Hottest Real Estate Submarkets of Detroit Michigan to Invest In
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Article by, Brent Virkus of FInd the Capital and TRiTON Capital Advisory
Since Detroit was allowed to file bankruptcy, there has been a lot of attention from the country on the city’s future and how it will impact the residential real estate market in Detroit.
As a local to Detroit and a lifetime Michigan native, I thought I would share what has been happening in the city and how it is impacting residential real estate.
The biggest impact on the city has been Dan Gilbert’s focus on buying up Detroit based real estate and relocating his various companies to the city. This has also drawn other companies to relocate to the city bringing even more young people to the city. Some of the most noteworthy companies located in the city are:
The recent increase in companies moving to he city has caused an incredible rise in demand for residential units. In fact, Occupancy levels in the city are close to 100% and according to Market Watch residential prices have increase over 30% in the past 12 months! Market Watch even ranked us the 7th fastest growing city in the country. We’ve even seen studies that highlight there is demand for another 10,000 residential units over the next 5 years in the city of Detroit. Things are so strong in the rental markets that higher end apartment buildings are getting close to $2 per foot, which is significantly higher than the suburbs.
As a real estate investor, this brings great opportunity for both developers of multifamily and people looking to renovate and flip houses. The following is a summary of the hottest areas:
- The Woodward strip from downtown to mid-town. This strip basically starts at the General Motors and Quicken Loans headquarters through the entertainment district which includes Tigers Stadium, Ford Field and where they will be building the new Red Wings stadium. The strip then continues to Wayne State University.
- Corktown. This is the oldest village in the city of Detroit where the old Tigers Stadium was located. Corktown has a very unique character to it as it is made up of mainly historical single family residences.
- Rivertown. This area is located just to the east of the city where the old Strohs Brewery was located. It is mainly made up of loft style apartments close the Detroit River.
Some other areas to consider are the micro-neighborhoods where the top Automotive Executives build incredible homes just outside of the city. Some of these areas include:
- Historical Indian Village – Occupied by primarily doctors, lawyers and business owners, Indian Village is a Historic area that offers family friendly, upscale living with an urban twist. This tight knit community is filled with quaint coffee shops and other stores where residents can find all they need. Among these are the Indian Village Market, and the Food Express Market.
- Historical Sherwood Forest – The Sherwood Forest community was established in 1917 and contains 437 beautiful, architecturally stunning homes. Touted as one of the safest neighborhoods in Detroit, association fees include allocation for paid private security patrols.
- Boston Edison District – The Historic Boston Edison district is located just a few miles away from Downtown and features some of the city’s most magnificent homes. The neighborhood is situated near several charter schools, and includes a number of family residences with children of all ages.
If you are an investor looking for a once in a lifetime opportunity, you may want to check out the City of Detroit. It’s BACK!
“It’s Official…The REAL ESTATE recovery has begun!”
So how does the every day investor take advantage of one of the greatest investment opportunities of a lifetime? Check out this FREE Video on The Individual Investors Guide to Investing in Commercial Real Estate!
Don’t Be Left Behind…..!