As recent as three years ago Detroit still had the highest total property value of any city in Michigan. That is despite decades of population loss and economic decline. However according to a report from Crain’s Detroit Business, that is no longer the case.
The city of Ann Arbor, which is a fraction of the size of Detroit in area and population, now has the highest real estate value in a state. But what does that say about Detroit’s revitalization efforts?
Pinho says that this upset in real estate value is proof that Ann Arbor weathered the recent recession better than Detroit.
“The university (University of Michigan) … certainly helps keep the residential values higher,” Pinho says.
Pinho says that while there are a few large-scale building projects on the horizon in Detroit, real estate values will not be driven up until there are many more.
Pinho also discusses the issue of vacant land and houses that need repair within Detroit and how these parcels are handled by the government.
Click on the audio player above to hear the full conversation.