Detroit real estate agent Roz Geredine stands outside condos on the market in Detroit, April 28, 2010.A new report from the University of Michigan Urban Land Institute and PricewaterhouseCoopers says Detroit is the nation’s least attractive market to invest in commercial and multi-family real estate or for-sale homebuilding.
This isn’t the first time real estate experts have reached this grim conclusion. Earlier this year,
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These conclusions didn’t sour moods amongst the local Ricky Roma set attending the Urban Land Institute’s annual Real Estate Forum. While the wonks see systemic problems stunting Detroit’s real estate market, flannel-suited go-getters only see opportunity!
Chris Brochert, of Lormax Stern Development, told Crain’s Daniel Duggan: "Those who stay here have the ability to make a tremendous amount of money. They have the chance to get in on the ground floor."
Which is exactly the opposite conclusion of the
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Quicken Loans’ realtor David Friedman told the Forum: "The reality is that the younger generation pool wants to be in an urban setting."
True. That’s why so many young people high-tail it out of Michigan for
, where streetlights usually work, Aldermen respond to constituents, and public transportation means more than
.
While some people may see these platitudes and conclude Detroit could benefit from fewer earnest panel discussions, the reality is we need more of these talks. Ideally, a perpetual panel discussion to keep the local Tony Robbins aficionados busy while Detroit’s reality-based community is working to correct the metro area’s half-century of structural failings.
That way, all that real estate will be eventually worth something.