Things are beginning to look up in the big D, the Motor City; but surely, there is still a long ways to go. With most of the non-productive or destructive distractions resolved, Detroit's new government and public school system leaders are showing signs that their eyes are locked on the right prize for the City.
Finally, Detroit may be seeing it's worst times this year and into 2011, as high unemployment and crime are still major issues within the City. However, if Ford Motor Company's stock price movement is any indicator, Detroit's once failing automotive industry is turning toward profitability. Additionally, former auto workers, many of whom are Detroit residents, are being re-trained and employed in other expanding and emerging industries such as health care and alternative energy.
New businesses and jobs are slowly coming into Detroit as businesses take advantage of incentives, low startup costs, and controllable operational expenses within the City. Part of the slow movement is a result of political uncertainty in State government. This is a major election year for Michigan -- 2011 will see a new Governor, Secretary of State, Attorney General, almost an entirely new Senate, and about one-third new House Representatives.
Yet another factor slowing improvements is the uncertainty of the 2010 national census results, as the outcome will impact resources available to Detroit.As a highly inspirational factor, giving Detroit's 42+ years of decline, is the incredible enthusiasm metro-Detroit residents exhibit for Detroit; this includes not only Detroit residents, but many suburbanites. This translates into heightened consumer confidence in Detroit; which, will only serve to improve economic conditions in the City.
So, how is this all effecting real estate sales in Detroit? Until inventories are drastically reduced, there will continue to be a buyer's market for the near future; but if Detroit's February year-over-year (2009/2010) sales statistics for existing residential are any indication, as reported by the local multiple listing service, there is some optimism, even though the number of sales were down slightly:
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