WHY DETROIT? WHY NOT!
Detroit is currently in the deepest recession of any major city in the USA. Home prices have plummetted. Unfortunate for the city, but good news for the knowledgeable investor. And it pays to remember, there's more to the six counties that make up Detroit Metro (population 4,400,000+ ) than just Detroit (population 900,000+).
Here are some things to know about the Detroit Metro region and the city itself:HOUSING
- The collapse of the auto industry did lead to massive loss of jobs which led in turn to homes abandoned and empty and the creation of bad areas within the city. However, it's not all bad and the city recently approved a $300 million stimulus plan to create jobs and revitalize neighborhoods. Many affluent suburban areas still offer the million dollar mansions.
- Detroit's auto industry suffered a crushing blow. It didn't die. With help from President Obama and significant restructuring, it's still there and still the top employer. Detroit also has a growing technology sector especially in the production of alternative energy. There is a growing film production industry. Fortune 500 companies headquartered in Detroit include Lear Corp and Borg Warner along with the auto giants. It is also home to Compuware World Headquarters, OnStar, PricewaterhouseCoopers and Ernst and Young. And three opulent - and money generating - casinos including the MGM Grand.
- This is the home of Motown Sound, the phenomenon that swept the music world from Berry Gordy's Motown Records (est. 1957) and brought the sounds of Marvin Gaye, Diana Ross and the Supremes, The Jackson Five, Stevie Wonder and a host of others into the living rooms of America.
- This was a city of opulent movie theatres, one of which, the Fox Theatre, has been refurbished to its former glory. Today new theatres, jazz bars, and modern theatres carry on the entertainment tradition.
- Detroit's diversified ethnic makeup has contributed to some of the finest restaurants and dining facilities at both ends of the scale to be found in any American city.
- For the sports fan, there are teams in the four national sports leagues: Lions (football), the Tigers (baseball), Red Wings (hockey) and Pistons (basketball).