Historic Home Rebound in Detroit

[DetroiterOnTheWestCoast]

I admit to always looking for good news about Detroit. Any new investment or development gives me hope. Sometimes it seems like two steps forward and one back; other times its one forward and two back and things look bleak again.

Today this article in the Free Press caught my attention. It claims that things are on a definite rebound in Palmer Woods, Sherwood Forest and Indian Village. With things trailing but started to move in the University District and Grandmont/Rosedale. But still lagging in the long suffering Boston Edison

http://www.freep.com/article/2014042...indian-village

What are people's thoughts about this? I have noticed on the real estate sites that there seems to be noticeably less inventory in some of these areas. I did like to see that the three families profiled [[one in PW and two in IV) all moved in from the suburbs.

[DetroiterOnTheWestCoast]

On a related note, this article says 3,000 people have registered for the land bank auction, starting with next months EEV houses. That's a lot of interest considering the city is requiring a fast renovation-or-forfeiture on the properties. I hope these homes go to good folks.

http://www.detroitnews.com/article/2...and-Bank-homes

[illwill]

I'm not surprised at all. In fact, it's what I would expect. Detroit has some of the most beautiful historic neighborhoods in the country. I personally think they'll continue to thrive. Boston Edison is just in a rough location. My guess on what will become of Boston Edison is probably along the lines of what everyone else thinks? We're all waiting on that one... They need serious federal dollars.

[DetroiterOnTheWestCoast]

I also noticed something else the other day. [[I spend way too much time looking at real estate, and deciding what I would buy if I were to be looking for a place in Detroit.) I spotted a new listing in North Rosedale - its fixed up and listed for $94,900, but was on the market earlier this year for at least $50,000 less, and in need of work. Similar listing a few blocks over on Huntington. They appear to be flips by the same person[[s). I'm just a bit surprised to see that prices might be rebounding enough to flip houses at a profit again.

http://www.realestateone.com/homes/2...troit-MI-48219

[[Why do so many Detroit real estate ads say the listing is for a "colonial" when its obviously not a colonial?)

[animatedmartian]

Colonial is pretty much used as a generic term to describe a two-story house.

[sumas]

I bought the paper for my husband who is in the hospital, I caught the front page captions so I told him do not lose the paper. I could look it up on line but really reading a paper with a cup of coffee in front of you is so much more rewarding, I live in a little known historic area so hopefully tickle out might work, We plan to live and die here but it might be cool if our sons inherited something of some value, Our home is 112 yrs old and Art and Crafts but it does get called a colonial, Go figure!

[sumas]

Forgot to mention once again I love my house, Its four stories.

[jimmyr]

Real estate articles in the Freep are paid for by the real estate associations. They're advertising, period.

[p69rrh51]

Real estate articles in the Freep are paid for by the real estate associations. They're advertising, period.

The article was in the Business Section and according to a source at the Detroit Free Press, just a "feel good" article.

[animatedmartian]

http://www.freep.com/article/2014042...wntown-program

Midtown workers and students can get a potential $20,000 towards the purchase of a Boston Edison home now.

[EastsideAl]

Things are definitely looking better around the Indian Village area than they have for a few years now. Houses that were sitting on the market for a while are selling, renovations are being done, etc.

[DetroiterOnTheWestCoast]

Things are definitely looking better around the Indian Village area than they have for a few years now. Houses that were sitting on the market for a while are selling, renovations are being done, etc.

Its nice to get some verification that this is the case. Since I'm a former West Villager, the "Villages" have a special place in my heart.

Also glad to hear of the extension of the incentives to B-E. I always thought they should have included that area. Every incentive helps.

[mwilbert]

Boston-Edison is different from the other neighborhoods named in the article not only because it is in some sense more isolated from amenities, but because of its large size and inhomogeneity, and the freeway running through it. The western end of the neighborhood does not feel very similar to the Woodward end.

I agree that the best hope for B-E is the continued improvement of Midtown.

[animatedmartian]

I always thought it was weird how there seemed to be a gap between BE and New Center. Virginia Park feels like it kind of fell off the map when it really shouldn't have.

[Danny]

One picture that I saw in the Detroit News a middle class white family just move historic Indian Village. YAY! It's a start.