Investing in detroit

GUSHI · February-09-11, 12:03 PM

If you had a "little bit of money" and wanted to invest in Detroit, what neighborhoods and why? OR would invest in the older suburbs? For a rental property? Residential or commerical. Thankyou for your feed back.

**Planner3357** · February-09-11, 12:29 PM

Personally, I would invest in properties along the Woodward corridor, from downtown to 8 Mile.

With the coming of the Woodward LRT [[if and when it happens), property values will increase [[2-3x) in the two to three block buffer zone around Woodward. Especially near and around planned stations.

**kathy2trips** · February-12-11, 02:13 AM

That's pretty savvy. I hope that's what will happen. I was thinking more along the lines of Eastern Market area or neighborhoods around Indian Village. Not everyone is cut out for lofts and single family areas as close to downtown as possible would be very desirable when businesses show interest in downtown again.

**Richard** · February-12-11, 02:57 AM

I guess it would depend on ones time frame ,woodward is already out of the bag it probably would cost more now to buy there but a better short term recovery,if you are priced out of that area speculate where the next line placement is going to be.There is a very good thread on this topic in this forum. But remember speculators do this as a living so they will usually have a jump on others.IMHO

I have seen light rail placement improve property values as much as 50%.

**mwilbert** · February-12-11, 05:10 PM

There are still lots of cheap properties within a couple of blocks of Woodward, and I think that is in fact the best bet as an investment. However, I don't own any such property, and the main reason I don't is that I lack both the time and inclination to be a hands-on landlord, and I think it would be very difficult to invest in Detroit property, especially on a small scale, without a lot of personal involvement.

**softailrider** · February-12-11, 07:11 PM

Cheap properties are available all over the city. talk to people in the business before you dive in. Anybody who thinks they'll buy a few houses and rent them out for a can't miss investment is in for a suprise.

**mwilbert** · February-12-11, 08:10 PM

Cheap properties are available all over the city. talk to people in the business before you dive in. Anybody who thinks they'll buy a few houses and rent them out for a can't miss investment is in for a suprise.

Completely agree with that. Nothing could be easier than losing money on Detroit real estate.

**Parkguy** · February-12-11, 09:26 PM

Financially, I have no regrets about buying our home in Rosedale Park at the bottom of the market 30-plus years ago. It was and still is still a great neighborhood. Plus our location is literally in the middle of everything.

**killthebeer** · February-12-11, 10:05 PM

and so the speculation begins, proving what became obvious the moment they said "down-size."

**stasu1213** · February-12-11, 11:12 PM

I would invest in the Lafayette Park area. I would put a coffee shop and also a restaurant. I would also love to invest in the West Village area. A nice coffee shop would do good where Harlequin once was on I think St Paul betwwen Van Dyke and Parker. I would put a couple of restaurants in those emty two family flats that sit on the corner of VanDyke and Kercheval. I would invest in a coffee/tea shop on Gratioit just off Russell next to the Candlestick and incents store. I will leave it with wood flooring and give it the old rustic look that would blend in with the area. I would have all types of teas and coffee for sale in bags or customers could sit in and dine.

DetroitDad · February-12-11, 11:53 PM

Follow large investors, and be proactive in helping a shared community vision. It is key to own properties in or near these projects, but not in the way of development that would move the community forward.

**davewindsor** · February-13-11, 05:06 AM

Originally Posted by GUSHI

If you had a "little bit of money" and wanted to invest in Detroit, what neighborhoods and why? OR would invest in the older suburbs? For a rental property? Residential or commerical. Thankyou for your feed back.

I wouldn't even consider a rental property in Detroit that wasn't within walking distance of a police station.

DetroitDad · February-13-11, 05:14 AM

Originally Posted by davewindsor

I wouldn't even consider a rental property in Detroit that wasn't within walking distance of a police station.

Good, more opportunity for the rest of us. Besides, we all saw Assault on Precinct Thirteen. We know it doesn't matter if you're next to the Wayne States police station. When it hits the fan, things get thick, and you got to have a great insurance plan for that.

**davewindsor** · February-13-11, 05:32 AM

Originally Posted by DetroitDad

Good, more opportunity for the rest of us. Besides, we all saw Assault on Precinct Thirteen. We know it doesn't matter if you're next to the Wayne States police station. When it hits the fan, things get thick, and you got to have a great insurance plan for that.

I never saw it. From google, I know it's a 1976 thriller fiction movie written by John Carpenter about an LAPD precinct.

That's not reality. Good luck with loosing all your money in Detroit. I live in reality. One needs only to drive through the historical apartment district in Palmer Park to know what effect the lack of policing does to an area.

**mwilbert** · February-13-11, 11:40 AM

Palmer Park is within walking distance of a police station.

**daddeeo** · February-13-11, 04:16 PM

You need a place within crawling distance to a hospital.

**davewindsor** · February-13-11, 05:10 PM

Originally Posted by mwilbert

Palmer Park is within walking distance of a police station.

The 12th Palmer Park is a mini station located at 16565 Livernois Avenue at the other end of Detroit Mercy Univ. It's over 20 blocks from Woodward/McNIchols. That's not even walking distance from the historic apartment district nor is the station large enough to handle an area of this size. The proof is in the lawlessness in the area.

Once I see cars stopping at red lights on McNichols, I'll believe the area has even a hint of police protection.

DetroitDad · February-13-11, 05:38 PM

Originally Posted by daddeeo

You need a place within crawling distance to a hospital.

Brush Park, Midtown and Virginia Park are it. I'm telling you now, great investments near the new M-1 rail and near a hospital.

**mwilbert** · February-13-11, 05:45 PM

The 12th Palmer Park is a mini station located at 16565 Livernois Avenue at the other end of Detroit Mercy Univ. It's over 20 blocks from Woodward/McNIchols.

I don't think you are correct. The 12th precinct is at 1441 W 7 Mile, right by the Palmer Park Golf Course.

**Richard** · February-13-11, 06:02 PM

Beg borrow or steal or even bring in some partners I would take this one. Not sure if it is considered Detroit proper though.

http://www.commercialiq.com/jsp/list...89&bypass=true

**Islandman** · February-13-11, 07:11 PM

Originally Posted by Richard

Beg borrow or steal or even bring in some partners I would take this one. Not sure if it is considered Detroit proper though.

http://www.commercialiq.com/jsp/list...89&bypass=true

Wow, that's a nice spot there.

**davewindsor** · February-13-11, 09:40 PM

Originally Posted by mwilbert

I don't think you are correct. The 12th precinct is at 1441 W 7 Mile, right by the Palmer Park Golf Course.

Missed that one from google, But still from Woodward, McNichols is 17 blocks from W 7 Mile. Might be a quick drive via Ponchatrain. But, I don't consider it walking distance.

**mwilbert** · February-13-11, 10:37 PM

Originally Posted by davewindsor

Missed that one from google, But still from Woodward, McNichols is 17 blocks from W 7 Mile. Might be a quick drive via Ponchatrain. But, I don't consider it walking distance.

It's a two-minute drive down Ponchartrain; I don't know how I'd count blocks. but it's about a mile and a half walking, depending on where exactly in Palmer Park you are going, and assuming you can't cut between the front and back nine--I'm pretty sure you used to be able to, but I haven't tried it in a long time. If that's too far for your purposes, OK.

**fryar** · February-15-11, 05:23 AM

Originally Posted by Richard

Beg borrow or steal or even bring in some partners I would take this one. Not sure if it is considered Detroit proper though.

http://www.commercialiq.com/jsp/list...89&bypass=true

Yeah, good find, the old trailer park.