Residential and commercial development in Detroit remains extremely challenging, but opportunities are emerging in both residential and commercial real estate, according to a panel of experts that spoke today at a University of Michigan Ross School of Business conference about revitalizing the city.
“We’ve lost 30% plus in valuation over the last 10 years,” in residential real estate in Detroit, said Eric Larson, president and CEO of Larson Realty Group said at Revitalization and Business: Focus Detroit, which was attended by about 500 business school students.
Even in strong neighborhoods like Palmer Woods, housing values have declined from more than $400,000 a few years ago to $150,000 to $350,000, said Austin Black II, president of City Living Detroit.
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