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San Antonio-Austin is already there. The Boom has not slowed (around 800k new residents added in the last 7 years - 3.8 million in 2010 and now 4.6 million). And as for gentrification we have happily seen the old dangerous/violent abandoned downtown SA housing projects that were once known as the Victoria Courts become a trendy new neighborhood of large single family homes starting at $500k. Not sure about Austin but SA is experiencing some wonderful downtown infill in areas that had been stagnant and vacant for the past 50+ years.
You have single-family houses right downtown? That seems odd...
I disagree with Memphis, Detroit, and Birmingham. I don't see them booming anytime soon. I agree with the others you mentioned. Grand Rapids has really improved, and so has Huntsville.
Have you actually been to Detroit lately or ever? It’s current renaissance has been well documented recently. The downtown and inner city neighbourhoods are gentrifying rapidly, and there is so much optimism for the future, it’s truly night and day from only a decade ago. There is so much renovation of old historic buildings as well as lots of new construction in the greater DT area, Midtown and surrounding old neighbourhoods. So many new restaurants, pubs and retail, as well as many new residents and office workers flooding the area that DT apartment vacancy rates are below 1% and home and property values are quickly skyrocketing. There is even a new tallest being built currently, an 800ft modern skyscraper right in the heart of DT.
The city as a whole still has a long way to go as far as being called a booming city, but it’s finally on its way there after so many decades of decline. As for gentrification, it’s happening at an astonishing rate in certain central areas, and is now extending into other areas of the city as well. The future of Detroit has never looked better in the past half century, regardless of the many struggles still to overcome!
I disagree with Memphis, Detroit, and Birmingham. I don't see them booming anytime soon. I agree with the others you mentioned. Grand Rapids has really improved, and so has Huntsville.
Detroit seems pretty well-positioned to start booming as it’s at the point where the downtown core is running out of rehabilitable abandoned buildings so the development is both moving towards new construction as well as advancing outside of just the downtown core.
I disagree with Birmingham as well but they are seeing some change, it's just change within the metro though. They're not attracting new talent or business comparatively, and a comparative analysis is the only accurate way to judge a city's progress or future. Here's 4 reasons why I don't believe Birmingham is a potential boomtown:
1. GDP growth, while highest in Alabama, is number 221st among other US metros.
2. Banking is one of Bham's staple industries yet it's banking deposits have decreased in a time where deposits are increasing in other metros.
3. They've been on a downhill slide as far as losing corporate HQ's. That momentum is unattractive to quality potential companies looking for a new HQ home. It can be attractive to your C or D rated companies looking for cheap rent and cheap labor but, if they succeed, they get bought and move out.
4. 6 year home equity growth is 4.5% which is 90% lower than the national average.
So I don't see the future as being good comparatively. I see it being steady and nice for those who want to live there and don't leave. It's a fine city with lots to offer but don't expect notable growth. You're better off buying a house somewhere else and getting rich on the equity while having more lucrative career options.
I think Birmingham pays homers to post on CD so I'm sure there'll be someone to say "you just need to drive through Birmingham and you cannot deny it's a boomtown."
Have you actually been to Detroit lately or ever? It’s current renaissance has been well documented recently. The downtown and inner city neighbourhoods are gentrifying rapidly, and there is so much optimism for the future, it’s truly night and day from only a decade ago. There is so much renovation of old historic buildings as well as lots of new construction in the greater DT area, Midtown and surrounding old neighbourhoods. So many new restaurants, pubs and retail, as well as many new residents and office workers flooding the area that DT apartment vacancy rates are below 1% and home and property values are quickly skyrocketing. There is even a new tallest being built currently, an 800ft modern skyscraper right in the heart of DT.
The city as a whole still has a long way to go as far as being called a booming city, but it’s finally on its way there after so many decades of decline. As for gentrification, it’s happening at an astonishing rate in certain central areas, and is now extending into other areas of the city as well. The future of Detroit has never looked better in the past half century, regardless of the many struggles still to overcome!
Yes I have as it is my second favorite Midwest city after Chicago. My family owns properties in downtown and Grosse Pointe Farms just outside the immediate area. While there are great things happening, I don't see a major boom due to economics. It will be a slow renaissance for sure.
Yes I have as it is my second favorite Midwest city after Chicago. My family owns properties in downtown and Grosse Pointe Farms just outside the immediate area. While there are great things happening, I don't see a major boom due to economics. It will be a slow renaissance for sure.
Yeah, I agree that it won’t boom like sunbelt cities, but I’m sure it will gain in momentum as the city improves services, especially transit. I really don’t see things slowing down in the near future, although anything can happen, I guess.
Yeah, I agree that it won’t boom like sunbelt cities, but I’m sure it will gain in momentum as the city improves services, especially transit. I really don’t see things slowing down in the near future, although anything can happen, I guess.
All of the right things are happening in Detroit to position it to resurge for sure. I think the biggest factor in it's favor are all of the companies currently relocating to the core area. A lot of them are in industries outside of the Automotive economic core Detroit is known for. As more and more people continue have jobs there, it will attract more and more investments for ancilary demands like retail, and housing. It's all the right momentum, we are only beginning to see a shift in the numbers though.
All of the right things are happening in Detroit to position it to resurge for sure. I think the biggest factor in it's favor are all of the companies currently relocating to the core area. A lot of them are in industries outside of the Automotive economic core Detroit is known for. As more and more people continue have jobs there, it will attract more and more investments for ancilary demands like retail, and housing. It's all the right momentum, we are only beginning to see a shift in the numbers though.
I am rooting for Detroit. It has the bones, the culture, the grit, the arts, the healthcare to really be an even better city. It is like starting with a clean slate. Beyond that the most attractive thing is the very low real estate prices in areas that are gentrifying. This has attracted young people back to the city who are a creative class. Retail will follow I'm sure, the population and incomes are there to justify it. It will be interesting to see how the automotive companies shift to tech, AI, and diversify their portfolios. It won't be the same traditional type of jobs Detroit is well-known for.
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