Originally posted by @Richard C.:
I have never seen a Detroit booster answer this simple question:
Detroit has housing stock built to house 1.5 million people. Today, the population is half that, and falling. How is it possible for that market as a whole to "bounce back" without demolishing thousand and thousands of houses?
I recognize that hundreds of blighted properties have been demolished. But what is needed is to eliminate entire neighborhoods.
The surplus housing of the city of Detroit could house the entire population of Boston. Think about that.
I don't consider myself a Detroit Promoter.
I do consider myself a Metro Detroit Defender
http://www.biggerpockets.com/forums/311/topics/198698-detroit-and-michigan--1-defender-answers-questions
But I'll answer your simple question. The national news media likes to show wide open spaces in Detroit. I'm sure you've seen some of these reports. Thousands and thousands of houses have been bulldozed down by the insurer on a burned building. Detroit City is clearing thousands more.
In the thread linked above I link to an article that says the apartment vacancy rate in Detroit is 3%. Far lower than most other large markets.
The Downtown occupancy rate is listed as more than 99%.
Metro Detroit has problems, Yes But it also has SFH that would sell for $10,000,000.00 in today's down market.
Metro Detroit and the city itself is very diverse and encompasses war zones AND luxury markets. They have built more than 100 new houses within 1 mile of my house within the last 4-5 years.
It takes more than a Property Manager to be successful in Detroit.
