(My take on) Future of Detroit, MI. What's yous?

[Michael Wayne]

Hey BP -  

Recently responded this to an inbox asking my opinion of investing in Detroit, Mi. What do you think about the future of real estate in Detroit? 

(written a little theoretical - would love some data to prove/disprove my opinion) 

"

Although many parts of the country are still apprehensive, I’m all in on Detroit. I lived in Michigan for most of my life, and have seen Detroit at a lot of different stages, but none more energetic and vibrant than now. Recently had a chance to hear Dan Gilbert speak and asked him where he saw Detroit in its recovery (mind you this Guy has $1B+ invested in the city) if it were an inning in baseball, he said we haven’t hit the top of the second.

I think a major reason the population is declining is because Detroit is shedding its outer layers in massive quantities. The core near Campus Martius is incomparable to its far surrounding neighborhoods. That area has cemented the development and everything seems to be moving out from there. Evident now with how nice the midtown and Cork-town neighborhoods have gotten, even Mexican Village has improved. The movement of development has forced a bigger portion of the low income population out of the city, causing the population decline and yet the heavy culture influences and growing corporate footprint is causing a regeneration from the center outward.

Detroit has enormous upside and will be a great market long-term. In the near term prices seem a little high, which seems to have caused a lot of deal volume to shift further off market.

With that considered, supply in Detroit is endless and prices will correct. Lots of growth already, even more to go. Slow and steady....

"

What do you think about the future of the real estate market in Detroit?