Client release: Berkshire Hathaway Homeservices - The Loft Warehouse
In 2003 Warren Buffet said Detroit has "huge potential" and might even be a place for Berkshire Hathaway to invest if he finds a suitable company. Today, Berkshire Hathaway announced The Loft Warehouse joins their HomeServices Real Estate Brokerage Network, their first investment in the City of Detroit.
Nine years ago, a home once sold for $500 in the city of Detroit. This past year, a condo in downtown Detroit sold for $1.2 million and there are a few other million dollar listings. With Berkshire Hathaway HomeServices The Loft Warehouse now focused on Detroit's luxury listings, including a majority of the condos and lofts within the city of Detroit, more international investments in Detroit's residential real estate market are expected.
From Detroit's Downtown to Midtown to Islandview, Corktown and Rivertown, and all points in between, people are investing in the city and people are moving back into the city. More building permits are being pulled, home prices are increasing, buildings are getting occupied and new restaurants and shops are popping up all over the city.
With the Detroit Red Wings and Detroit Pistons moving into a new arena, we welcome you to take a closer look at Detroit and specifically, Detroit's residential real estate market which is a true indicator of a city's comeback. Just take a look at these examples of affordable luxury living in a major city:
As the former Communications Director for the City of Detroit and Press Secretary to former Detroit Mayor Kenneth V. Cockrel, Jr., I invite you to take a closer look at Detroit.