Change is more than just a word. It’s a force that’s transforming Detroit’s real estate market.
The struggle from Great Recession of 2008 to rising star has been the Cinderella story of a city hit hardest by the economic downturn. Yet the glass slipper of development that’s popping up in Downtown, Midtown, Corktown, and other areas further supports that Detroit’s comeback is more than a fairytale – it’s happening in real time.
In 1805, fire overtook the city of Detroit, leaving all, save one building, in ashes. “We hope for better things,” Father Gabriel Richard wrote in response to the tragedy. “It will rise from the ashes.” Over the last 210 years, the phrase has developed into the motto for Detroit, even appearing on the city’s flag. Today, in the decades following the race riots and the collapse of the automotive industry, throngs of former city-dwellers and suburbanites are flocking to the city in the hopes of rebuilding it.
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