Detroit Developments....

Eric and I toured Detroit in early August.  I became fascinated by this city of 138.7 square miles.  The downtown was active, vibrant.   Just a mile away from downtown, conditions were very different... Abandoned homes and businesses were easy to spot. Several sections of the city had so many abandoned homes removed that the landscape has turned into meadows.

August 12, 1013:  There's a quiet business surge in Detroit.  Office space in downtown Detroit rents for 7% to 25% less than the local suburbs.  Projects like the M@dison Block attract business start-ups.

Companies are choosing

downtown Detroit.

September 24, 2013:  Detroit is becoming a more expensive place to live.  House prices were up 17% in July.

For sale in Detroit
for $200,000.00
567 S. Waring Street
Detroit, MI 48217
October 30, 2013

I don't know when this
Coldwell Banker link
will go down.

The housing market dropped 30% from its high in 2005.

September 27, 2013:  A bail out for Detroit?  No.

The federal government is sending $300,000,000.00 in grants to this

 ailing city to tear down vacant 

buildings and to spur job growth.

This amount is welcome, but not will not wipe out the city's $18,000,000,000,000.00
(18 billion) deficit.

October 28, 2013:  Michigan Governor, Rick Snyder,testified at a trial in US Bankruptcy Court that bankruptcy is the solution to Detroit's fiscal woes.








Attorneys for Detroit are arguing
that bankruptcy is necessary to
Detroit's survival.





Lawyers representing Detroit's unions, pension funds and retirees argue that Detroit did not meet legal standards for bankruptcy:  Detroit had not negotiated in good faith with its creditors before filing Chapter 9 Bankruptcy.  These lawyers contend that Detroit is using federal powers to dismantle employee pensions protected in the Michigan Constitution.  Detroit watchers (like me) wait for a verdict from the judge.