Detroit!

Nick Blackman pointed me to this very interesting story about new housing development in Detroit in Detroit News Today. Here is an excerpt from the story:

Move over suburbs, Detroit has reclaimed the title of home-building capital of the region. After a generation of suburban communities outpacing the city in housing starts, Detroit came back in 2005 with an 11 percent increase in new home permits. Downtown lofts, new development along the Detroit River and new homes in old neighborhoods helped fuel the trend. Economists say the numbers are even more impressive when considered against a regional drop.

You can read the entire story here

I was talking to a financial advisor yesterday – real estate naturally came up. He asked me what I thought about Detroit since a whole lot of his clients (he works for a national) from California are liquidating their investment properties and pulling some money off the table and buying real estate in city of Detroit.

I told him that is actually is pretty old news to me at least. I have been seeing that happen for almost 18 months now. Whether you agree with emergence of Detroit or think this is just a pipe dream - there is money to be made right now if you check your own emotions and prejudices at the door. Somebody is getting checks right now.

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