Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
1–10 of 71 posts
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#2I passed on a consulting opportunity to move the city's bond finances from paper and spreadsheets to an ERP system back in 2008. At that point it sounded like no one really knew how good or bad things were financially for the city. I took an easy corporate job instead. Missed a great learning opportunity a few years out of college and wish I would have gone for it.
Happy to see them turn around.
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#3How's the real estate in Detroit? Is it too late to invest in good property for cheap?
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#4How's the real estate in Detroit? Is it too late to invest in good property for cheap?
Expensive downtown and cheap in the neighborhoods, so no, but it's far less clear to me that the neighborhoods will rebound in the way that the downtown area has (nearly all of Detroit's non-gentrified areas are overwhelmingly black, and across the midwest predominantly black neighborhoods have proven quite resilient to gentrification, for better or worse).
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#5How's the real estate in Detroit? Is it too late to invest in good property for cheap?
There is plenty of cheap property; it is debatable whether any of it is "good."
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#6How's the real estate in Detroit? Is it too late to invest in good property for cheap?
The Midwest has a plethora of good opportunities for investors. It’s not overpriced like most of the coasts. Couple that with qualified opportunity zones and things will be heating up this year.
Starting a fund soon with someone who has made millions in real estate within the Midwest. We intend to help others profit in these markets. Fund isn’t formed yet, we are not soliciting for investors yet. If you want more info feel free to check http://www.activatedcapital.com for updates.
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#7How's the real estate in Detroit? Is it too late to invest in good property for cheap?
While there is no longer as big an opportunity as there was if you bought in 2008-09 people are still doing well.
https://www.freep.com/story/money/business/2018/12/27/detroi...
Very hard to do anything downtown anymore. Or in Corktown (west of downtown) where Ford is remodeling the old train station for their research headquarters. Maybe in Mid-town and definitely in New Center.
An area just beginning to gentrify is East Village. Here's a project an entrepreneur has launched in the Jefferson Chalmers neighborhood which is further east of there:
https://www.youtube.com/watch?v=bapcgs1v62Q&t=4s
Then there's the BMW mechanic and his wife who created a new career for themselves. When the banks wouldn't lend to him his neighbors were willing to do so! This is in the New Center area.
https://www.freep.com/story/money/real-estate/2018/04/14/vir...
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#8If only too-big-to-fail banks declared bankruptcy back then.
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#9How's the real estate in Detroit? Is it too late to invest in good property for cheap?
Expensive downtown and cheap in the neighborhoods, so no, but it's far less clear to me that the neighborhoods will rebound in the way that the downtown area has (nearly all of Detroit's non-gentrified areas are overwhelmingly black, and across the midwest predominantly black neighborhoods have proven quite resilient to gentrification, for better or worse).
Was downtown ever cheap during the downturn? I only remember hearing about fire-sale prices in the neighborhoods... which were already quite low before '08.
Re: Detroit's Big Comeback: Out of Bankruptcy, a Rebirth
#10How's the real estate in Detroit? Is it too late to invest in good property for cheap?
Expensive downtown and cheap in the neighborhoods, so no, but it's far less clear to me that the neighborhoods will rebound in the way that the downtown area has (nearly all of Detroit's non-gentrified areas are overwhelmingly black, and across the midwest predominantly black neighborhoods have proven quite resilient to gentrification, for better or worse).
It's seemed to me that gentry is a code word for white and diversity is a code word for black.