Le Detroit Free Press publie un article complet sur la vitalité du marché immobilier à Detroit qui déborde du centre ville, en ce début d'année, pour toucher les quartiers environnants. Plus qu'un basculement Downtown-Midtown c'est un rattrapage de Midtwon sur les prix affichés à Downtown. Le développement de projets urbains et économiques, l'augmentation du nombre d'entreprises et l'arrivée de nouveaux habitants a impacté les prix de l'immobilier. En trois ans, la valeur des biens a été multipliée par deux dans la plupart des secteurs du "Great Center" comme Brush Park, Midtown ou encore Woodbridge.
Aujourd'hui, les biens à vendre dans le centre-ville se raréfient et ne restent peu de temps sur le marché de la vente en dépit de la mise à disposition d'un millier de logements prévue cette année.
L'article conforte le positionnement stratégique de la société Lecanart sur des quartiers de plus en plus prisés à proximité du centre-ville qui attirent et attireront un grand nombre de nouveaux arrivants aux revenus confortables.
Rejoignez-nous sur www.lecanart.com
Greater downtown Detroit
residential real estate — a near-dead market only a few years
ago — is now soaring with a few property owners even
listing their downtown and Midtown properties for fantasy prices running
into the millions of dollars.
But beneath some of the
ridiculous pricing, greater downtown is offering a steady stream of
residential openings as prices surge amid downtown's continued revival.
The surge is fueled mostly
by empty-nest baby boomers, along with some millennials, who are
paying prices approaching $300 a square foot for upscale condos —
levels unheard of just a few years ago.
In the Midtown district north of
downtown, median home sale prices so far this year have hit $293,000, almost
double the median price of $167,900 in spring 2013, according to
data provided by the Realcomp II Ltd. real estate service.
And even in the greater downtown's
hot market, whether anyone makes any money off their investment in housing
depends on timing, taxes, renovation costs, whether initial tax breaks are
expiring and perhaps other factors, too.
So far, these price spikes apply
only in the greater downtown area and in a few of Detroit's historic districts
such as Sherwood Forest and Palmer Woods. In much of the rest of the city, home
sale prices, while rising, remain depressed. In hard-hit neighborhoods such
as Brightmoor on Detroit's far west side, median home sales prices, while
improving slightly, have hit just $15,000 so far this year.
But for now, the booming market in
greater downtown shows that years of efforts at recovery are at least beginning
to pay off. And with more improvements coming in the form of the new arena
district, the M-1 Rail (Qline) opening next year, and more, prices seem likely
to rise even higher.
"I would say it’s just all of
those things that are going on," said Austin Black II, a Realtor with
City Living Detroit who serves clients in the area. "People see enough
activity, they see the city is progressing in a positive direction. And It
helps that our city government seems to be on the right track now. That helps
build confidence that people want to be here."
Two trends have united to produce
the sharply rising prices: demand for urban living and a lack of for-sale
product. Taken together, those factors explain the price rise and the swiftness
with which available condos are being snapped up.
"I just had a listing in
Midtown but even before I had it listed I had someone seriously interested in
the property," Black said. "And as soon as it went on the market they
put in an offer immediately."
Black has sold about 28
condominiums in the Brush Park district over the last year, and most sold in
just two to three weeks. Detroit homeowners used to struggle more than a year
to sell property, but about two-thirds of his listings sold over the past
year in the district at or even
above list price. Sale
prices are approaching $300 per square foot in that district — translating into
$300,000 for a 1,000-foot condo.
It's no secret that young millennials
are flocking to the greater downtown area to rent apartments. Dan Gilbert,
Quicken Loans founder and chair, told an audience recently that when Quicken
moved its headquarters and operations downtown in 2010, fewer than 100 of its
employees lived in the city of Detroit. Now, Gilbert said, about 3,100 live in
the city.
The millennials are going mostly
for the many new apartment units coming onto the market all over the greater
downtown area. There are about 1,000 apartment units under construction in
the greater downtown area, and many more in the planning stages.
But empty-nest baby boomers turn
out to be the prime market for condominium purchases in places like Brush
Park and for houses in historic districts such as Palmer Woods.
Consider Dan Burbulla and
Laura Wood, a couple in their mid-50s whose two sons are finishing college.
With an urge to downsize and find a more urban lifestyle, they're selling their
house in Rochester Hills and moving in to their new condo in the Willys
Overland Lofts building near Willis and Cass in Midtown. They paid $330,000 for
the one-bedroom unit with a balcony view overlooking downtown Detroit.
"We were looking for a more
urban area," Burbulla, a logistics expert, said last week. "We looked
online at downtown Rochester, Royal Oak, and (the Willys) was very
comparable to what we saw out there. We were a little bit surprised at the way
the prices were increasing. Even in the short time that we were looking, we saw
things come and go."
Many of the condos for sale were
built in the Woodward corridor between roughly 2002, when downtown
redevelopment began to pick up speed, and the national real estate crash of
2008. So there's a limited supply of for-sale units available.
Indeed, that $293,000 median sales
price so far this year in the Midtown district is based on just 12 sales,
according to data provided by Realcomp.
The short supply has
required quick decision-making for home shoppers.
"We just started the search
in January, and there was a shortage of units for purchase," Burbulla
said. "That surprised us, and the prices seemed to be rising so
luckily we found a gentleman who was selling in that (Willys) building. We
really liked the building so we kind of jumped in."
Michael and Bianca
Siegel, medical doctors trained at Wayne State University, rented an
apartment last summer in the Lofts at Merchants Row on Woodward downtown while
they looked for a home to buy. The market, they found, was "insane,"
Michael Siegel said.
"We looked to buy a loft in
the downtown area," he said. "Prices were just nuts so we shifted and
said we’ll rent, which was challenging in itself finding a rental."
Michael Siegel had lived in the
Kales Building on Grand Circus Park in 2009-13 during his medical
training, and prices were much cheaper then.
"You could buy things, I
don’t mean to say pennies, but these places that are now going for
two, three hundred, four hundred grand were going for like $75,000,
$80,000, $100,000. And the two years I was gone, from 2013 to 2015,
it was insane. The market just went nuts," Michael Siegel said.
They eventually bought a home in
Palmer Woods, a 4,700-square-foot house for which they paid $555,000. They move
in next week.
Black himself had a similar
personal experience. Looking to buy a home in Detroit's Sherwood Forest
district, he found himself competing with other shoppers.
"It took a year to find the
house," he said. "I was outbid on three other properties in the
neighborhood. Ultimately the house that I bought my offer was sight unseen." Black paid
$365,000 for the house, adding, "And since I bought prices have gone
up."
Such anecdotes are becoming
commonplace in Detroit these days. Detroit cannot count itself a success until
the rising values spread more generally throughout the city. But something remarkable is happening, all the same.
Article du journal Detroit Free Press publié le 24.04.2016
Journaliste : John Gallagher
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