 
Defendbrooklyn
Member
Username: Defendbrooklyn
Post Number: 3
Registered: 11-2005
| | Posted on Friday, February 09, 2007 - 12:20 pm: |    |
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? |
Iheartthed
Member
Username: Iheartthed
Post Number: 380
Registered: 04-2006
| | Posted on Friday, February 09, 2007 - 12:25 pm: | |
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. |
Jdkeepsmiling
Member
Username: Jdkeepsmiling
Post Number: 181
Registered: 01-2006
| | Posted on Friday, February 09, 2007 - 12:28 pm: | |
Buy now if you want to make good money... you have to be willing to take some risk to make some money... |
Jt1
Member
Username: Jt1
Post Number: 8273
Registered: 10-2003
| | Posted on Friday, February 09, 2007 - 12:37 pm: | |
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. |
Brandon48202
Member
Username: Brandon48202
Post Number: 139
Registered: 12-2004
| | Posted on Friday, February 09, 2007 - 3:27 pm: | |
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. |
Buddyinrichmond
Member
Username: Buddyinrichmond
Post Number: 119
Registered: 02-2004
| | Posted on Friday, February 09, 2007 - 3:59 pm: | |
Wow that's great stuff Brandon. I read about those kinds of investments on another local blog. How fascinating! |
Yelloweyes
Member
Username: Yelloweyes
Post Number: 25
Registered: 02-2007
| | Posted on Friday, February 09, 2007 - 7:03 pm: | |
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. |
Yelloweyes
Member
Username: Yelloweyes
Post Number: 26
Registered: 02-2007
| | Posted on Friday, February 09, 2007 - 7:05 pm: | |
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. |
321brian
Member
Username: 321brian
Post Number: 316
Registered: 02-2006
| | Posted on Friday, February 09, 2007 - 8:49 pm: | |
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. |
Charlottepaul
Member
Username: Charlottepaul
Post Number: 441
Registered: 10-2006
| | Posted on Friday, February 09, 2007 - 9:08 pm: | |
Detroit basically has the highest increase in real estate value (percentage-wise) in the metro area interestingly enough. |