About Detroit, Michigan
“We are focusing on Detroit, Michigan because there is an acute shortage of affordable housing for rent.”
Due to a previous lack of funding, population shift from the metro Detroit area to the sprawling suburbs, local government corruption and re-structuring of the automobile industry, the last four decades have seen a negative effect on the real estate industry in the City.
The recent economic downturn in the USA as a whole had further exacerbated the situation until relatively recently. However, Detroit is fighting back. We see 2009 as the right time to invest in Detroit because:
Economic and Political
Local government corruption has been eradicated by City of Detroit’s Board of Review as a part of
departmental overhaul.
Huge collaboration of City officials, business leaders and politicians are now driving through change in
Detroit and seeking to house families back into previously disused accommodation. This in turn will increase the City’s tax base.
Large Research and Development industry is thriving.
Supply and Demand
Residents moving from outer suburbs back to Detroit metro area, citing lower prices, better community
spirit and better quality established housing (some suburban new developments are built on swamp land)
Waiting list of over 9,000 tenants looking for high quality housing in metro Detroit area.
We believe prices have bottomed out and are incredibly affordable.
Shortage of 30,000 rental homes in the metro Detroit area.
Rental yields are now over 20% on the right properties indicating that the assets are undervalued.
Non-foreclosed homes in good communities are still selling at over US$100,000.
Ethical investment
This is an ethical investment opportunity that ‘recycles’ houses, turning foreclosed (repossessed) and uninhabitable houses in the USA into refurbished, clean, safe homes for employed - low income families.
Detroit is the largest city in the State of Michigan, located in the upper Eastern portion of the United States. This major industrial centre is also a port city on the Detroit River and located North of Windsor, Ontario. In fact, Detroit is the only major US city that looks south towards Canada. It was founded in 1701 by the Frenchman ‘Antoine de la Mothe Cadillac’ and is home to in excess of 5.4 million people.
The State has a workforce of nearly 2.8 million people, with approximately 240,000 businesses. The Metro Detroit area has made Michigan’s economy a leader in information technology, life sciences and advanced manufacturing; Michigan ranks fourth nationally in high tech employment with 568,000 high tech workers, including 70,000 in the automotive industry. Michigan typically ranks second or third in overall Research & Development expenditures in the United States.
Metro Detroit also serves as the headquarters for the U.S. Army Tank-Automotive and Armaments Command, known as TACOM. Detroit Metropolitan Airport (DTW) is one of America’s largest and most recently modernised facilities, with six major runways, Boeing 747 maintenance facilities and an attached Westin Hotel and Conference Centre.
Detroit has major port status and an extensive expressway system. A 2004 Border Transportation Partnership study showed that 150,000 jobs in the Detroit-Windsor region and US$13 billion in annual production depend on Detroit’s international border crossing. A source of top talent, the University of Michigan is one of the world’s leading research institutions, and Wayne State University in Detroit has the largest single-campus medical school in the United States.
In 2004; led by Detroit; the state of Michigan ranked second nationally in new corporate facilities and expansions. From 1997 to 2004, Michigan was the only state to top the 10,000 mark for the number of major new developments. This is a sprawling industrial area, full of industry, technology, small businesses to multi nationals and most importantly full of people!
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