Featured Detroit Neighborhood Positioned for Growth | Historic Boston Edison
Article by Lisa Virkus aka Lisa V in the D (248)672-8837
This weeks featured Detroit neighborhood that is positioned for growth is the Historic Neighborhood of Boston Edison:
The Boston Edison neighborhood consists of 900 homes built on four east/west streets: West Boston Boulevard, Chicago Boulevard, Longfellow Avenue and Edison Avenue stretching from Woodward Avenue on the east side to Linwood Avenue on the west. It is one of the largest residential historic districts in the nation. Home sizes range from as small as 1,500 SF to some of Detroit’s most impressive mansions of 20,000+ SF.
A substantial number of prominent Detroiters have lived in the neighborhood. Notable residents have included labor leader Walter P. Reuther, boxer Joe Louis, founder of Motown record label, Berry Gordy, Detroit Tiger, Willie Horton, the founder of K-Mart, the Kresge family and the founder of Ford Motor Company, Henry Ford.
Over the past three years the neighborhood is going through a revitalization with residents buying the historic homes fixing them up and moving in as their permanent residence. This has caused significant increases in home values over the past few years. The question is “has it peaked?”. In our opinion no. The average renovated home sells for +/- $350,000. Comparable homes in the suburbs are selling for north of $800,000. Detroit has got to be one of the only cities in the United States where real estate gets more expensive the further you are out from the city. With the major recovery Detroit is experiencing this enomaly will change. Furthermore, with the expansion of public transportation in the city of Detroit and the potential for the Q-Line to expand further up Woodward Avenue, Boston Edison is poised for another run to the upside in property values.
Check out our featured property listing in Boston Edison at 1991 Chicago by clicking here!
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