After suffering through some of the very worst of the Great Recession and housing crisis, property values and rents in Detroit are headed back up again. Developer Richard Baron is the CEO of St. Louis-based McCormack Baron Salazar, which is building 400 new rental units.
“The market has firmed up very nicely, certainly for apartments in downtown, around the core, and we think that it will continue to grow,” says Baron.
Even the long-stalled market for single-family houses is beginning to approach pre-recession levels.
“If anything, our biggest challenge is that I have way more buyers than I do quality houses that are move-in ready,” says Ryan Cooley, an agent for O’Connor Real Estate. Despite the good news for downtown, Cooley says many outlying neighborhoods are not seeing the same turnaround.