Looking back at 2018, the real estate season started off strongly after a fairly mild winter but things gradually settled down in our area depending on where you were in Plymouth or Northville, City of Township. In general, the city markets did better as people continue to be drawn to walkable downtowns and all that they offer in terms of lifestyle while a broad range of issues influenced many buyers and sellers including the following:
Rising prices and limited supply making it especially competitive for first time buyers.
Increasing interest rates, which although historically low, were a deterrent to some buyers
Stock market volatility
Availability of new construction homes
Automotive industry changes
The local economy remains quite strong as new businesses continues to appear and new real estate development goes on and up – residential and commercial. Plymouth and Northville, City and Township have seen similar trends in terms of value last year. The City markets saw a slight uptick while the Townships were fairly flat. Even when you factor in new construction values, the City’s of Plymouth and Northville have limited supply and an extremely diverse housing stock ranging widely in size, age, desirability, and price. So statistics can require a lot of interpretation but overall the trend is up.
In the Townships, Plymouth is fairly stable with only a slight decrease in Sales Price by Square Foot ratio. Northville Township is also fairly even where new construction is an added competitive factor for resale homes especially in the upper price ranges. Homes that haven’t been updated are having an especially difficult time selling and tend to linger longer on the market. Buyers today have the added influence from HGTV and social media so what was desirable 10-20 years ago, never-mind 30-40 years ago, becomes quickly dated and obsolete. So choose your designs, materials, and finishes wisely when building or updating and your home should withstand the test of time in terms of value.
To put things in historical perspective, here’s Robert Bake’s Holiday Bulletin from 25 year ago:
Below are the charts showing each area’s 10 Year trend of Sales Price by Square Foot Ratio. The average prices shows a similar trend. Overall, after 10 years of upward movement, the positive trend has begun to ease.
The new Bigalora Wood Fired Cucina in downtown Plymouth is now open where the Box Bar used to be. Located at 777 West Ann Arbor Trail right across the street from Kellogg Park – we now have another great thin crust pizza, pasta, and salad option for lunch in DTP! The contemporary interior with sky high ceilings and tall windows on 2 sides really makes the place feel spacious and light. Welcome to Plymouth!
(Updated 12-17-18). We had dinner last night at the new 160 Main in downtown Northville. After admiring the work to the building over the past year, it was great to finally walk through the doors into the 2 story bar area up front. Past the bar, there’s a dining room on the first floor and another dining area up stairs. We aren’t restaurant critics but really enjoyed the menu selection, food, and service. It’s another great upscale dining option in the City of Northville!
Walking by last night and located beside the Town Square, it looks like work at 160 Main is nearly complete and opening appears set for December 6th! The exterior facade looks great and so does the interior from what we can see. We are looking forward to trying this restaurant!
We are very excited to present this painting of Kellogg Park by Lauren Wan and commissioned by BAKE Real Estate. Signed prints are available from the artist. Please complete the form below if you would like more information :
Lauren graduated with an MA from the Royal College of Art in Textile and Printmaking. Lauren creates contemporary and sophisticated art for todays leading international brands covering fashion, tabletop, home furnishing, stationery and fine art. Her inspiration is derived from her travels and beautiful things around her. Lauren’s sensibility and experience richly reflects on her emotional and poetic approach to her artwork. Besides Lauren’s commercial success as an established designer, her fine art was selected for the Hong Kong Museum of Art’s permanent collection. www.laurenwan.com Instagram: #laurenwandesign
Having a bookstore in the city center is something everyone likes. Then combine it with a cafe that serves crepes and you’ve got the ingredients for a destination! My Little Paris Cafe and Bistro in downtown Northville is a definitely worth a visit if you are in the area.
Formerly the Next Chapter Bookstore and Bistro at 141 E. Main Street, this gorgeous brick building is in the heart of the historic downtown and makes an ideal place for a comfortable book store and sidewalk cafe.
Born and raised in New York, Christine has lived in the metro Detroit area since 1994. She appreciated the opportunity for her family’s International Relocation from 2008-2011 in Vancouver, Canada. Christine is no stranger to the rigors of relocation and is happy assist clients in this exciting process. Through their many moves Christine developed a love of turning houses into homes. She currently resides in Northville with her husband and 2 teenage sons where they recently completed renovating their home. Christine has been involved with many youth sports and Northville school organizations as her boys have grown up over the years. Her knowledge of Northville and surrounding districts will be invaluable to her clients.
Christine holds a BS in Physical Therapy from Ithaca College, and enjoyed a 25 year career as a Physical Therapist. She spent many years working in client homes in Northville, Plymouth and surrounding communities giving her a unique perspective and understanding of these neighborhoods. Christine is excited to be part of the BAKE team which allows her to combine her love of working with people with her love of all things real estate. Her unparalleled attention to detail is key to assisting all her clients get a first rate experience whether they are buying or selling their home.
Stephanie Sultan began her career with BAKE Real Estate in 2013 and focuses on the Plymouth, Northville, Canton, Livonia and Ann Arbor areas. She holds the National Association of REALTORS “Green” designation to help promote & educate homeowners & purchasers about energy efficiency and sustainable home features. Stephanie grew up in the area and carries with her a vast and valuable trove of local knowledge – so crucial to real estate decisions often based on location. Combined with her experience in the area, Stephanie is also extremely detail-oriented, calm under pressure, and hard working – all essential qualities required in a Real Estate Broker. Her patience and diligence are especially suited for first-time homebuyers and sellers. Now living with her husband in Ann Arbor, she enjoys daily adventures with their 3 energetic dogs. Stephanie can be contacted via email at email@example.com or on her cell phone at 734-620-4536
The Super Bowl and Olympics are over, Spring Training has begun and that means only one thing: Real Estate Season is here! Buyers and Sellers are emerging from their winter hibernation and preparing and planning their next move.
Our markets of Plymouth and Northville, both City and Township, remain strong and steady. The charts are fairly self-explanatory and locals know how intense the market is around us. The City of Plymouth continues to increase in value as the downtown area flourishes with busy shops, restaurants, and events. The City of Northville has also seen significant increases in value. The Townships of both Plymouth and Northville have also shown steady price increases in addition to growing new development activity – especially in Northville Township. The lack of inventory as shown below illustrates that in an area where there is limited opportunity for new development, the price of existing homes will appreciate in a strong market.
An interesting new shop on Forest Ave: State of Comics & Collectibles is now open and worth a visit even if you don’t read comics. There’s a wide range of books and collectibles that will be sure to fascinate you. Now we just need a good playing card and hobby shop!
Visit the shop at 577 Forest Ave Plymouth, MI 48170 or you can visit them online at www.stateofcomics.com