Northeast of Eastern Market neighborhood (Detroit, Warren: houses, buying, construction)

[keraT]

Since I missed the Detroit boom on getting a property in core Detroit before it became popular, I have been looking at properties around core Detroit to hopefully identify an area that might eventually get develop. Just get a small piece of land/old house and hold on to it for few years before it hopefully becomes hot property (wishful thinking).


I located few still cheap area between St. Aubin and Chene st. North of Mack Ave. The area looks empty/cleaned out with lots of land for potential development. Few houses that are left in the neighborhood seem to be in decent condition for old house. Anyone know about this area or have any thought process. There is the potential for the area but I also want to know how is it now?


I also read online that they are planning on expanding Eastern Market all the way to St. Aubin and up to Mack. Of course that is 10 year plan and no one knows what will happen then. But if this comes true then the area I am looking at will be few steps away from Eastern Market. I am little scared because I am not an investor or a person who takes risk but at same time I have kicked myself for not taking advantage of many things during the recession when I should have


Will appreciate your thoughts, Thank You

[jaynarie]

Well, none of us have the ability to predict the future, but I'll give you a few of my thoughts.

While being near Eastern Market could eventually be desirable, I think it will take a LONG time.

That puts you about equidistant to Eastern market and where they will likely build the jail complex (next to the current Juvenile center off of Warren). Being near Eastern Market could eventually be positive as I said, but I think the proximity to the potential jail complex is a stronger mark against it. I would definitely either wait for the county to decide exactly where the jail will be or stay south of Mack.

[zthatzmanz28]

Originally Posted by jaynarie

Well, none of us have the ability to predict the future, but I'll give you a few of my thoughts.

While being near Eastern Market could eventually be desirable, I think it will take a LONG time.

That puts you about equidistant to Eastern market and where they will likely build the jail complex (next to the current Juvenile center off of Warren). Being near Eastern Market could eventually be positive as I said, but I think the proximity to the potential jail complex is a stronger mark against it. I would definitely either wait for the county to decide exactly where the jail will be or stay south of Mack.

Agree.

Most areas more than a block from Woodward may never see any significant improvement as an investment property.

If I were buying in the city I would look at the New Center area, possibly Boston-Edison / Arden Park.

Why not look at Hamtramck and / or Highland Park?

Hamtramck is doing very well and as for Highland Park, it can ONLY go up as it is pretty much the bottom of every scale known to society economically speaking.

Lastly, take a look at the Olde Redford area as well.

[keraT]

Originally Posted by jaynarie

Well, none of us have the ability to predict the future, but I'll give you a few of my thoughts.

While being near Eastern Market could eventually be desirable, I think it will take a LONG time.

That puts you about equidistant to Eastern market and where they will likely build the jail complex (next to the current Juvenile center off of Warren). Being near Eastern Market could eventually be positive as I said, but I think the proximity to the potential jail complex is a stronger mark against it. I would definitely either wait for the county to decide exactly where the jail will be or stay south of Mack.

Thank you for your comment. When you mentioned the jail, which I remember when it was all over the news but forgot about it now.. I ran to google looking for map of the proposal Gilbert made. It is a good point, something I did not think off. If Easter Market is truly expanded out to Mack then the equidistance would be tipped. But it is risky & long term investment.

[jaynarie]

And last I heard, the county was leaning towards Gilbert's plan. Of course, it has been what 3, 4, 5 years since construction on the Fail Jail was halted and they still can't make up their minds, so I don't expect a final decision anytime soon....