Recently, Detroit mayor Mike Duggan and members of the Detroit Blight Removal Task Force released information about the cost of the city’s cleanup, and laid out plans for eradicating eyesore buildings and houses.
The task force identified almost 85,000 structures that need to either be removed or restores – many of these residential homes. This creates a golden opportunity for investors to come in and purchase Detroit property for pennies on the dollar.
There are tens of thousands of foreclosed residential properties, creating a demand for buyers who can take over and clean them up. Once the city has moved through bankruptcy and completed this massive undertaking, the market is expected to heavily favor those property owners interested in selling the new and improved homes to eager buyers.
After decades of dealing with the downward spiral of the local economy, rising crime and unemployment rates, and decay of the city’s urban center, the rehabilitation of the city has parked new interest from foreign investors who are buying up commercial buildings to lease to business owners. Just recently, the historic former Detroit Free Press building sold to a Chinese real estate development, one of several purchases from Chinese investors this past year.
Residential home prices are staring to recover – albeit slowly – with an increase of 14% over last year. Foreclosed and abandoned home are on the task force’s hit list, with plans to demolish what can’t be sold or what is in too poor a shape to be restored. The homes will not go on public auction, a move that was made to prevent a buyer coming in to purchase a home for a few hundred dollars and then leave it abandoned and uncared for.
Detroit real estate investment company, Own It Detroit, advises clients to pick up properties now, while the unique market allows for low purchase prices and tremendous cash profit potential. With over 25 years in the local market, companies like Own It Detroit are jumping on this opportunity to invest in a “new” Detroit, one that is primed and ready for growth and success.
For more information about investing in Detroit properties, please visit OwnItDetroit.com or call (313) 324-4114.
Own It Detroit is comprised of real estate brokers and investors who have over 25 years of local experience in the unique Detroit market. Every property that they sell passes a vigorous in-house 110 point inspection and comes with a one year warranty on all maintenance, alleviating fears about making a bad investment in a damaged property. For more information, please visit www.OwnItDetroit.com
Company Name: Own It Detroit
Contact Person: Mousa A. Ahmad
Email: Send Email
Address:19853 West Outer Drive Suite 300
Country: United States