Competitive Analysis
NEWS RELEASE:
4-19-07
In
response to market growth, Twelve Oaks Mall expands and adds luxury Nordstrom
(click for more)
The 9 Mile and Beck Road
corridor includes some of the most prestigious developments in all of Oakland
County.
Bellagio, Beckenham, Autumn Park and more are all within a one mile
area of one another. Nearby, off
Wixom
Road is The Lakes development which includes homes in the $800,000 and up
range.
The Rushmore site
condominium development is located across 9 Mile from Autumn Park, located
adjacent to
Barclay Estates, and is approximately a half mile “caddy corner” from
Bellagio, a site condo development of homes
over $1,000,000. There are two
$3M spec homes that have been completed on Beck directly across from Bellagio
which nearly touch the southwest rear corner of The Rushmore.
There is also a $895,000 spec home on 9 mile that
has just been completed. One of
the two $3M homes is sold, and the other is pending.
Bellagio lots range from
.36 acres to 1.3 acres. Autumn
Park and Barclay Estates have mainly .25 to .3 acre lots.
The 3 spec homes are built on lots about 1 acre in size.
Homes in this area range from 2500 square feet on .25
acres for $500,000 up to homes on as small as a .8 acre lot for $2.2M.
Upon request, a comparable market increases analysis
(which shows the recent properties that have sold between
November and January 2007 within a 3 mile radius) is available.
Sales data reveals lot sales in Bellagio and home
sales in nearby developments have been steady and at an expected increasing
value. As one can surmise, even
though the Detroit market is down overall, there is still significant sales
activity in this area. All
information was
collected from the City of Novi Property and Tax Land Database.
Currently,
there are more than 200 $1,000,000 + luxury properties and another 300 luxury
properties between
$850,000 and $1,000,000 within 5 miles of this property.
Nearby
Luxury Million Dollar Condominium Developments include: Bellagio, Island
Lake of Novi, Stonewater
in Northville, Maybury Park, Astoria, Beckenham and more. This is truly
one of the fastest growing residential
areas in Michigan, and it's all LUXURY!
