Unfortunately, this is part of the process. We need downtown real estate to be high rent in order for the banks to feel comfortable lending to refurbish them. And then as soon as the banks feel comfortable, it'll totally open up more supply [[at a slightly lower price) in the vacant buildings more on the outskirts of downtown.
It's already starting to happen...the Capitol Park rentals and the apartment replacing the Archdiocese of Detroit on Michigan Avenue will be at price point that's a little more affordable than Kales/Broderick is getting.
Til then, come out and rent in Lafayette Park or Corktown or the North End. Still great rentals out there right now.
This is short-term pain, but there will be long-term gain. Just imagine from Corktown to Lafayette Park to New Center with all the vacant buildings replaced with fully-rented high rises...
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