When you think of Detroit, what comes to mind?
If you’re generous, you think of the heyday of the U.S. automobile industry, for which Detroit is still an inarguable hub. You might even think of its proud pro sports tradition (well, except for the Lions), Motown or … Eminem? Maybe?
Unfortunately, terms associated with Detroit, especially over the last 30 years or so, have more to do with urban blight and unemployment than Cadillacs and championships (unless you’re a hockey fan). Recessions and the diminished dominance of U.S.-based industry have made much of the northern-Midwest “Rust Belt” into a shell of its former self, with Detroit as Ground Zero.
But as Realtors, we know that were there’s inventory and low prices, there is also value. And Detroit – emerging admirably from a public bankruptcy through a combination of public and private efforts – is swiftly becoming one of the nation’s best places for opportunity once again.
As documented nearly a year ago in the Detroit Free Press, a combination of low mortgage rates and low-down payment programs, home sales in and near the Motor City are booming LINK ,continuing a four-year trend. Particularly in the suburbs, good homes are selling quickly and for prices that – while obviously off from the mid-‘00s bubble peak – are climbing with no real sign of slowing in the near future.
The city’s other daily, the Detroit News, ran an article last summer in which the National Association of Realtors identified both Detroit and Ann Arbor among the ten hottest real estate markets in the country.
From the article:
Real estate brokers say sales have been heating up since last year, as the economy and consumer confidence improved, and home prices steadily increased as foreclosures dwindled. Would-be homebuyers who have been sitting out the aftermath of the great recession, and its wobbly recovery, have finally decided it’s safe to buy, and home values are up to the point that homeowners can sell for more than they owe.
A quick article from Forbes sheds a little bit more of a personal light on the turnaround, with historic-home rehabs and an increasingly tight-knit sense of community as both playing roles in the turnaround.
This passage highlights the respect and affinity for “Old Detroit,” and the lengths people going to get back to it… in motif, at least.
People in Detroit are justifiably proud of the city’s history and its gorgeous homes, many built in the heyday of U.S. auto manufacturing. Rehabbed homes are showcasing stunning details from the period.