Where to Buy Now in Detroit
With the city of Detroit in full recovery and Detroit neighborhoods on the upswing, home owners are finding incredible value for their money by moving to the city. For example, we just sold a home in the University District to a young couple moving here from Washington DC. The house is a 3,000 SF, 5 bedroom, 3 1/2 bath completely renovated (by Team Virkus) three story victorian tudor. Click here for a video of tour of the completed project.
The young couple was able to buy this home for $262,000. That same house five miles to the north, in Oakland County, would have sold for north of $600,000. It’s this kind of value that is attracting people to move back to the city of Detroit.
The question is which neighborhoods are the safest and represent the best opportunity for homeowners. To help you with this, we thought we would share what Team Virkus sees as the best placing to buy. This is a summary of the hottest areas:
The Woodward strip from downtown to mid-town
This strip basically starts at the General Motors and Quicken Loans headquarters through the entertainment district which includes Tigers Stadium, Ford Field and where they will be building the new Red Wings stadium. The strip then continues to Wayne State University.
This is the oldest village in the city of Detroit where the old Tigers Stadium was located. Corktown has a very unique character to it as it is made up of mainly historical single family residences.
This area is located just outside of Corktown and houses some of the best Mexican restaurants in the city, as well as, one of the best grocery stores…the Honey Bee La Comena.
This area is located just to the east of the city where the old Strohs Brewery was located. It is mainly made up of loft style apartments close the Detroit River.
Some other areas to consider are the micro-neighborhoods where the top Automotive Executives build incredible homes just outside of the city. Some of these areas include:
Historical Indian Village
Occupied by primarily doctors, lawyers and business owners, Indian Village is a Historic area that offers family friendly, upscale living with an urban twist. This tight knit community is filled with quaint coffee shops and other stores where residents can find all they need. Among these are the Indian Village Market, and the Food Express Market.
Historical Sherwood Forest
The Sherwood Forest community was established in 1917 and contains 437 beautiful, architecturally stunning homes. Touted as one of the safest neighborhoods in Detroit, association fees include allocation for paid private security patrols.
Palmer Woods Historical District
The Palmer Woods Historic District is a residential historic district bounded by Seven Mile Road, Woodward Avenue, and Strathcona Drive in Detroit, Michigan. There are approximately 289 homes in the 188-acre district.
The University District is a neighborhood located one mile west of Woodward Avenue south of Seven Mile. The University District named for its neighbor to the south, the University of Detroit Mercy.
Boston Edison District
The Historic Boston Edison district is located just a few miles away from Downtown and features some of the city’s most magnificent homes. The neighborhood is situated near several charter schools, and includes a number of family residences with children of all ages.
If you want help navigating a recovering city, let us know. We’d enjoy the opportunity to help!