The economic situation in the “rust belt,” a Northeastern region with a strong industrial history, has taken a big hit thanks to automation and outsourcing in the automotive industry. At the heart of the losses is Detroit, a once thriving city that has seen major economic losses as the big car manufacturers layoff workers, close factories, and ship jobs to the south and overseas.
After a decade of some of the worst real estate performance in America, Detroit is on the way back to the top. In fact, things were so bad at a point that the city couldn’t even give away abandoned homes to real estate developers.
As the economy has turned around, Detroit real estate has been slow to follow. However, a new wave of young professionals is moving away from the suburbs and into urban city centers. With that wave, Detroit is coming out on top.
Like other cities around the country, urban renewal is helping revive city centers to their glory days. And, after decades of population decline, Detroit is finally bringing in new blood to its booming downtown.
Much of the growth can be attributed to businesses hiring in downtown Detroit at a rate not seen in many years. For example. Quicken Loans moved its headquarters to Detroit and brought with it 6,000 jobs, many taken by young professionals who want an urban living experience.
Quicken Loans CEO Dan Gilbert has invested over $2 billion through his real estate firm Bedrock Real Estate Services. The company has acquired more than 85 downtown properties, which it identified as poised for great returns with a recovering Detroit real estate economy.
Maybe the Really Rotten Real Estate story of Detroit is turning around? It appears so for now, but only time will tell.
If you want to cash in on the boom in your area, AgentHavest can help you find the best real estate agents who are waiting for your business.
Read more at the Metro Times.