Real Estate Consultant · Brighton, MI · Member since 2013 · 607 posts · 251 votes
DETROIT, Oct. 15, 2013 /PRNewswire/ -- Rock Ventures and its real estate arm, Bedrock Real Estate Services, today announced the purchase of two downtown properties -- 1505 Woodward Avenue and 1265 Griswold Street -- adding 84,000 square feet to its growing real estate holdings. In nearly three years, Rock Ventures has acquired more than 40 properties totaling nearly 8 million square feet of commercial and parking space in Detroit's urban core.
"Detroit's bankruptcy does not deter our downtown Detroit investment strategy," said Matt Cullen, President and CEO of Rock Ventures. "We are as bullish as ever on the future of Detroit and will continue to invest in properties we believe strategically fit our mission to transform the city." Read Full Article
Without a doubt, anyone who's in Detroit's real estate market knows there's some major activity happening. I target primarily the northern suburbs in Oakland County, but there's an obvious energy buildup downtown.
There's a lot of big money coming into the city from the east coast, and I expect there to be a pretty serious clean up over the next few years in Detroit. In a decade people are going to be laughing about how "you used to be able to get a house for $1000 here ten years ago.".
I work downtown and can personally attest to the dramatic change that has taken place there over the last three years. It has been an amazing turnaround. Now the midtown area has picked up as a result, and the local media is reporting other nearby areas are starting to really pick up. It doesn't yet affect the distant neighborhoods in the city, but I think most locals have an honest belief that it eventually will.
What are your thoughts on commercial investment in Detroit? I have a friend up there and we are looking to get in before the markets begins to make a big upswing.
I would also be interested in some single family homes. I have heard that there are some serious pitfalls with these houses. I know I need to get up there and get a lay of the land. Any advice or guidance would be greatly appreciated.