The first of these is the city government’s commitment in developing Detroit’s riverfront. Civic planners and engineers continue to carry out rehabilitation and construction projects in the area to boost tourism so that it becomes a strong economic engine for the city. Increase in the activity of real estate market naturally ensues from this, particularly in the offer and sale of residential homes. Investors can aim to use their hard money for engaging in the buy-and-sell of properties around the riverfront.
Besides improvement of the riverfront, there is also a growing trend of high-rise residential buildings being constructed in downtown Detroit. This has come about as a result of the increasing number of young professionals moving into the city. It’s a vibrant market for fix-and-flip investors who usually involve the resources of a hard money lender in order to realize the investment and harvest returns from it.
On the other hand, low-rise residences, apartment, ornate mansions, and single-family town homes are mushrooming in the city’s western and eastern sections. Neighborhoods found in these areas, such as Woodward and East Jefferson, are characteristically quaint, with historical significance for the people in Detroit. Funds that investors acquire from hard money in Detroit can be used to revitalize condemned and idle assets in these neighborhoods.
Immigrants play a major part in the city’s quest to revitalize old neighborhoods, which are otherwise left to slow decay if neglected. Such is the case of Lafayette Park in southeast Detroit. New residents with plans not only to retire but also to set up small-scale enterprises are looking at Detroit as most viable of America’s cities. Notwithstanding, the city boasts of a very high walkability score. This translates to safe streets, green jogging lanes, and clean air for people wishing to move to Detroit.
However, real estate market tend to be bearish in Detroit city’s far flung neighborhoods like Greenfield, Brightmoor, East English Village, and Livernois. There are a number of unoccupied residential sites in these parts of Detroit. Nevertheless, they are properties waiting to be developed in the near future. For an investor to profit from properties located in these places, rehabilitation must be geared toward attracting residents who are at the prime of their lives and are entering retirement in five years’ time, as Detroit is touted to be the best city to retire to.