Getting a house for $5,000 in a big city would be intriguing to anyone, which is why a Boston resident was so fascinated by Detroit. Five grand for a house, though dilapidated, is not uncommon here in the city. The Bostonian finds his way to Detroit and declares what Detroit needs to do to make these properties a good real estate investment. That, he says, hinges on its revival - and public transportation.
Excerpt:
But back to the question at hand. Is real estate in Detroit a good investment?
The answer to that question is inextricably tied with Detroit's chances of
revival. In order for property values to return, people must flow back to the
city in droves. For this to happen, it must be an attractive place to live
in work, and this requires a solid foundation of good, well paying jobs.
But
the Detroit economy remains heavily dependent on the auto industry ... The city must transform
its economy.
Second, the lack of public transportation is a huge minus for the city. Without
a car, it is nearly impossible to get around and the city is simply huge. There
is a tiny tram that serves the downtown core - the "People Mover," but it
doesn't serve the suburbs, and I didn't see many buses.
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