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New Homes and Prices are on the Rise in Royal Oak

A new 4-bedroom home on Baldwin Avenue breaks a record for price per square-foot.

Homes are springing up all over Royal Oak and so are prices.

Last week we told you about a home on  in November. This week, we found a home on Baldwin Avenue that sold for $176.57 per square-foot. That's a record for the past couple of years, according to Patrick Carolan of Coldwell Bankers Realty Solutions, and Realcomp MLS.

The 2,860 square-foot house with four bedrooms, four and a half bathrooms sold for $505,000. The architectural style of the new construction is transitional craftsman, Carolan said.

"The exterior has a hometown feel and fits in with the neighborhood, but inside it has all modern conveniences, such as granite countertops, hardwood floors, pro-grade appliances and brand-name windows," Carolan said.

What are buyers looking for?

"Three-car garages are super hot," Carolan said, as are finished basements with tall ceilings, which are something of a luxury in Royal Oak where many basements have low ceilings or are unfinished.

Other items buyers are looking for include open floor plans and yards big enough to accommodate a play structure. They don't want the house to overpower the lot, Carolan said.

"Family rooms are out. People prefer a large great room and a dedicated library or office on the main floor. Everyone has a computer these days and they want an office," Carolan said. "And, they want as many bathrooms as possible."

Why Royal Oak?

"Downtown Royal Oak is an incredible attraction for people in all age brackets due to its large offerings. There is so much to do—like the Farmers Market or events like the Oak Apple Run," Carolan said. "And, the Detroit Zoo is here. Everyone loves the zoo."

Currently there are 19 new construction homes for sale in Royal Oak. They range in price from $274,900 to $544,000 depending on size—from 1,650 to 3,300 square-feet, according to Realcomp, the Realtors MLS.

The builder of 420 Baldwin, Babi Construction, Inc., has three more projects to build in Royal Oak in 2013.

"Ray Babi (the owner of Babi Construction) and I have been working together for 23 years selling his new homes. Our families are very close and will be for a lifetime," Carolan said. "We are continuously searching for dilapidated homes, tear downs, and homes on double lots in Royal Oak, Clawson, Troy, and Birmingham." 

Patrick Carolan, Coldwell Bankers, may be reached at 248-342-7653.

Larry Fuller December 19, 2012 at 01:55 AM
This is wonderful to see prices coming back! Great News!!

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