About the Royal Oak, Berkley and Brighton, Michigan Area 
The City of Royal Oak requires no introduction to the Detroit metropolitan area. Conveniently located near several major thoroughfares, Royal Oak's location is prime. This is evident in the steady rise of property values throughout the city. Royal Oak has maintained the appeal of a small town, while affording many of the amenities of a large metropolis. Because of its respect for diversity, the city's composition is truly eclectic. The population represents a diverse mix of individuals, age groups, incomes, and myriad of residential home styles. Combined efforts of a proactive city government and Downtown Development Authority over the past several years have brought about a metamorphosis of the city's central business district. Downtown improvements have included changes to the landscape that encourage socialization.
Royal Oak is the place to come to, not pass through on your way to somewhere else.
As early as 1891, when Royal Oak was a small village, there were only a few hundred residents. Early settlers to Royal Oak were farmers who cleared land to build their homes and plant crops, as agriculture was the primary occupation of the time. The advent of the railroad soon brought about logging, milling and other industries. Many early settlers to the area migrated from New York, including Orson Starr, the township’s first manufacturer. He became well known for making cowbells. In 1845, he built his wooden frame home incorporating many characteristics of Greek Revival, an architectural style that was popular at the time. The home still stands at its original site on Main Street, reminiscent of the days when Royal Oak was a remote township. The Orson Starr House is currently listed in Michigan’s State Register of Historic Sites and has been designated an historic district. The Orson Starr House Historic District has also received the official project designation of "Save America’s Treasures," awarded by the National Trust for Historic Preservation.
Royal Oak Information link
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Tax Considerations >Not at ARMs Length
A sale of a house is just a sale, right? Not necessarily. If you are selling your house to your children or transferring title outside the open market, then the transaction may be characterized as "not at arm's length". Since such a transfer may have tax consequences, you should discuss it with a tax attorney or accountant before taking action.
The transfer of title to a son or daughter may cause the parents to lose favorable property tax treatment, require the payment of state gift taxes, or have other unexpected consequences. From a capital gains point of view, it may be more prudent for children to inherit property than to receive it as a gift. The disposition of any real estate should be considered within the entire framework of your tax and estate planning.
For answers to all your real estate questions, consult experienced professionals who are familiar with this area.
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What famous American monument is also the world's heaviest statue?
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The Statue of Liberty, officially named "Liberty Lighting the World", weighs 54.31 million pounds. |
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