At the end of 2018, Realcomp released a year over year comparison of Detroit Real Estate showing the median home sale in Detroit has increased 150 percent since 2014. As of December 2018 the median home price increased to $35,000. Detroit Curbed reports that "the increase in value is a welcome sign to homeowners". The gap between pricing of downtown houses and houses in Detroit proper still looms large though. The median pricing of downtown homes rang in at a whopping $229,250.
A beautiful but decrepit architectural gem, the Michigan Central Station has long been a pointed example of the disintegration of the architecture and infrastructure in Detroit. Its purchase by the Ford Motor Company in 2018 was heralded by the whole city, and residents have been waiting with baited breath to see how its rehabilitation will not only look but help reinvigorate the surrounding Corktown neighborhood. Ford Motor Company has earmarked $350 million dollars for its development, and it will become a beautiful base for their Detroit offices.
The development of Detroit outside of its downtown core continues with the announcement of new single-family homes in Detroit's North End and Grandmont-Rosedale areas. Organizations such as The Ford Foundation, Kresge Foundation. JPMorgan Chase, and U.S. Bancorp Community Development Corporation have pooled funding for a two phase project constructing and rehabbing single family homes starting in December. Phase one of the project will see 12 new homes constructed and 18 home rehabbed.
In an exciting announcement in early December, Mayor Mike Duggan unveiled a new $35 million investment fund to help boost seven Detroit neighborhoods. According to the Detroit News the Strategic Investment Fun 2.0 will be providing money to help "improve parks, streetscapes and commercial corridors as well as single-family and affordable housing over the next five years." The neighborhoods that are earmarked for funding are Campau/Banglatown, East Warren/Cadieux, Grand River Northwest, Gratiot/Seven Mile, Jefferson Chalmers, Russell Woods/Nardin Park and Warrendale/Cody-Rouge.
Vacancies cost you moneyAn empty house, is a constant drain on your profits, and the longer a rental property sits empty the more it you lose. With Rondo Investment we can minimize the amount of time your rental property is vacant which can help maximize your profits by locating and qualifying tenants for you.
Proper maintenance adds to big savings
What do you need to know before buying an inexpensive house in Detroit? Here's a short list that may help.
Over sixty thousand Detroit area homes (60,000) have gone through the foreclosure process and chances are these homes will go up for auction and sell for only five hundred US dollars ($500.00) Now is the time to start investing in a city on the brim of a comeback.