Discuss Detroit Archives - Beginning January 2007 Buying in the city... Previous Next
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Defendbrooklyn
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Username: Defendbrooklyn

Post Number: 3
Registered: 11-2005
Posted on Friday, February 09, 2007 - 12:20 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

When will Detroit's housing market boom? 2-5 or 6-10?

Its seems like a lot has gone down in the past 5 years....I just moved back to Mi. from a 5 year trip east...The D was rough then and it looks pretty good now. Buy a home now or buy later...Where?
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Iheartthed
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Username: Iheartthed

Post Number: 380
Registered: 04-2006
Posted on Friday, February 09, 2007 - 12:25 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Personally, I think now is the best time. I want to buy there within the next couple of years even though I don't plan to be living there (full time) within the next 5 years, at least.
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Jdkeepsmiling
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Username: Jdkeepsmiling

Post Number: 181
Registered: 01-2006
Posted on Friday, February 09, 2007 - 12:28 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Buy now if you want to make good money... you have to be willing to take some risk to make some money...
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Jt1
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Username: Jt1

Post Number: 8273
Registered: 10-2003
Posted on Friday, February 09, 2007 - 12:37 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Depends where you buy. The benefit of buying in cities in the shape of Detroit is for the large amount of upside. Unfortunately some developers are charging prices that really cut down on the opportunity.

Developers asking $200+/square in some of the areas is ridiculous. There are still a lot of great deals though.
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Brandon48202
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Username: Brandon48202

Post Number: 139
Registered: 12-2004
Posted on Friday, February 09, 2007 - 3:27 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I've got someone from out of town who I am helping buy 8 houses right now all in the $10K price range. One of the houses is only $6800.
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Buddyinrichmond
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Username: Buddyinrichmond

Post Number: 119
Registered: 02-2004
Posted on Friday, February 09, 2007 - 3:59 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Wow that's great stuff Brandon. I read about those kinds of investments on another local blog. How fascinating!
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Yelloweyes
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Username: Yelloweyes

Post Number: 25
Registered: 02-2007
Posted on Friday, February 09, 2007 - 7:03 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Investment opportunities will be ongoing unless there is an economic boom of some type. Unstable neighborhoods and forclosures will produce housing under $50,000. If someone is looking to LIVE in the city now is as good time as any. There have been some NEZ tax incentives in multiple neighborhoods and the current market will help buyers bet good prices.
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Yelloweyes
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Username: Yelloweyes

Post Number: 26
Registered: 02-2007
Posted on Friday, February 09, 2007 - 7:05 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I'm not to sure if buying downtown condos for over $200,000 is a wise decision though. I think the condo/ loft market downtown is overpriced and a little saturated, just my view.
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321brian
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Username: 321brian

Post Number: 316
Registered: 02-2006
Posted on Friday, February 09, 2007 - 8:49 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

It depends on how long you are going to stay.

1-5 years then rent.

5+ years you might be safe buying.

If you are looking to buy houses to rent the go the bank and get your loan now! This is a great time to buy properties and rent them out.
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Charlottepaul
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Username: Charlottepaul

Post Number: 441
Registered: 10-2006
Posted on Friday, February 09, 2007 - 9:08 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Detroit basically has the highest increase in real estate value (percentage-wise) in the metro area interestingly enough.

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