Forty showings over four days with 14 bids including many all-cash offers and the Corktown charmer on Church Street ended up selling for nearly $100,000 over its asking price in a residential real estate market that continues to burn white hot.
The 1,650-square-foot home at 1832 Church St. in Detroit had huge positives, including an entirely refreshed interior, an adorable backyard and a prime location near Ford Motor Co.'s Michigan Central Station campus. Yet it also sits next to a large parking lot and the home doesn't have a garage.
O'Connor Realty in Corktown listed the three-bedroom, two-bathroom home for $385,000 on April 19 for an impressive $233 per square foot. It went pending April 19 and closed April 30 with a sales price of $478,000 or $290 per square foot. The buyer's offer was accepted in part because it was an all-cash bid, something that is rare in any market but is growing more common during this unusually competitive time in single-home sales, said listing agent Matthew Richmond.
"It plays into the same narrative that is happening all over the country, especially Detroit — it's a hot sellers' market," Richmond said. "There's lot of pent-up demand in the buyer pool both from last year's lack of inventory, and that's only got worse this year. There are more buyers than there are properties to purchase, and that's creating a really interesting dynamic in the market when you get a really cute, move-in ready home in a great neighborhood."
Richmond said every buyer who put in an offer on the Church Street house came in at list price or above. Having a cash offer made the final decision on which offer to take — and that cash buyer was "joyous" at the closing at sealing the deal, Richmond noted.
Other metro Detroit Realtors say this single-family real estate market that combines low inventory with motivated buyers who are hoping to catch a deal before mortgage interest rates rise are using real estate professionals to help them get the homes they want.
"It's more important than ever to find a trusted real estate professional that can work in your best interests and allow them to help to guide you," said Lisa Bradford, an associate broker at Real Estate One in Troy. "That's especially important with prices rising."
On a related note, the midcentury modern home in Eastpointe that was perfectly preserved from when it was built in 1950 also has a buyer. It went under contract after only four days on the market and multiple offers, said listing agent Muffy Kroha of Johnston & Johnston in Grosse Pointe Farms. That three-bedroom, three-bath home at 2,694 square feet was listed at $222,000.
Back in Corktown, both sides of the Church Street deal were happy with the outcome, Richmond said.
"Buyer's agents who understand this market are advising their buyers well. In a competitive market, you have to put your best offer forward and that often means coming forward with list price or above," Richmond said. "Most had waived contingencies if (their offer) was financed. Cash is king played out here."
Cash is attractive to sellers because it removes a bank – and, typically, its strict pricing assessments — from the whole process, Richmond said. It also tends to give the seller an assurance that the deal will close and, traditionally, that closing will happen in a shorter amount of time.
Corktown is an attractive investment as a neighborhood for many reasons, Richmond added. It is close to downtown Detroit, it has great historical charm and it has the Ford investment, which will continue to improve home values likely over the next five to 10 years and beyond.
"It takes a great product, a great market and a great location combined for a really successful transaction at the end of the day," Richmond said.
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Corktown home sold fast, above asking price - Crain's Detroit Business
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