Neighborhood Real Estate News

Well, there’s good news and bad news in terms of a home that sold in our neighborhood recently.

The bad news is that the house was in foreclosure and had sold for just over half the price as it did back a few years ago.  It didn’t surprise me one bit when I saw that the house had gone into foreclosure last year.  On a per square-foot basis, I think the house was probably tops in the neighborhood, and was bought at the height of the real estate boom (or as much a boom as the Detroit market actually got).  So, the previous owners probably lost more money and lost it faster than most other surrounding homes.

It sucked to see the home go through foreclosure, and the purchase price was a disappointment, as it probably dragged down values of surrounding homes (read: ours).

The good news, though, is that the new owners are going gangbusters on fixing it up, both inside and out. I was taking Little Boy Beagle for a walk a few weeks back, and saw activity around the home. I said hi to a guy that looked to be in his 50’s, and he said that his son (in his 20’s) had just bought the house.  Since then, there has been non-stop work going on.  Things that I’ve witnessed are:

  • Fixing the sprinkler system
  • Replacing pieces of rotted wood that are part of the siding
  • Removing storm damaged trees
  • Trimming the bushes
  • Putting hardwood flooring in the house
  • Replacing the window treatments

I’m sure much, much more has gone on in the house.  They’re there almost every day but I only know about the items I saw because I saw the boxes for the flooring and saw the old window treatments come down.

By the way, for those who might think I’m snooping, well I sort of am, but I’m not going out of my way.  I drive past the house every time I drive in our out of our neighborhood, and being that it’s a corner house, the things I’ve seen are easy to spot.

So, while the purchase price was not a good thing, the fact that they’re moving in and raising the value of the home by making improvements can only help.  You’d hope that the improvements would make the surrounding homes in the neighborhood more attractive and encourage others to perhaps consider improvements, all of which would help home values in some fashion.

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