Detroit Real Estate
Real estate market in Detroit has been one which has fluctuated throughout the years. The automotive and other industries sparked many real estate developments. Detroit has a wide variety of real estate investment opportunities. The city has great potential for realtors for many reasons. Detroit ranks as the 11th largest metropolitan area in the United States. It is also the center of the nation's automotive industry; and many other industries are being established making the city a prime candidate for further real estate development. The city of Detroit has also launched many programs which help to encourage more growth in the real estate market. They offer various advances and initiatives which are designed to cause significant growth.
It is easy for investors to recoup any expenditure within just a few years of obtaining properties. Many homes that have been repossessed can be purchased at greatly reduced prices. This makes them a very profitable investment as real estate market returns to normal levels. Solid brick homes in wonderful neighborhoods are plentifully available and single dwelling homes are abundant and inexpensive. An investor can easily recoup their initial costs in a very short time.
Property taxes are among some of the least in the nation and there are some zones which are charged even less tax. Taxes on homes in a homestead zone are about half what other areas are charged. There are some homes and businesses which are situated in a Michigan Renaissance Zone. Buildings in these areas are exempt from taxes altogether.
The real estate market continues to expand in Detroit, Michigan. There has been much development along the city's International Riverfront. Along the river there are many upscale condominiums and the number is rising. Downtown Detroit holds many famous landmarks and office buildings are continually expanding the business district.