Do you see Detroit’s economy recovering in the future, however far down the road that may be?
Yes. You’ll see a rebound in the next couple years.
Detroit? You bet. After all the current politicians die of old age and everybody else finally moves out.
Someone will notice that Detroit has a wonderful location for industry, with excellent shipping avaiable. If any sort of political power gets in there that is friendly to business, you will see a turn-around. New industry means jobs.
In the meantime, don’t hold your breath.
Detroit’s population has been declining since 1950. That’s 58 years by my count. Will it turn around in the near future - I doubt it.
Mike
Michigan is a very historic “Rustbelt” Blue state being held in a death grip (possibly literally!) by the useless Unions. For Detroit to comeback in any sort of strong fashion, some of that equation would need to change (IMO).
Keith
Are you talking about Detroit itself, or the entire surrounding area? Meaning Wayne and Oakland Counties?
Wayne county which is where Detroit is, has decreased by 4% in the last 6 years
Oakland County however has grown 2%
The Detroit Metro area shows a 5% growth over from 1990-2000
Detroit itself will not rebound for quite some time. The city is in absolute ruins and has been destroyed, for lack of a better way to describe it. There’s a reason the population of the city of Detroit has declined 49% in the last 40 years. PM me if you would like to see a web page outlining Detroit and it’s decline, some jaw dropping pictures of this city.
It really is sad to see what Detroit has become, especially considering what it once was.
I live about 10min OUTSIDE of Detroit. They just built three casinos downtown and still topping the unemployment chart. Our whole economy is riding on the auto industry which is obviously taking a huge hit. Every street in Wayne County has at least one house for sale on it and my friend who winterizes and cleans out foreclosures is working 7 days a week. I still see a lot of expensive houses being built in Oakland county and some in Wayne. I’m not sure if it will turn around soon but am just starting in real estate. I will attend my first REI meeting next week and hope to get a lot of input on the current market here.
Being a native Detroiter I can give you my impartial point of view.
Economic recovery here is very unpredictable.
There are a few things on the fore front that will help to assist.
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Quicken Loans - Relocating its HQ from Livonia to Downtown Detroit.
This move will bring 4,000 works into Downtown Detroit. -
$150 Million dollar Mix use complex is scheduled to be built by 2011
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Detroit Next City project. 5-year strategy designed to improve basic quality of life issues such as cleanliness, safety and beautification by utilizing growth and development strategies in six city neighborhoods.
However as someone else posted Michigan is still being controlled by USELESS UNIONS. Until the government in Detroit, and Lansing is phased out by old age and Death, I honestly do not see any great change sweeping through.
At the same time Detroit is raw, and ready for new opportunities. This is truly a city ripe for the taking so to speak. There is not any central employment vehicle -which I honestly think we should NEVER have again-
I myself have a project that I am dying to execute in Detroit that could substantially turn things around, by using private investment, and “new residents” I will not give away too much but its based on the old adage adapt or die. :smile However this plan will take time so its on my “future projects list.”
I hope this helps. If you need anymore info feel free to PM me.
Thanks.
Sources:
Quicken Loans
http://www.quickenloans.com/about/press_room/news_releases/quicken-loans-downtown-detroit.html
$150 Mil Complex
http://www.freep.com/apps/pbcs.dll/article?AID=2008801060626
Detroit NEXT
http://www.ci.detroit.mi.us/ccsd/Releases/07releases/NDNI_Details_of_Work_Plans.htm