Detroits revitalisation, after filing for Bankruptcy in 2013 has long been building. In 2015 it was named a Unesco city of design. But experts are tipping 2017 may be the year that the promise the city has been making to investors all over the world becomes a reality. The new Q line Street car is expected to open in April, connecting with the woodward avenue corridor some 3.3 miles between downtown and the revived new centre area. It passes through mid town, home to the Institute of arts and the entertainment focused district Detroit, where a stadium opening this fall will be shared by the Detroit redwings and in a return rom the suburbs, the Detroit pistons.
The Manchester based Investment company Global Investments Incorporated has been selling homes in Detroit throughout the last 5 years that Detroit has been going through so much change, so who better to ask than the companies CEO Mike Moodie on what he thinks is happening in Detroit and if he thinks that the experts are right predicting that 2017 will be the year of the Motor city.
Mike was quoted in saying. “ Well its been great seeing the transformation that Detroit has undergone in the past 5 years and I definitely think that this will be Detroit’s year. We have more enquiries coming in from all over the world so I think that investors are seeing that the window of opportunity in Detroit could be closing. Sales have increased by almost 20% in the last 6 months and as a company we are always looking for the best priced properties in the best locations for our investors but prices have definitely shifted in the past 6 months. A year ago our average price was approx $25,000 with a net return of maybe 24%. Today the average sale would be approx $35,000 with a return of 18-20%. Don’t get me wrong these numbers are still very attractive for the overseas buyer but soon the price could reach a point where investors start looking else where. Personally I think we have another 12-18 months so this year is a great time to get involved. “
We asked Mike if he ever doubted the cities come back and if he ever thought that it would come back as strong as it had,
“ 100% yes, as a company we would never sell a product that we were not 100% committed to and believe in. Don’t get me wrong Detroit has been through some really hard times so its great to see the city back on its feet and fighting back and almost proving all of the doubters wrong. I have to take my hat of to all our investors that jumped on board with us 3-4 years ago as I guess at that time it was much more of a risk than it is today as no one really knew for sure what the city had in store. However on the other side of the coin all of these investors that did buy 3-5 years ago were buying up homes at $10,000 or less that are now worth in excess of $35,40,000, so I guess they are happy they took the plunge and invested as they have almost tripled there investments. “
Global Investments provide turn key opportunities to the overseas buyer with a hands on management and company set ups where needed. With almost 4000 sales in the past 5 years anyone looking to get into the Detroit market or any other USA market should definitely give Mike and his team a call.
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