Monday, May 16, 2011
Improved markets help secure a bright future for local communities
The Birmingham Bloomfield Chamber concluded our Forecast Series program Thursday with a look at trends in the local and national residential and commercial real estate markets. The program, in my humble opinion, was chock-full of relevant and informative content presented by local experts Brian Henry of eTitle and Robert Pliska of Sperry Van Ness.
The overall theme of Pliska’s presentation was that the commercial real estate market hit rock bottom in 2009, and continues to slowly crawl its way back in terms of both vacancy rates and building and property values.
Henry’s crystal ball was less clear when discussing whether we have seen the worst in the home foreclosure rate and declines in residential property values. But he added there are signs that the residential market is stabilizing in the greater Birmingham-Bloomfield area a little ahead of the rest of Oakland County.
Henry’s report, backed by statistical data from Bloomfield Township, confirms another well-worn statement that when it comes to real estate, location is king. Folks want to live, work and play in desirous areas and the Birmingham-Bloomfield community is tops when it comes to quality of life.
This region’s success in many ways is a self-fulfilling prophecy. The residents take great pride in their communities and expect first-rate municipal services and amenities such as parks in return for their investment. The same goes for local schools, both private and public. Residents expect the best possible opportunities for their children, and are willing to pay for it.
Photo: Brian Henry,e-Title