Downtown Detroit is seeing a revitalization of sorts sparked by Dan Gilbert’s $1 billion investment in the area. Since 2010, Gilbert’s investment has created an estimated 6,500 jobs in downtown, and, as a result, it’s nearly impossible to find a vacant apartment as residential occupancy rates reached as high as 99.4% for the downtown area.
But what about the rest of the city? You can buy a bunch of homes outside of downtown Detroit for under $500 and some are even listed at just $1.
Problem is: these prices are incredibly misleading. The homes are in abysmal condition and there are few city services in and around these neighborhoods.
Detroit realtor John Lewis took us to the Brightmoor neighborhood to show us what these $1 Detroit homes are really like.
MORE GOVERNMENT AND POLITICS CONTENT:
Detroit’s Sacrifice For Economic Recovery
9 Times Alexandria Ocasio-Cortez Clapped Back On Twitter
How Fox News Uses White Supremacist Language
#Detroit #HousingMarket #BusinessInsider
Business Insider tells you all you need to know about business, finance, tech, retail, and more.
Visit us at: https://www.businessinsider.com
BI on Facebook: https://read.bi/2xOcEcj
BI on Instagram: https://read.bi/2Q2D29T
BI on Twitter: https://read.bi/2xCnzGF
BI on Amazon Prime: http://read.bi/PrimeVideo
The Truth Behind Those $1 Detroit Homes