Deserve to move up? Don´t overlook Detroit foreclosure homes as a little-touted source of homes sought by those who want to reflect success by attaining a comfortable lifestyle. Spectacular properties at amazing prices are the jewels that can be found in the foreclosure listings of this large and important global trade center on the shores of the Detroit River. Much has been written about the financial woes and soaring unemployment rates of metropolitan Detroit as automakers struggle to recover from the recession of 2001.
| ZIP CODE | LOCATION | BD/BH | PRICE | DETAILS |
|---|
As any recent visitor to downtown knows, Detroit City planners with laudable foresight, have attracted new business in emerging technologies, and the consulting services in support; advertising, law, finance, computer software, and spurred on a high percentage of white collar job growth; casino resorts have also contributed new revenue and jobs. Layoffs of carmakers´ executives have inevitably led to foreclosed homes among the gated communities and estates of the desirable suburbs in Oakland County and along the east river toward Grosse Pointe, in historic Indian Village, and in Northwest Detroit, in Palmer Woods, Sherwood Forest and other attractive neighborhoods.
Although it´s true that Michigan Foreclosure Homes since the auto manufacturing recession of 2001 have followed the pattern across the nation and formed clusters of lower cost family housing in cities where local industry has declined so dramatically, there are a noticeable number of filings of residential property above $150,000. Detroit foreclosure houses sales have been averaging $95,000 and the bulk of foreclosed properties listed for Detroit downtown and urban residential areas is around $100,000.
Current listings include a number of spacious (and not so spacious) dwellings, stately homes, apartments and luxury condos with price ranging well above $500,000. Many of these higher-end homes in Michigan foreclosures are to be found in areas where exclusivity and high prices generally will be maintained.
The greatest attraction for those with good credit ratings, certain of pre approval for financing, and cash to offer the beleaguered seller, will be the certainty of a great discount compared with property of a similar standard close by. Investors may be quietly standing by through what they term a "natural correction" of these high end markets, with this pause in the normally healthy competition encountered for more expensive property, what could be a better time to make your move?
