Real Estate »
Election
Year
Jitters?
B
Hot (Small)
New Trend
ased on residential permit data
compiled by the Home Builders
Association of Southeastern
Michigan (HBA), a total of 320 single-
family permits were issued in Macomb,
Oakland, St. Clair and Wayne counties
in September 2016. A healthy 86 multi-
family permits were issued during the
month, marking a modest uptick.
The single-family permit total was
35 percent lower than August 2016’s
upward revised total of 492 and was
20 percent lower than September 2015
(398). Finally, September’s performance
was well below what the HBA’s econo-
metric forecast model expected (633).
Multi-family’s uptick in activity
brings the year-to-date total of permits
to 996, slightly higher than the 2015
total through September (990). This
marks the best nine-month period to
start a year for multi-family permits
since 2003 (1,509).
From an economic perspective, all
indicators also remain relatively posi-
tive as the number of people employed
and the number of vehicles produced
in North America continue to increase
year-over-year, while energy prices con-
tinue to remain low compared to recent
previous years.
So, with everything seemingly so
positive for the southeastern Michigan
market, why is new, single-family per-
mit activity seeing such an abrupt slow-
down so early in the fall?
The convenient — yet perhaps logi-
cal — conclusion is the uncertainty,
real or perceived, by potential new
home buyers based on the candidate
they believe will win the presidential
election in November.
Unfortunately, HBA’s econometric-
based model doesn’t have a method
— at least not at present — to factor
the “emotional quotient” as it relates to
new, single-family home permit activ-
ity.
*
S
mall homes are the hottest new
trend in the real estate market,
local real estate agent Jeff Glover
told WDIV-TV.
According to Glover, the national trend
for homebuyers to look for something
small instead of a large, luxury home is
happening in Metro Detroit as well.
“We are seeing more homes coming on
the market, and because of that, we are
seeing (that) homes take longer to sell,”
Glover said.
Like the HBA, Glover sees the election
causing buyers to pause before buying a
new home.
*
Melanie S. Bishop
Noah S. Bishop-Cohen
“SOLD” IS MY MIDDLE NAME
THE NEXT GENERA TION OF “SOLD”
www.MelanieSold.com
nscohen26@gmail.com
248-867-7800
(248)867-4877
4130 Telegraph Rd.
Over $42 Million Sold in 2015
Bloomfield Hills, MI 48302
Max Broock Bloomfi eld Hills #1 Agents
Ask for Melanie 248-867-7800
WEST BLOOMFIELD
BLOOMFIELD HILLS
BLOOMFIELD HILLS
New construction/renovation. 1st fl oor master with large walk-in closet & well
appointed bath. Light & bright open fl oor plan with rich hardwood fl oors throughout, 2
fi replaces, & custom features. White shaker island is the heart of the home with stainless
appliances, granite counters & designer backsplashes. 4,132 sq. ft , 5 bed, 3.1 baths with
great closets. Nice backyard with room to play & entertain. Wing Lake Priv. $799,900
Sunlit foyer with curved staircase opens into formal dining room with stunning
fl oating buff et. Great room with maple fl oors, stainless FP, and granite & wood wet
bar. Wall of windows looking out to lush yard. Poggen Pohl dream kitchen with high
end appliances. 3,454 sq. ft , 4 bed, 2 full & 3 half baths plus fi nished lower level.
Sought aft er mud room. $499,900
Over 2,500 sq. ft . plus fi nished walk-out. Open fl oor plan with large windows,
dramatic great room/dining room with soaring ceilings, FP and serving built-in,
spacious island kitchen, 2 bedrooms, 2 full & 2 half baths. Beautiful & private
wooded sett ing in impeccably maintained community with the lake just around
the corner. $499,900
FARMINGTON HILLS
BINGHAM FARMS
Pristine condition on a picturesque wooded lot. Updated, open & bright with
stone & maple fl oors, newer windows, roof & mechanicals. Updated kitchen,
cozy den, dramatic family room, formal living & dining rooms perfect for
entertaining. 2,877 sq. ft , 2.5 baths with lovely master suite & spacious bedrooms
with gorgeous newer bath. $399,900
Move-in ready with gorgeous white shaker kitchen, hardwood fl oors, plantation
shutt ers, crown mouldings. 2,287 sq. ft , 3 bed, 3 ½ baths with fabulous master
with balcony, stone bath, walk-in closet. Updated fi xtures, window treatments
and bathrooms. Finished lower level with lots of storage. Picturesque
community with pool, clubhouse and tennis courts. $368,000
BUILT FOR TODAY’S LIFESTYLE
WEST BLOOMFIELD
BLOOMFIELD HILLS SCHOOLS
Beautiful acre sett ing with country club like yard and pool. Updated kitchen with
granite, hardwood fl oors main fl oor and up, updated stone & granite bathrooms.
2,682 sq. ft . with 4 nice size bedrooms, 2 ½ baths. Master with custom built-ins, large
walk-in & Euro bath. Finished basement with theater room. Great condition, newer
roof, walk to Lone Pine Elementary. $425,000
WABEEK CONTEMPORARY
FABULOUS MID CENTURY MODERN RANCH
WOODCLIFF RANCH CONDO
UPDATED CONDO
2067190
34 October 27 • 2016