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Is The Suburban Dream Dead? Some Detroit Neighborhoods Are Hot

DETROIT (Talk Radio 1270) Are the days numbered for the old suburban dream of Mom and Dad, picket fence and front porch? Austin Black of City Living Detroit and Paul Robertson, CEO of the Robertson Brothers Company, think so.

They're experts in the dwelling trends in metro Detroit and argue more people are tiring of the long drives and costs of living in the outlands.

Black and Robertson talked with Charlie Langton on his 1270 Talk Radio studio about the return to city living.

"It's definitely picking up...I've seen a huge uptick probably in the last year (in Midtown and Detroit historic neighborhoods)," Black said, adding that inventory is low in Midtown, with few foreclosures and lots of incentives to move there.

He described the market as "competitive."

"Midtown's pretty hot," Black said. "It's tremendous, the amount of change that's happened."

Robertson said, "I would say the kids want to live in Detroit...The 20 and 30-somethings, the millennials, and Gen-Xers, they've been moving to Detroit and moving in fairly large numbers."

What's the attraction? Langton asked.

"I don't have to convince them to live in Detroit, they like the urban experience," Robertson said. "I don't know it it's because ... Their parents grew up in the suburbs, they grew up in the suburbs and they're like enough of this driving everywhere and everything that we're doing. The cost of gas has spiked over $4 for the third time now and it's become real to everybody."

Indian Village, Palmer Woods, Sherwood Forest are hot for young people and older empty nesters who don't have to worry about the school district anymore and want to live in Detroit's old beauties.

Prices range from $70,000 to $640,000 to live in the hot areas of Detroit, Black said, adding that some lofts are going in the $640,000 range. A 15-year property tax abatement on many Midtown properties keep the taxes low, Black added. Taxes can be as low as $1,000 a year for a $100,000 house in an enterprise zone.

Buyers can get something for $100,000 in Indian Village, but you'll probably have to put $200,000 into it, Black said. Indian Village homes in turn-key condition are in the $400,000 range.

"They don't want to drive way out anymore," Robertson said, adding that Royal Oak and other inner ring suburbs are also hot buys right now.

An added bonus? Detroit royalty like Kid Rock are moving back to the city from  the 'burbs. Rock reportedly bought a historic fixer-upper next-door to the Manoogian Mansion recently.

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