Detroit ranked first among area’s hot residential markets

Excerpts from the article:

For the first time in more than two decades, the city of Detroit recorded more new residential units than any other community in the seven-county metropolitan area. The city granted 1,039 permits for residential housing units last year, according to a preliminary analysis of data released Monday by the Southeast Michigan Council of Governments (SEMCOG). Detroit had an 11 percent bump from the previous year when the city ranked third in the yearly regional analysis.

"This is showing that Detroit is competitive and attractive compared to the suburbs," said Paul Tait, executive director of SEMCOG.

Although the region as a whole is expected to see a 20% drop in new permits compared to 2004, Tait said Detroit is one of 51 communities of the 234 in the region that saw increases.

In Detroit, new housing construction is taking place all over the city, but one of the key areas is the growth of downtown lofts.

Tait said the upswing for Detroit is the result of young people, in particular, looking to live a more urban lifestyle.

George Jackson, president and chief executive officer of the Detroit Economic Growth Corporation, said the new projects are geared toward stopping the population drain by improving and building housing so that the city becomes an attractive alternative.

Jackson said the number of residential permits in the city has been on the rise the last three years, proof that developers are starting to believe that Detroit is a good place to do business.

"I'm telling you it's going to pop," he said. "Buy your property now."

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