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Detroit bankruptcy attracts Canuck property buyers

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Guest | 23 Jul 2013, 06:12 PM Agree 0

With property prices as low as $1,000USD grabbing the headlines, interest has naturally spiked.
“We have received numerous calls from Canadian buyers in the last number of days who are not just interested, but are ready to buy now,” says Chris Shaw from the Detroit-based Platinum International Investments.
Ironically, bankruptcy will be Detroit’s saving grace as once their financial woes are sorted; money will finally be invested in the city’s services, amenities and infrastructure.
“There is a reason why so many investors, such as Don Gilbert, are focused on the Detroit market. They see the long-term potential that exists here and the returns they will make.” Gilbert, the CEO and founder of Quicken Loans and Rock Ventures, moved his HQ from Cleveland to Detroit in 2010 and has since acquired 30 prime real estate properties in the downtown area exceeding 7.5 million square feet of space.
Shaw says that while there are properties in the $10-15,000 mark, most are in neighbourhoods that will never increase in value.‘Investors should be looking at properties starting at $37,000 and you can get good three-bed house for that amount,” he says. “Rents for such properties average between $750-1000.”
He says that most Canadians are buying in cash for around $50,000 with most investors are looking at such areas as English Village, University District and Rosedale Park.
 
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