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Detroit housing market 2023

Investing in the Detroit housing market has been a source of contention for investors for a long time. When considering whether or not to add properties in the Motor City to your portfolio, keep these three current trends in mind. The city of Detroit is one of the most populous in the Midwest. It also serves as the county seat for Wayne County. When it comes to residential in Detroit, home prices are exceptionally low. Detroit is the most affordable city. The rentals can generate extremely high returns on investment. Since the purchase price of a Detroit single-family home is significantly less, it presents a fantastic opportunity with significant returns and cash flow. It is also the fastest-growing city in the metro for rent. The Detroit housing market has seen a lot of fluctuations in the past few years. The city has been slowly but steadily recovering from the Great Recession, which hit the area particularly hard. In this blog post, we will take a look at the current state of the Detroit housing market, based on the most recent data available. We will analyse key metrics such as home prices, days on the market, and buyer/seller competition to provide insights into what to expect in 2023. Median Sale Price Data by Redfin show that the median sale price for all home types in Detroit in January 2023 was $76K, up 1.1% compared to the previous year. This modest increase is a positive sign for the city’s housing market, indicating that demand for homes is stable. Overall, Detroit’s housing market seems to be recovering but it is still far from pre-recession levels. Buyer/Seller Competition The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive. Based on this metric, Detroit’s housing market is somewhat competitive, with a score of 63. This means that while homes in Detroit receive 3 offers on average, some homes still get multiple offers, making the market somewhat competitive. Detroit, MI Housing Market The following housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded. Detroit, Michigan has had its fair share of ups and downs, but when it comes to the housing market, things are definitely looking up. According to the latest report, the median listing home price in Detroit was $79.5K in February 2023, up 6% year-over-year. In addition, the median listing home price per square foot was $69. While the median home price may seem low compared to other major cities in the United States, it’s important to remember that Detroit is still in the midst of a renaissance. With companies like Amazon and Google setting up shop in the city, and a growing tech industry, it’s no surprise that housing prices are on the rise. Despite the increase in prices, Detroit has still considered a buyer’s market as the supply of homes is greater than the demand for homes. With 180 neighbourhoods in Detroit, there’s a wide range of options available for buyers. While Detroit may be a buyer’s market, that doesn’t mean that sellers won’t be able to sell their homes for a fair price. With housing prices on the rise, sellers may be able to get more for their home than they would have a few years ago. Location matters. As with any housing market, location matters in Detroit. Those looking for a high-end home in a prestigious neighbourhood should expect to pay more, while those looking for an affordable option may need to look in less expensive neighbourhood’s. The rental market is also on the rise. With the influx of new businesses and industries in Detroit, the rental market is also experiencing growth. This could be a great opportunity for investors looking to purchase rental properties. Overall, the Detroit housing market is showing promising signs of growth. Whether you’re a buyer, seller, or investor, there are opportunities to be found in this city. With the right research and guidance, anyone can navigate the Detroit housing market successfully. According to Neigborhoodscout, over the last decade, Detroit real estate has appreciated 89.70 percent, which equates to an average annual appreciation rate of 6.61 percent, placing Detroit in the top 30% of all cities for real estate appreciation. In the last twelve months, Detroit’s appreciation rates have remained among the highest in the country, at 20.95 percent. Short-term real estate investors have found success in Detroit over the last twelve months. Detroit’s appreciation rates were 0.87 percent in the most recent quarter, equating to a 3.53 percent annual appreciation rate. Detroit Real Estate Investment Overview Detroit, Michigan is a city with a rich history, known for its role in the automobile industry and its contributions to music, art, and culture. In recent years, Detroit’s real estate market has been on the upswing, making it an attractive destination for real estate investors looking for long-term returns. Investing in the Detroit rental market offers several advantages for long-term investors. One advantage is the potential for long-term appreciation in property values. As the city continues to grow and improve, property values are expected to increase, leading to a significant return on investment for those who invest in rental properties now. Another advantage of investing in the Detroit rental market is the relatively low cost of entry compared to other markets. With lower prices for rental properties, investors can purchase properties at a lower cost, increasing their potential return on investment. Additionally, the high demand for rental properties in Detroit offers the potential for a consistent stream of rental income. As more people move to the city and job opportunities continue to grow, the demand for rental properties is likely to increase, providing a steady source of income for investors. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional continues to be a

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Cleveland Property News May 2023

Chicago developer turns scrap into luxury living with its first Cleveland apartment building   From scrap yard to deluxe living, a Chicago developer believes its first entry into the Cleveland apartment market will offer something unique. The TREO Apartments on the 2400 block of West 25th Street on the edge of the Tremont and Ohio City neighbourhoods is the first Cleveland endeavour for Chicago-based Mavrek Development. The land was the former home to a scrap yard owned by Sass Automotive and Wrecking until Mavrek paid $1.2 million for it in 2021. Construction was completed earlier this month and residents have begun to move in. TREO has 170 apartments on four residential floors with floor plans offering studios, one-bedroom apartments, two-bedrooms apartments, and two baths. There are also junior size one-bedroom units of up to 612 square feet, or 200 square feet less than the other one-bedroom units. Rent ranges from $1,223 to $2,160 a month. Some features include dedicated work areas, motion lights in every closet, in-unit washer and dryers and balconies for all but 10 of the units. Cleveland native Adam Friedberg of Mavrek said he believes the apartment building offers some new things to the Cleveland market. “We did some custom stuff at TREO that we hadn’t seen elsewhere in Cleveland. I think we’ve done a really good job at that and so far the feedback has been really, really positive,” Friedberg said. A rendering of the TREO Apartments ahead of completion of construction on April 1.Mavrek Development : One of the units in the TREO Apartments : Friedberg said that Latch, a full-building operating software and security system, will allow residents to use an app to access their apartments and other amenities. Latch also offers residents a package tracking system that gives them codes to pick up packages in a designated place. Other amenities include a large front courtyard, a sizeable gym, private Zoom-rooms for Zoom meetings on the main floor, a fifth-floor activity room that includes a table beer tap that residents can access with their phones, and a fifth-floor patio with unobstructed views of the downtown Cleveland skyline. There is 2,100 square feet of commercial space on the main floor, which Mavrek hopes will eventually be home to a local coffee shop or another business that would act as an amenity to the building. Space would also be open to the community. No.1 most expensive home sold in Cuyahoga County, April 17-24 was in Shaker Blvd, Hunting Valley. Hunting Valley is an eastern suburb of Cleveland, it is part of the Cleveland metropolitan area. The Village of Hunting Valley was incorporated as a village in 1924. The Village is comprised of eight square miles in the Chagrin River Valley, a suburb in the Greater Cleveland area. Known for its picturesque landscape and land conservation. The most expensive home sold in Cuyahoga County, April 17-24 was 3030 Shaker Blvd. The price was $1,600,000. The house was built in 1954 and has a living area of 4,667 square feet. The price per square foot is $343. The deal was finalised on April 6. Financing lined up for Ohio City high-rise apartment, hotel building Bridgeworks, a mixed-use high-rise planned in Cleveland’s Ohio City neighbourhood, has received approval on bond financing from the Port of Cleveland. Two bond financing resolutions were passed by the Port of Cleveland to aid Mass Design Group, M. Panzica Development, and GramMar in constructing the 15-story building. One resolution authorises the issuance and sale of $80 million in taxable Lease Revenue Bonds. The other resolution authorises the issuance and sale of about $4.1 million taxable Bond Fund TIF Bonds through the Port’s bond fund. Bridgeworks Project Rendering : If you would like more information or wish for a call regarding the latest properties Global Investments can offer in this location then please email us today at : invest@globalinvestmentsincorporated.

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When is the right time to buy real estate? 

At Global Investments we’ve been involved in the property market for many years. While some things change and move with the times, we still hear the same age old questions on a regular basis: “When should I buy? What is the right time to buy? When do I know that market conditions are right?” Understandably, investors around the world are often focused on purchasing properties that are competitively priced and with great potential for yielding returns. While I think that these are of course great questions, the truth is that they aren’t all that easy to answer. And that’s because real estate is rarely black and white. There aren’t times when it’s a clear buyer’s market vs times when it’s not. There are many factors at play in this type of investment decision. It  can depend on what type of property and what price point you are looking at, for instance. It also depends on your own situation as an investor. In broad terms, we can say that when the economy is bad and markets are down, things become trickier for those investors who are reliant on finance. For instance, we know that interest rates and inflation are currently high, accompanied by a cost of living crisis. Yet for investors who have cash at hand, this is a time of great opportunity. Whether it’s a $50,000USD property or a $1 million USD property, there are sellers in the market looking to free up funds – and this means that many of our investors are able to access well-priced stock in desirable parts of the USA. I think that right now is a great time to buy low-cost investment properties like the ones that we sell. But I would also argue that any time cam be the right time to buy. If you think about it, in a really bad year property prices might come down by a maximum of 10%. This is almost unheard of and would be a very rare occurrence. But let’s say this is the case: and we take for example a property for $80k USD. Let’s say you wait a year for the market to drop by that 10%. You save $8,000 on the purchase price. However if you don’t wait and jump straight in today you begin earning rental income immediately. Let’s say that rental figure is $1,100 per month on the $80k property. That generates an income of $13,200 over the course of that first year – significantly more than the $8,000 saving made by waiting 12 months for the property market to drop. And what if it doesn’t drop over the course of that 12 months? Would the cautious investor wait another year and lose another year’s income? In over 10 years of selling houses in the USA I have come across some great investors and very nice clients. Some of whom have still never purchased or taken the plunge, even though we have been speaking to us for years. Their objection is always the same: “Oh maybe the prices will drop some more or maybe there will be a better house around the corner.” Yet years later they could have purchased and earned a steady, lucrative income and also an upside on the price and gained some equity. Of course, it is important to find the right property at the right price. I’m not suggesting that any investment is a good investment. What I would argue, however, is that when it comes to low cost investment properties in any country, the best time to invest is YESTERDAY – or, at the very least, TODAY! SOME OF THE GREATEST INVESTMENT QUOTES CAN COME TO MIND.  WAIT AND BUY REAL ESTATE? OR BUY REAL ESTATE AND WAIT  TIME IN THE MARKET IS BETTER THAN TIMING THE MARKET  YOU CAN NEVER LOSE MONEY IN REAL ESTATE, ONLY SELL AT THE WRONG TIME. 

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