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Once the joke of the USA – could Detroit property prices now double?

It’s on it’s way back……

Recently President Donald Trump tweeted:
Will be going to Detroit, Michigan (love), today for a big meeting on bringing back car production to State & U.S. Already happening! See the tweet here

Well love him or loathe him there is one thing for certain and that is he is making things happen in Detroit. Detroit the place that time forgot, the place that was bankrupt in 2013, the place everyone but a select few told you not to invest in, where crime is soaring and properties are burning down and everyone is escaping from…..really?

What is happening in Detroit?
The truth is that Detroit continues to attract billions of USD in investment from both public and private sector, the appetite for Detroit is well and truly alive and kicking, Silicon Valley companies are moving to Detroit to take advantage of the skilled work force and attractive office space. Service and tech industries are now coming to Detroit along with new hotels, art galleries, even an 8 lane all trade bridge linking North America to Canada costing billions to build but needed to cope with demand, not to forget the multi million USD investment into the RailCar network along the main WoodWard Avenue in the heart of the city linking the suburbs as it reaches outwards. Did you know that two bedroom condos in downtown Detroit are selling at over $650,000 yet you can still buy a quality 3 bedroom brick built home in the suburbs for under $50,000. The diversity of investment going into Detroit right now is hard to keep up with, it really is time to get involved.

Why are property prices rising?
One of the biggest factors contributing to price increases is that Detroit residents are starting to buy again, and this means mortgages are becoming available again where previously no one wanted one and banks were not offering them. Banks were not lending on properties under $40k but now prices have risen and demand with it, the banks are now offering residential mortgages for the first time in almost a decade, this can only see prices rise as more and more people now have access to sensible measured lending to help them buy their home again. The great news is that with this demand the availability of rental properties decreases and therefore demand and supply maintain a competitive edge to ensure rental incomes remain at current averages of $750 per month for a 3 bed home.
What are the current prices and where can they go?
Good condition debt free property prices dipped from an average of $120,000 in 2008 to as low as $25,000 in 2011, right now prices for good homes are rising over $50,000 but there are still opportunities under this and PCG have some exclusive stock for you to look at between $30,000 and $70,000 with NET yields as high as 20% p.a available. With the demand increasing for Detroit properties in the residential sector and the international investment sector there is a window of opportunity right now to still make huge gains in this market, and for those wanting a reliable passive income you can perhaps now feel confident that your exit will be just as pleasing as the high yields you can expect.

How can I get more advice and get involved?
Email me darren@pcginvest.co.uk with your questions. We can help those with budgets from $28,000 to $28m so do not turn your back because you think it’s too small to bother with or that your investment is too small for us to be interested, we have been helping international investors for over 5 years with 1 to 100 properties and our service and advice remains the same throughout, we are professional and discreet and can introduce many industry professionals from licensed brokers to tax advisors and lawyers so whatever your concerns please let us know and we can help.

See the latest Detroit properties here