Prices have gone through the roof downtown and in preferred neighborhoods. With the next recession looming, do you think prices in Detroit will fall?
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Prices have gone through the roof downtown and in preferred neighborhoods. With the next recession looming, do you think prices in Detroit will fall?
No because it's not a bubble it's real demand and it's been pent up demand for decades.
And a recession is not going to kill property values like in 2008. The housing crash is what caused the recession.
"Bubble" is an overused word. Prices are up yes, but are they in a bubble? I don't think so. The demographic change in America is real. The desire of Millennial's and generation Y to live in dense, walk-able communities is real and doesn't seem to be going away as they get older.
What indicators are you using to predict a recession?Quote:
Originally Posted by David L
The fact that we are in the longest recovery in U.S. history. It is not sustainable. China has been slowing down for some time and Europe is close to recession. Manufacturing index is down as well. Negative bond yields are also a warning sign. Slowing automobile sales everywhere.
A recession doesn't mean the absolute worst though. It could just be a hiccup. Australia hasn't been in a recession since 1990.
Have the prices really “gone through the roof”? In comparison to what? Prices in Detroit for many decades? Yes. To other large cities? Not so much.Quote:
Originally Posted by David L
Michiganders have to quit using our own historically low bar to measure ourselves. At least if we want to actually compete with other states. If low priced real estate was a ticket to success then there would have been a population explosion in metro Detroit.
I don’t believe many inner burbs fully recovered or ever will. Detroit is its own unique animal, but there are only so many buyers willing to plant down half a million for a 2 bed condo.
Seeing Bagley, EEV and other neighborhoods near the core coming back is truly wonderful though. The 20 min neighborhood initiative is a smart thing for the city to do imho.
Ok, I'm not making fun of Detroit in any way, but this made me laugh so hard. I was just......when can we ever get a condo that cheap in downtown Toronto? LOL You made me look up the listings since I'm not in the market currently. Top 7 listings [[from high price down) for a 2bdrm condo in downtown Toronto. #1 is $10,000,000CAD, roughly $7,500,000USD https://www.realtor.ca/real-estate/2...reet-corridor? #7 is $2,185,000 CAD, roughly $1,550,000USD Which is only to say, I don't think you guys have much to worry about in terms of a housing bubble for awhile. I've done fairly well for myself; but I feel so lucky I got a place ages ago; in today's market...... Toronto has a bubble; at least I'm assuming its one, cause I certainly think the prices are irrational.Quote:
Originally Posted by hybridy
With Detroit, the lows are always lower and the highs are never as high. The Detroit Lions are a perfect example of how Detroit operates.