We’re getting creative in Detroit these days.
Sunday is one of my favorite days of the year - Father’s Day.
Along the East Riverfront - a couple of the areas that we’re looking at, and continue to invest in – a major construction plan is underway to add bike lanes, more pedestrian crossings and slower speed areas to encourage foot traffic along Jefferson Ave.
In Detroit’s 139 miles, you can fit Miami, San Francisco and Boston within the boundaries of the city. You almost have enough room for Manhattan on top of all that.
What any thriving city needs is young energy, young blood, young people walking its streets and inhabiting its rental properties.
One could argue that ultimately, the market determines what happens in housing prices, which neighborhoods will be developed and which ones won’t.
Recently, we bid on an auction house in the Jefferson Chalmers neighborhood. We were committed to a bid of $6,700 for the property, but it was a veritable feeding frenzy until the property finally sold for $67,000.
Between Christmas and Spring lies eviction season.
A city doesn’t rebuild until the locals buy in. At least that’s the theory.
It’s been quite a journey for Detroit real estate since the beginning of the 21st century.