While Sterling Heights is a suburb of Detroit, the city has a unique identity. The City is the fourth largest in Michigan, with a population of over 124,000. Prospective condominium buyers in Michigan will want to look very closely at Sterling Heights, as Money Magazine rated it number 19 on their list of 90 “Best Small Cities” to live in.
Since Sterling Heights is a Detroit suburb, it contains a significant industrial presence. DaimlerChrysler, Visteon and General Dynamics all maintain facilities in Sterling Heights, making condominiums in the city conveniently close for employees, particularly of Chrysler’s stamping plant. In addition, Sterling Heights also contains publishing plants for the Detroit News and the Detroit Free Press, not to mention many small suppliers of automotive parts. Overall, commercial and residential properties divide Sterling Heights, which is divided on its north-south axis with a one-mile wide industrial corridor. The junction of M-53 and M-59 is another significant commercial area in Sterling Heights, which is extremely convenient for condominium owners.
Anyone who buys a condominium in Sterling Heights will also not lack for entertainment. The colossal Lakeside Mall features 180 stores for interested shoppers. Condominium owners who appreciate music will love the city’s proximity to the Freedom Hill county park. Freedom Hill has a 7,000 seat amphitheater, with a sound wall and a roof that covers the pavilion. The rapper Eminem also briefly provided Sterling Heights with some notoriety when he lived in the city at the turn of the century.
The state of the market for Sterling Heights condominiums is currently very soft. The state of companies that have offered sub-prime mortgages are in decline, and collection on mortgages of Sterling Heights condos has risen. As a result, the foreclosing banks are trying to recoup their losses by discounting the foreclosed condominiums for resale, with 20-30 percent discounts. This means that buyers have an advantage over sellers that may not present itself for years.
Sterling Heights is a very safe place for families. According to a 2006 analysis, the city is the sixth safest city with a population between 100,000 and 499,999 in the United States. Under two percent of the population is beneath the poverty level, and the median salary for families is $70,000. The average salary for a single person is $41,000.
Diversity is another benefit of living in Sterling Heights. Polish, German, Italian and Irish culture is alive and well. Asian and middle east culture is also represented in Sterling Heights.
While the market is currently in strong favor of the buyer, real estate agents throughout Sterling Heights predict that the market will strengthen eventually, so now is a prime time to buy a condominium! At Condocompany.com, our specialists in the Sterling Heights area have an in-depth knowledge of the city, along with what areas of the city are the best for your needs. Every condominium complex is unique, and Condocompany.com has expertise in dealing with all of them. Contact us today! |
