Thought for the Day

If you’re going to be thinking anyway, you might as well think big. - Donald Trump

Hottest Real Estate Markets, Overpriced in California

Fortune magazine has a list of 13 of the hottest real estate markets.  In this instance, "hottest" includes overvalued.  Most of the list are places in California (are you reading this, Neil Kramer?), but the number one market where prices have outpaced reality is in Texas.

Michigan did not have any places on this list, which is not really a shock.  Truth be told, this is a list of overbought areas where values are likely to drop or at least stagnate.  It is not the kind of list you really want to be on.  One of the things I like about this area is its affordability.

So let's be glad this is one list of top places that Michigan is not on.

Link:
http://fortune.com/2014/10/23/hottest-real-estate-us/?utm_content=buffer3eb88&utm_medium=social&utm_source=plus.google.com&utm_campaign=buffer

Strathmoor Leads Group Who Bundled

Developer Herb Strathmoor has taken credit as being the focal point of the consortium who bid on the huge bundle of Detroit properties and has now won them.  Keep in mind that these properties were bundled together with the idea that they would not sell and then the Detroit Land Bank could try to make something of them.

I will have my own take on their plans later this week, but for now it is important to know that mr. Strathmoor already has tax leins on properties in Detroit.  Oopsie.

Link:
http://www.detroitnews.com/story/news/local/wayne-county/2014/10/29/developer-won-detroit-property-auction-outstanding-liens/18117195/

Art Van Elslander Mansion Sells at Auction

The wonderful mansion of Art Van founder Art Van Elslander, after a year on the real estate market for $15.9 million, was sold at auction yesterday.  We have a link to the Detroit News story on this, but it was covered in other places as well.  It was for sale for a year before being put on the auction block.

Not just any ordinary auction.  In order to bid, you needed to deposit $200,000 in cash or certified funds.  How much the place went for and who bought it is still undisclosed.

We have previously covered the sale of the place, here and here.  It is absolutely stunning and might be the best residence in Michigan.

I'm just hoping the undisclosed bidder is not my wife.  Like many, she would love the place.  But we can't afford the yearly upkeep on a place like this.

Link:
http://www.detroitnews.com/story/business/real-estate/2014/10/29/van-elslander-mansion-sells-reserve-auction/18098043/

Previous:
http://downriverhomes.blogspot.com/2013/10/you-can-buy-art-van-founders-mansion.html

http://downriverhomes.blogspot.com/2014/10/art-vans-spectacular-estate-on-auction.html

Thought for the Day

Opportunity lets you put your foot inside the door of success, but it doesn’t break the door down for you.

How People Violate Fair Housing Laws

When you are selling or renting a property, you want to avoid running afoul of the various anti-discrimination provisions.  Even if the Federal Government does not think you are worth going after, an aggrieved potential buyer or renter could bring their own lawsuit and hit your wallet.  Not to mention that some organizations, including government agencies, send undercover folks to see if they can find examples of discrimination.

Don't let your mistake on one day be the basis of legal trouble.  Instead, read up on the laws and stay clear of the kind of questions or comments that can get you in hot water.

Link:
http://www.biggerpockets.com/renewsblog/2014/06/27/completed-fair-housing-act-compliance/

Top Professions of Renters

So, when it comes to homes, who rents and who buys?  The answers might surprise you.

You probably think that people who own make more money.  And that is partially true.  But what about lawyers renting more than firemen?  And why are ballerinas renting so much?

Fortunately for us, the Wall Street Journal is on the case.

Part of the reason may lie in the fact that a lot of fireman have second jobs in some type of home improvement business.  Being handy, it is easier to own a home that you can DIY yourself.  At least that is my theory.

What do you think?  Any other results surprise you?  Feel free to leave your comments below.

Link:
http://blogs.wsj.com/economics/2014/10/15/optometrists-to-dancers-which-americans-are-most-likely-to-own-homes/

Thought for the Day

Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.