Quote Originally Posted by JDKeepsmiling View Post
http://www.detroitnews.com/article/2...text|FRONTPAGE

This article got me thinking...is this the reality on the ground? I am hearing all this talk about how Midtown and Downtown are basically full. Is that people's actual experiances? Are rents rising 10-15% per year?

A second question is when do you think someone will come forward with a major residential development in Downtown?

Yes, I know this is real. here are a few examples. I purchased a foreclosure recently in midtown. there were more than 10 bids on the property many of which above offer. A friend of mine had their home appraised at 150 last year, relisted this year for 20k more this year and had 15+ offers in a few hours. it went for more 170k+. Before we tried to buy we looked at a rental on Willis near Cass. the rent was 1200 for a 900 sq ft flat [[really an aprtment) with decent amenities no covered parking no AC. there were 30 people in line to look at it and it rented for 1325.

Another friend of mine broke her lease at the Broderick because she wanted to move back to RO near her friends. she was not charge a lease breaking fee and they rented it out that day for 300 more [[from what she says).

it is real. the thing is can we keep it going and get some more online before the tax incentives go away, and or, can the owners make enough money now. to be able to pay the taxes when that comes. becasue some of these buildings have been foreclosing...the Kales is one