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Old 10-05-2016, 05:20 AM
 
Location: Ann Arbor MI
2,103 posts, read 1,347,071 times
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Quote:
Originally Posted by SQL View Post
The young professionals are getting shafted.... home ownership has become a pipe dream.
Ultimately supply and demand will dictate prices. If home ownership is a pipe dream for too many people then nobody can sell their house when they want to and that will drive prices down. If prices stay high then somebody is buying the houses.
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Old 10-05-2016, 06:16 AM
 
Location: Metro Detroit
1,786 posts, read 1,929,903 times
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See I don't get that. You can talk crap on the Morouns and I can follow and nod my head, the way Matty is holding up the public's desire to construct a new bridge is disgusting, but the contributions Dan Gilbert has made to Detroit are immense. The guy cares about the city. The stadiums I also think are a net positive.

I also support the stadiums. Put in a stadium and people will attend, then there's a market for restaurants. If there are restaurants the desire to move your office nearby rises. If there are offices you need more... - you see where I'm going, right? I'll even go as far as to say I think the new minor-league stadium in Utica has created more business in their downtown district and we will see a minor boom there over the next few years.
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Old 10-05-2016, 01:26 PM
 
Location: Grosse Ile Michigan
27,749 posts, read 65,558,358 times
Reputation: 32915
I think if you just look at the history of the are, you might question how much the stadiums helped. Comerica was 16 years ago Ford Field 14.

In 2010 Downtown was still a ghost town most of the time. There were almost no new restaurants. The existing ones were complaining about it being hard to keep the doors open. The change really happened beginning in about 2012 - 2013.
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Old 10-05-2016, 02:26 PM
 
Location: Niceville, FL
8,218 posts, read 16,820,811 times
Reputation: 8850
Quote:
Originally Posted by SQL View Post
The young professionals are getting shafted, however, as rents have sky rocketed, and home ownership has become a pipe dream. And all that for a little pot and some mountains. People are quickly realizing that it's simply not worth it, and so they'll spend a few years here before either returning home or going to the next up-and-coming cool city.
One of my cousins and her husband were out there for a few years and loved it but moved back to Grand Rapids when they were planning for kids. While closer to family was part of it, COL definitely played a role. The house they got in the Grand Rapids burbs would be twice as much in the Denver area.
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Old 10-05-2016, 10:29 PM
 
2,952 posts, read 4,345,492 times
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Quote:
Originally Posted by Coldjensens View Post
I think if you just look at the history of the are, you might question how much the stadiums helped. Comerica was 16 years ago Ford Field 14.

In 2010 Downtown was still a ghost town most of the time. There were almost no new restaurants. The existing ones were complaining about it being hard to keep the doors open. The change really happened beginning in about 2012 - 2013.
Unequivocally untrue.

The books might not show it, but the rebirth of Detroit really stemmed out of Mike Illitch's keeping the flame alive with those few blocks through the 90s.

Downtown was essentially dead compared to any major American city, but particularly compared to what it had been 50 years earlier. Illitch kept it alive with the Olympia ventures.

Then came Karmonos with Compuware.

After that came the stadiums, which provided what amounted to an unassailable foundation to the area, a bulwark that everyone could have confidence in.

Your analysis fails to account for the state of the area in the mid- 90s.

Even today the retail in downtown Detroit is abysmally pathetic for a major city. It is certainly by any objective metric still lagging far, far behind in any other conventional category: restaurants, residential etc.

Downtown Deroit needed massive anchors, and the stadiums provided them -- similar to how McCormick, UIC, Hyde Park, the hospitals, and other giant institutions provided stability to many areas of Chicago.

If you were involved in the civic life of Detroit when the stadiums were being built, you would know that anyone with two brain cells to rub together was ecstatic.
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Old 10-06-2016, 07:02 PM
 
Location: Lebanon, OH
279 posts, read 469,999 times
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I have noticed home prices in the Detroit are are very high compared to other nearby cities.
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Old 10-07-2016, 08:46 AM
 
Location: Grosse Ile Michigan
27,749 posts, read 65,558,358 times
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Quote:
Originally Posted by HPY1 View Post
I have noticed home prices in the Detroit are are very high compared to other nearby cities.
Well that depends on where in Detroit and which other nearby cities. There are still homes in Detroit you can pickup for under $10,000. Then there are homes in Detroit for $2 million. I think there is even one for $4 million. There are cheap homes in Melvindale or Ecorse, but Grosse Poine or Southfield are not going to be cheaper than simlar neighborhoods in Detroit.

Cities that touch Detroit typically have house prices simlar to the adjoining areas, but normally somewhat higher. Often prices go up 20% or more just by crossing a street that is the City border. Dearborn is a good example. There are streets where the Dearborn side is decent or at least not awful while the Detroit side of the street is horrid. Homes along or near the Detroit side are considerably cheaper than homes on the Dearborn side. Or, look at Grosse Pointe prices compared to Detroit homes adjoining Grosse Pointe. Detroit homes there are a fraction of the price.

Detroit neighborhoods recognized as "nice" are sometimes more expensive. I have not looked, but North Rosedale Park homes are likely more expensive than nearby Redford Township homes. However homes in Old Redford (part of Detroit) are likely considerably cheaper than anything in Redford Township. I saw a house in old redford last week for $14,000. Not likely any in Redford Township in that range.

There are many factors that influence the price, crime rates, character of the area, quality and condition of the homes and neighborhood, schools, distance to downtown or midtown, taxes (Detroit Taxes the snot out of its residents - both property tax and income tax). A Detroit neighborhood that is basically BYOG and has no trash pick up,and 2 out of 3 houses are abandoned and collapsing, will be cheaper than pretty much any adjoining town or township.
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Old 10-07-2016, 06:08 PM
 
Location: Metro Detroit
1,786 posts, read 1,929,903 times
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The fact that we're actually talking about homes costing 5 digits is proof of the area's incredible affordability. I moved from Salt Lake, an area many people out west consider "affordable" My 1,000 square foot house in a suburb that would be almost a direct twin to Warren sold for $230k. My wife and I have been going back and forth between buying in Rochester or Royal Oak and she was getting stressed out and I told her, "Hey, remember when we lived in SLC how much of an absolute dream it would've been to have to choose between Cottonwood Heights (upscale suburb) and Sugar House (old timey gentrified neighborhood) rather than settling for West Valley? Yeah, that's what we're doing here.

Can you get a house in a nice Lansing or Toledo suburb for less? Yes, but Lansing and Toledo metros are like 10-15% of the size of Detroit metro. Being a young adult, able to afford owning a home in an upscale area of a metro where you have 4 major sports, a world class art museum, countless ethnic restaurants, a different festival going on every weekend, and career opportunity - that's unheard of in most of the country. It makes metros like Detroit, Cleveland, Pittsburgh very appealing.
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Old 10-08-2016, 08:45 PM
 
Location: Southeast Michigan
2,852 posts, read 1,787,374 times
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Quote:
Originally Posted by craig11152 View Post
Ultimately supply and demand will dictate prices. If home ownership is a pipe dream for too many people then nobody can sell their house when they want to and that will drive prices down. If prices stay high then somebody is buying the houses.
Sorry, but that's BS.

Why is home ownership a "pipe dream" exactly ? The US enjoys some of the cheapest homes in the world, when you compare salaries to cost of homes. #3 on the world list, to be exact.

Moderator cut: link removed, linking to competitor sites is not ok

The US price to income ratio (median home price to median income) is 3.39 - i.e. it takes 3.4 median incomes to buy a median home.

Only two other countries (Saudi Arabia and South Africa) have cheaper housing.

And if you look at "mortgage as % of income" chart, it's #2.

Most other countries have it harder when it comes to housing. In most countries, it would be unheard of for a family of 20+ year olds to buy a home of their own.

Last edited by Yac; 10-14-2016 at 06:46 AM..
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Old 10-09-2016, 11:15 AM
 
Location: Ann Arbor MI
2,103 posts, read 1,347,071 times
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Quote:
Originally Posted by Ummagumma View Post
Sorry, but that's BS.

Why is home ownership a "pipe dream" exactly ?
Since you quoted me I assume your talking to me. I didn't say home ownership was a pipe dream. I was referencing another poster who felt it was a pipe dream IN DENVER CO.
I merely suggested supply and demand over the long run dictates housing costs. When demand is high and supply is low prices go up. The reverse is also true. Its what the real estate world refers to as buyer markets and seller markets.
What part of supply and demand do you not agree with?
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