Detroit begins to show signs of life

With much of the property market in Detroit in real disrepair, it seems the motor city still has some way to go before it’s financial recovery. With many of the cities houses still worth next to nothing, it seems only the local residents are in the position to make a positive change for the cities future.  With many investors choosing to avoid the damaged market, residents are more hopeful than they’ve been in years.

Many of the city’s residents have become accustom to renovation, all with a good ability to estimate renovation costs based on a home’s degree of disrepair. It’s this ability that allows new residents to decide whether they can bring house back to life.

Locals are also having to look at creative financing. Twice as many people are denied loans for collateral as for bad credit in Detroit. That’s caused lenders and nonprofits to use grants, consumer education and special lending products to help get people into homes.

With many residents getting together to pool resources in an attempt to keep repair costs down, even the gardens of abandoned houses are being looked after by local neighbours.  These residents keep an eye on local prices, in the hope that this extra work will help boost the value of the area.

Much of Detroit’s empty property has been left for years, attracting some of the bad elements of the city.  Many houses end up as the outlets for crime and disorder, as the homeless look for a place to escape the brutal winter temperatures. With the local government bulldozing more than 80,000 distressed homes, neighbours are taking advantage as they buy empty lots next door for as little as $100.

 With many of the old period homes being saved from the chop, it’s the local people trying to preserve the city's heritage. People in Detroit are justifiably proud of the city’s history and its gorgeous homes, many built in the heyday of U.S. auto manufacturing. It’s the hope this increasingly strong community will breathe new life into this formally great city.