"I think a lot of chil- Sternberg, holding her son, Matthew.
dren that grew up in
Oakland County and come back
"But a lot of people still want
and are making $20,000 to a little summer home where
$25,000 a year as college gradu- they'll take a little cottage and fix
ates don't have a prayer of buy- it up nicely for the summer. But
ing a house in Oakland County," even those lakefront houses are
said Sandy Norman.
drying up, pardon the pun, be-
"It is very challenging for cause there's only so many pieces
young college graduates and for of property you can buy that's on
all young people 21 to 25 years a lake.
old to come back now and live as
"The negative is that it keeps
well as their baby boomer parents taking people fiirther and further
have lived."
out. If they're working in a down-
But the other side of that coin town area they'll have a longer
is older members of our society commute. And I think people are
who are now looking to scale more family oriented today. They
down are looking at condos, said want to spend time together
Brookenthal. However, most peo- rather than commuting," she
ple she represents are still look- said. But Marilyn Chicorel
ing for houses rather than condos. Megdell believes "you do not buy
"Royal Oak and Birmingham your home as an investment. You
are real hot communities," she buy your home because it is the
said, "but it is going to depend lifestyle that you want; whether
upon the price range. Bernie you want a lake, whether you
Glieberman (whose Novi-based want the mountains, whether
Bernard Glieberman Companies you want the city, whether you
is the area's largest new-home want rural.
builder) built condos in Royal Oak
"The fact of the matter is, since
and one phase sold out before it 1492 land sales have gone up, so
hit the market. New condos are you've made money back. You
real hot almost anywhere.
want an investment, I'll sell you
"In Birmingham and Royal a shopping center. I'll sell you a
Oak, if a house goes on the mar- building or an apartment build-
ket and it is good, it is usually sold ing.
within a week. It doesn't take
"I get crazy from these people
much more than that. If it is who only want to know, 'How
priced right and in good condi- much money am I going to make
tion, it is gone," said Brookenthal. next year?' If that's what you
West Bloomfield, Farmington want, buy an investment piece of
Hills, • Birmingham and the property.
Bloomfield Hills schools area are
"Your home is what you relate
the top four on Brookenthal's to. It is your lifestyle, and you
most-asked for list. She said the have to feel good about it. Is it
school systems are important, es- money in the bank? Yes. But I
pecially in areas like Troy.
don't sell a home as an invest-
"People are more sophisticat- ment."
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C-