Not discounting your experience...here is how I do the comps.
[[1) Equivalent [[or less) price than downtown Royal Oak. Definitely downtown Birmingham.
[[2) Walk to Tiger Games, Fox Theatre...close drive to DIA, cultural district, musicals
[[3) Much more diversity. It's not all 20-30 something MSU grads. [[no offense to my MSU brethren)
[[4) Proximity to DTW and every major highway artery. When doing client visits, I like being no more than 15-20 minutes from every suburb. Ever do the drive from downtown Royal Oak into Plymouth? That's easily 1 hour +
[[5) For undergrad and grad students...pretty good living and close to campus
[[6) Decent percentage of highly educated population.
[[7) Being a part of something and shaping the community. Every victory in downtown Detroit is a victory for the entire region and state.
That said...are we pioneers? Yes. And being a pioneer means getting in early and dealing with the BS of being an early adopter. I assure you, when Grand Circus Park is full, vibrant, without any vacant buildings on the perimeter, it's not going to be $800-900 for 1 bdrm apartment.
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