HOUSINGNEWS REPORT
DETROIT’S ROCKY HOUSING REBOUND
DETOROIT MEDIAN HOME PRICES
ANNUAL PRICE APPRECIATION
MEDIAN HOME PRICE
$180,000
60.0%
$160,000
40.0%
$140,000
$120,000
20.0%
$100,000
0.0%
$80,000
$60,000
-20.0%
$40,000
-40.0%
$20,000
$0
-60.0%
Q1 2000
Q1 2002
Q1 2004
Q1 2006
Q1 2008
Q1 2010
Q1 2012
Q1 2014
Q1 2016
Q1 2017
the revitalization of the city’s central business district (CBD).
“We have major corporate stakeholders in downtown and the urban core. When you look at cities that are undergoing positive change, one of the things you have to have is family and friends money. That’s the first wave of investment you see like the projects by the Ilitches and Dan Gilbert.”
For his part, Gilbert has reportedly acquired more than 95 underutilized or vacant buildings in the CBD through his real estate company Bedrock, some of which will be converted to mixed-use residential and commercial. As president and CEO of Ilitch Holdings Inc., Christopher Ilitch is doing his part, announcing early last year a planned investment of more than $1.2 billion in the city to develop a live, work and play environment in the CBD. His project, known as The District Detroit, claims to bring residential, commercial and entertainment venues to the table.
PETER CHAPMAN EXECUTIVE VICE PRESIDENT OF BUSINESS DEVELOPMENT, DETROIT ECONOMIC GROWTH CORPORATION
Microsoft and Google to Detroit’s urban core and thus bringing jobs back as well. And Gilbert is spearheading an effort by the city to entice Amazon to select Detroit as the location for its second headquarters known as HQ2.
come from the automotive industry, transforming the city’s economy from a manufacturing hub to more of a high-tech center. “Autonomous, connected, electric and shared transportation technologies. That’s where we’re seeing interest
These projects are part of what is attracting major corporations such as
Another key reinvestment of billions of dollars throughout the state has
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JANUARY 2018 | ATTOM DATA SOLUTIONS
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