Sell a Condo in Royal Oak, MI

The typical Royal Oak condo is worth about $224,035, up 0.4% year over year. For context, the typical Royal Oak single-family home sits around $346,819, so condos here run about 35% below houses. Treat that as a citywide midpoint and nothing more — condo values swing hard between complexes based on dues, reserves, age, and whether the project is financeable at all. When we price your unit we work from what comparable units in your own complex have closed for, plus the building's condition and assessment history.

All of them, including downtown and Main Street condos and lofts, plus older attached units north and east of downtown. That covers attached townhomes, ranch and single-level condos, stacked flats, high-rise units, loft conversions, and Michigan site condos where you own the structure and a defined footprint rather than a platted lot. Condition doesn't change the answer — original kitchens, dated mechanicals, deferred common-element work, and units left full of belongings are all fine.

Yes, and mixed-use is precisely where we're most useful. When retail or office space takes up too much of a building's total floor area, Fannie Mae won't back a mortgage in the project regardless of how good the individual unit is or how strong the buyer's credit looks. Owners in those buildings typically discover the problem only after a buyer's loan is declined weeks into the deal. We don't apply that test, so the commercial space is simply part of the building to us.

More than most sellers expect. Dues come straight out of what a financed buyer can borrow — roughly every $300 per month removes something like $50,000 of purchasing power at current rates — so a well-amenitied downtown building can price below a plainer one simply because of the carrying cost. That's a real market effect and it's already baked into what units in your building trade for. It doesn't change our interest, but it's worth understanding before you compare your unit to a house at a similar asking price.

Yes, to us. Litigation involving an association — construction defect claims against a builder are the most common in Metro Detroit — is one of the fastest ways to make a whole project unfinanceable, which is why owners in these buildings often can't find a mortgage-backed buyer at any price. A cash purchase isn't subject to those lending rules.

A project is non-warrantable when it fails the conditions Fannie Mae and Freddie Mac require for a conventional loan — commonly more than half the units rented out, a single owner holding too many units, over 15% of owners 60-plus days behind on dues, reserves below roughly 10% of the annual budget, too much commercial space, or active litigation involving the association. Most owners find out the hard way, when a buyer's lender declines four weeks into the deal. If financed buyers keep falling out for reasons that have nothing to do with your unit, that's your answer. It doesn't affect a cash sale at all.