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Michigan's 10 priciest homes: A look at luxury sales in 2022

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Michigan's luxury home market continued to grow in 2022 even amid rising mortgage interest rates and inflation as wealthy individuals sought to upgrade their posh living spaces.

Last year, Wayne, Oakland, Macomb, Washtenaw and Livingston counties alone totaled 913 homes that sold for more than $1 million, according to data company Realcomp — about an 8% increase over the year before.

“The last few years have been really incredible ... especially for a listing agent,” said Meredith Colburn, an associate broker at The Agency Hall & Hunter.

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Realcomp, a real estate data firm
Wayne, Oakland, Macomb, Washtenaw and Livingston counties alone totaled 913 homes that sold for more than $1 million — about an 8% increase over the year before.

Across the state, properties in Oakland County had the highest concentration of top sold homes in 2022, making up seven of the top 15. The highest-priced home in Michigan in 2022 was sold at auction for $9.84 million.

The sales include a ranch on 2,000 acres; a home with a working garden and chicken barn; and the historic Fisher Mansion in Palmer Woods, believed to be the highest sale ever recorded in Detroit.

Here are the top 10 properties sold in 2022 in Michigan.

Fisher Mansion, 1771 Balmoral Drive, Detroit

Fisher Mansion, 1771 Balmoral Drive, Detroit

Sold for $4.9 million.

This 20,264-square-foot, 15-bedroom home sits in Detroit’s Palmer Woods and is commonly known as the Fisher Mansion. Among its features are the home’s mahogany-paneled walls and stained glass windows. Mark Stewart, Stellantis NV’s chief operating officer in North America, and Antonio Gamez Galaz purchased the historic home.

“The sellers of that home put an amazing amount of work and detail into keeping its original integrity, but upgrading it to today's style of living,” said Alex Chapman, an associate broker at Signature Sotheby's in Birmingham who represented the buyers. “That really sat well with my purchasers that ended up locking that property up.”

7420 Inner Circle Drive, Bloomfield Township

7420 Inner Circle Drive, Bloomfield Township

Sold for $4.9 million.

This 10,578-square-foot, six-bedroom home sits on 11.47 acres with a pond, fountain and classic red barn. The rooms have ornate coffered ceilings, rich mahogany woodwork and stained and leaded glass.

“One of the things that stood out to me was each ceiling had a unique ceiling detail,” said Meredith Colburn, an associate broker at The Agency Hall & Hunter.

The finished, state-of the-art lower level has a separate kitchen for catering and entertaining guests.

16470 Timber Lane, New Buffalo Township

16470 Timber Lane, New Buffalo Township

Sold for $5 million.

This Soyster Taylor Design lakefront estate has 4,068 square feet, three bedrooms and 3.5 bathrooms. Among the features in the home are quarter-sawn oak floors, hand-finished mahogany cabinetry and vaulted wood ceilings.

According to the home’s listing, the open living room features “a grand stone fireplace and oversized glass walls that slide out of sight to enhance views of the bluff garden and the lake.”

10272 Anglers Cove, Charlevoix

10272 Anglers Cove, Charlevoix

This home at 10272 Anglers Cove, Charlevoix, MI, sold for Sold: $5,000,000.
This home at 10272 Anglers Cove, Charlevoix, MI, sold for Sold: $5,000,000. Dan Hasty, Wave Break Media

Sold for $5 million.

This 5,477-square-foot, five-bedroom home was designed by Andre M. Poineau, who is known in northwest lower Michigan for crafting homes to fit the existing environment.

The home's large windows let in lots of natural light that brings out the golden tones in the wood interiors, said Jamie Woodall, an agent with Jamie Woodall Real Estate Professionals, Berkshire Hathaway.

“The way the home was built allowed a lot of natural light flowing through it,” he said.

The location on Lake Charlevoix with private beach access was also a plus, he said.

The home was recorded as sold for $5 million, which included $500,000 in personal property, Woodall said.

3693 S. Bay Ridge Drive, Suttons Bay Township

3693 S. Bay Ridge Drive, Suttons Bay Township

Sold for $5,057,500.

This 5,600-square-foot home was custom built in 2018 and sits on 2 acres on the shores of West Grand Traverse Bay. The home has five bathrooms and three bedrooms.

The property is surrounded by trees on the shores of West Grand Traverse Bay. The home was built by Easling Construction and designed by Environment Architects and ReDesign Interiors.

Brad Rellinger, agent with Harbor Sothebys International Realty, said the home is perfect for those who love being outside and appreciate feeling surrounded by nature even when indoors.

4890 Birchway Drive, Orchard Lake Village

4890 Birchway Drive, Orchard Lake Village

Sold for $5.6 million.

A winding, tree-lined drive leads to this 10,198-square-foot, five-bedroom lakefront home. Built in 2012, the home features a gourmet kitchen with two prep islands and dining area, a custom office and dining room, as well as views of the lake from almost every room.

“I think what was so unique about that property was that it was newer construction on just a very coveted quiet road close to the Orchard Lake Country Club,” said Kathy Broock, agent with Max Broock Realtors. “For somebody who wanted privacy and proximity to the club, there were a handful of people that really wanted that location.”

5021 Solomon Road, Montmorency Township

5021 Solomon Road, Montmorency Township

Sold for $5.8 million.

This spacious ranch property sits on more than 2,000 acres along Lockwood Lake. It was once owned by Henry B. Joy Jr., whose father ran Packard Motor Co. in the early 1900s and served as the carmaker's chairman until 1926. The Henry B. Joy IV Trust previously owned the property.

The site offers recreation including hiking, boating, fishing and hunting. The property includes a main house, 10-stall barn, a woodworking shop and maple house. The main house was built around 1917 and has an updated kitchen and casual dining room, according to Keith Goad, a Chicago-based agent with Berkshire Hathaway HomeServices.

1356 Kirkway Road, Bloomfield Township

1356 Kirkway Road, Bloomfield Township

Sold for $6 million.

This 7,502-square-foot, five-bedroom home sits on Lower Long Lake.

“This was particularly beautiful because it was on 2 acres on the lake,” said Cindy Kahn, an agent with The Agency Hall & Hunter, who listed the home. “It had a huge frontage, and it had a peninsula. It was just magnificent."

The home was remodeled in 2018 and has elevator access to all floors.

“It was just beautifully done with a very, very high-end builder,” Kahn said. “And everything was new, all the mechanicals, windows, doors. They put top-of-the-line everything. Had every bell and whistle in the home.”

780 Vaughan Road, Bloomfield Hills

780 Vaughan Road, Bloomfield Hills

Sold for $6,125,000.

This 11,974-square-foot, five-bedroom home sits on almost four acres in one of the most coveted areas of Bloomfield Hills, said Ashley Crain, agent with The Agency Hall & Hunter, who listed the home. It’s near the Cranbrook Art Museum and the Cranbrook schools. The home was custom built in 2011 and its architecture attracted a buyer moving from the Grosse Pointe area, Crain said.

“It took almost eight years to build because of all the materials they brought in from Europe and all over,” she said. “And it had just one of these incredible driveways that you come up to. It was just one very unique property and worth every penny of what they spent.”

08425 Raspberry Lane, Charlevoix

08425 Raspberry Lane, Charlevoix

Sold for $9,845,000.

This 16,000-square-foot home sits on 197 acres of Lake Charlevoix frontage with two permanent boat docks. The home has seven bedrooms, eight full and two half bathrooms, as well as a gourmet kitchen and sunroom with a pizza oven.

Scott Kirk, president and founder of Interluxe Auctions, said the home had been on the market on and off for a few years. The home had belonged to the late automotive executive Frank Macher, who had it built in 2009. His family turned to an auction house to sell the property.

“Rather than continue to list the property or lower the price, they opted instead to market it to a global audience through luxury real estate auctions,” Kirk said. “And we were able to draw interest from all over the world.”

Kirk said 11 bidders participated in the auction.

Interest rates have impact

For part of the year, buyers took advantage of low mortgage rates before the Federal Reserve began raising interest rates in the spring to help tame inflation.

“So it seems like rates went up so quickly,” said Jill Garvey, senior vice president in wealth strategy for Huntington Bank. “We were in a wonderful time of low interest rates. Obviously, that helped to prop up the home values in the luxury market.”

According to mortgage buyer Freddie Mac, the average rate for a 30-year fixed-rate mortgage averaged 6.42% in December 2022. That’s more than double the previous year's 3.05%.

Despite the higher interest rates, luxury homes continue to have high valuations, Garvey said. Buyers are also making purchases with cash and leveraging their portfolio of stocks and bonds if they're in a position to do so.

“Many of our clients are still flush with cash," she said. "We still have clients who again can generate cash, have saved cash, whether it's from their businesses or their professions. They're sitting on a lot of cash that they are deploying into the luxury real estate market, and I think that's why we still see valuations pretty high as well. We just haven't seen that pause or the stagnation in those values that we may have seen at other ends of the market.”

Some agents have said activity wasn’t as frantic in 2022 as it was the prior year. Last year was an adjustment period in the luxury home market, said Samuel Kaplunov, Birmingham office broker for @properties Christie's International Real Estate.

“The best way I like to explain it is that we were going 120 miles an hour on the highway,” Kaplunov said. “Everybody was. And now we're letting off the gas. It's maybe at 90 miles an hour. So we're still speeding, but we're not going crazy.”

This home on Raspberry Lane in Charlevoix, nestled on the shore of Lake Charlevoix, is among the most expensive homes sold in Michigan in 2022.
This home on Raspberry Lane in Charlevoix, nestled on the shore of Lake Charlevoix, is among the most expensive homes sold in Michigan in 2022. Interluxe Auctions

Kaplunov said in the higher-end luxury market, the rising interest rates did make an impact. Most of the buyers and sellers at the higher price points watch interest rates, but it doesn't cause them as much pause as it does clients at lower levels.

“Some people were starting to play the waiting game,” he said. “Others see the value of time and enjoyment over money, so it's a little bit of an adjustment overall, but definitely not any kind of night and day difference. Prices I have not seen decrease. Some activity has started to slightly decelerate, but overall pricing has not come down. I haven't seen any steals or anything close to it. The nice homes in the nice areas that are priced well, they're still selling, they're still garnering significant amount of attention and people are still buying and selling.”

Views of the water seemed to be at the top of luxury home buyers' lists in 2022.

“A lot of people are looking for lakefront properties,” said Cathy LoChirco, director of operations for Tushar Vakhariya & Associates Inc.-Keller Williams. “That has been in high demand. Lakefront properties and move-in ready.”

For lakefront properties, location is key, said Bill Sikkema, an agent with Berkshire Hathaway HomeServices. “I'll say the lot is more important than the house a lot of times,” he said.

Peter Fisher, an agent with Coldwell Banker Schmidt, agreed. He primarily works in Leelanau County, bordered by Lake Michigan.

“In some cases, we've seen some very high-dollar, just acreage parcels that have exceptional views,” he said. “So I would say location, views, quality of the waterfront. Is it a sandy bottom? Do you have privacy from your neighbors?”

cwilliams@detroitnews.com

Twitter: @CWilliams_DN

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