Metro Detroit

NEWSLETTER: NOVEMBER 2022

November 15, 2022

HOME OWNERSHIP

STILL THE AMERICAN DREAM (AND OCCASIONAL REALITY).

How we define the American Dream may vary from person to person these days, but if one common thread remains, it’s that the majority of Americans hope to one day own their home.

Yet a narrative that seems to keep resurfacing is that the dream of home ownership is generational and these days, “the kids” don’t want to own; they are transient and don’t want to be tethered to a mortgage or a single location.

Ok Boomers.

The president of Sunrise Land Group recently went before the Canton Township Planning Commission, seeking approval for a development that would bring 449 rental homes to a massive 224-acre parcel near Denton and Geddes, and offered the following:

“The younger folks… are deciding whether they really want to own a house or rent a house. They want the advantages of a house – they want the space, they want the yard – but they don’t necessarily want ownership. They may want to move around. They want the flexibility.”

Malarkey.

Some might want flexibility, but 82% and 86% of Millennials and Gen Z’ers respectively want to own their own home; or more defeatingly, they haven’t given up hope that it is possible.

The problem isn’t a lack of desire, it’s a lack of affordability and availability.

True, higher interest rates certainly don’t help with affordability, but as rents hit all-time highs, there is no irony lost on someone who can’t get approved for a $2,000/month mortgage and is forced to pay $2,500/month in rent for a similarly sized residence (or smaller).

The fix to this problem goes well beyond the space we have available here, but we stand firm in our belief that long-term home ownership remains the most accessible avenue to wealth-building that is available to the average person, and the centerpiece of the American Dream.

While affordable rental options remain an important component of any municipality, large-scale single-family rental neighborhoods offer little-to-no benefit to the community; pride of ownership and the desire to invest in your surroundings begins when your name is on the deed.

So beware as more and more of these for-rent single-family neighborhoods go before planning commissions, in place of traditional for-purchase neighborhoods; particularly when they’re telling you to think of the children…

CURRENT LISTINGS

OUR NEW CONSTRUCTION COLLECTION

LOT #15 | WHISPERING RIDGE ESTATES

The foundation is in, and framing will begin soon on this BRAND NEW/NEVER-BEEN-BUILT ranch floor plan by Strathdale Development. Featuring 3 bed/2.5 bath/2,450 sqft, a 3-car garage, and a ton of high-end finishes, we are excited to see this home take shape.

Located near Benstein & Glengary in Commerce, Whispering Ridge Estates is located in a particular section of the township that might be the only one which doesn’t require navigating 2-lane roads while winding around every lake in Oakland County, resulting in commute times that range from 30 min to the Donner Party. Yay! Connect with us for the details!

760 BOGIE LAKE | WHITE LAKE

If you’ve ever wanted to live on a peninsula within a peninsula (because Michigan) then this is the homesite for you.

With CONSTRUCTION COMPLETE, Kensington Family Homes offers this new ranch floor plan featuring 3 bed/2.5 bath and nearly 2,000 sqft, with an attached 3-car garage. High-end finishes abound, as well as plenty of spectacular wooded and water views.

The lot is even big enough that there’s enough space for an outbuilding by the water!

Connect with Lou and Jeff (if you’re already working with us), or reach out to Julie or Kim directly for the details.

41178 LAKEVIEW | BELLEVILLE LAKE

Ah, Belleville Lake – derived from the French “belle vue” thanks to the beautiful views, and “Lake” which is roughly what you get when you dam a river, as is the case here. Thank you for attending our Ted Talk on the etymology of this majestic segment of the Huron River.

Built by Kensington Family Homes, this ranch floor plan features 2 bedrooms, 2 baths, a 2-car side entry garage, well-appointed finishes, and the aforementioned beautiful views along 80′ of lakefront.

This home is currently at foundation, with completion estimated for the start of the 2023 boating season.

Connect with Lou and Jeff (if you’re already working with us), or reach out to Julie or Kim directly for the details.

OUR NOT NEW BUT NEW TO YOU COLLECTION

All of our current re-sale listings are under contract – YAY!

IN OTHER REAL ESTATE NEWS…

LAKESIDE MALL | STERLING HEIGHTS

Plans for the re-development of Lakeside Mall made their way through the media last month, turning heads – and rightfully so. The massive $1B project will take over a decade to complete, and will completely transform the 110-acre parcel. Adding yet another concept to the re-imagining of suburban malls, this latest version bucks the recent trend of turning indoor malls into outdoor retail centers, instead creating a community within a community. Plans for this “Multi-Use Lifestyle Center” include 2,800+ multi-family apartments (which includes 750 units for senior housing), nearly 150,000 square feet of retail and dining (in addition to the existing 400,000 square feet), 60,000 square feet of office space, a 120-room hotel, and more than 30-acres of park space and street-scapes. All but a couple of the stores from the current mall will be gone, with demolition of the rest likely in 2024 or 2025… [read more]

SUMMERLIN | LYON TWP

A mere 17 years in the making, Summerlin by Lombardo Homes finally received final approvals earlier this month, for the 250+ single-family home development to move forward. Located at the northwest corner of 11 Mile and South Hill Rd., homes similar to nearby Lombardo neighborhoods Crystal Creek South and Windridge are expected, with prices anticipated to start in the $500s. The sizable development will be broken up into 5 phases, with roughly 50 homes/year to be built. For a little timing perspective, when planning first began for this development the Lions hadn’t won a playoff game in more than 14 years, but now oh wait… [read more]

BUILDERS: DON’T JUST LIST YOUR HOMES…

GET THEM IN FRONT OF THE RIGHT BUYERS!

Our website caters exclusively to new-home-specific buyers, so in addition to the usual audiences found on the MLS, Zillow, etc., we also bring you local buyers searching specifically for new homes, by creating original, organic content, and pairing it with a social media strategy that guides prospects directly to your listing; and we do it for less than what resale agents charge.

Get in touch to find out how we can sell your homes AND save you money in the process.

AGENTS: BECOME AN EXPERT…

WE ARE THE HOME FOR NEW HOME SPECIALISTS!

Join us. We are growing our national network of New Home Experts® agents across the United States and beyond.

If you are a builders sales rep looking for something different, or an agent/broker with a masterful level of experience selling or building new construction homes in your local market, we want to talk.

Set your business apart from competitors by focusing on this lucrative real estate sector; a sector that most other agents are either afraid of, intimidated by, or both.

Interested? Let’s chat about the life of an “expert” and if it’s the right path for your career.

CONTACT US

Questions about your new home search? Call or email us today – we look forward to hearing from you! Not ready for that kind of commitment? Check out our new-home-specific-search and email us incognito. Use a name like Jack Haas. We’ll never know it’s you…

Lou Bitove & Jeff Bortnick, owners of The New Home Experts®, have more than 35 years combined experience in real estate, much of that with builders like Pulte & Toll Brothers.  They also provide market research for area builders, developers and national firms.  If you’re considering a new home, remember: the builders rep represents the builder, not you.  Work with the only local agents in Metro Detroit to specialize in new homes, and save money in the process – ask us how!