In the central core of Detroit's comeback -- downtown and Midtown -- real estate prices are skyrocketing after years when they were depressed and property was hard to move.
John Gallagher of the Detroit Free Press reports:
Greater downtown Detroit residential real estate — a near-dead market only a few years ago — is now soaring with a few property owners even listing their downtown and Midtown properties for fantasy prices running into the millions of dollars.
But beneath some of the ridiculous pricing, greater downtown is offering a steady stream of residential openings as prices surge amid downtown's continued revival. The surge is fueled mostly by empty-nest baby boomers, along with some millennials, who are paying prices approaching $300 a square foot for upscale condos — levels unheard of just a few years ago.
In the Midtown district north of downtown, median home sale prices so far this year have hit $293,000, almost double the median price of $167,900 in spring 2013, according to data provided by the Realcomp II Ltd. real estate service.