Carol Marshall recently wrote in the Oakland Business Review about the changing skyline of Royal Oak:
Condo sales are stabilizing and improving slightly in Royal Oak compared to last year, according to Farmington Hills-based Realcomp II.
By the end of June, 63 condo units in the city had sold, compared to 56 a year ago. Home sales, by way of comparison, see little change, with 360 having been sold year-to-date compared to 353 last year. But home prices and condo prices are falling off considerably, even though condo prices are improving somewhat.
In the first quarter of 2006, median sales prices for Royal Oak condominiums came in at $159,450, but by the end of the second quarter they had fallen off to $138,000. Home prices improved during the same period last year, rising from $183,000 to $193,000.
This year is another story. Condo prices were $135,000 during the first quarter, but by the end of June had risen to $138,000. At the same time this year, home prices were $172,000 at the end of March and $175,000 at the end of June.
Condo prices are in the rise in Royal Oak, which is good news for condo owners. The Royal Oak revolution has clearly been lead by the influx of loft projects, increasing people’s ability to live right down town. With it’s wonderful shops, restaurants and bars, Royal is an entertainment destination for Metro Detroit.
If you happen to be in the market for a Royal Oak loft, we’ve just listed some of the most affordable spaces on the market. Take a look at these Royal Oak Lofts.
[tags]royal oak lofts, royal oak michigan, royal oak mi real estate[/tags]