Originally Posted by cooker
And I predict downtown Detroit will rise again. It will perhaps be the last of the major American cities to have a renaissance.
Many are rooting for that to happen, but it isn't a safe bet. Compuware razed hudsons and relocated downtown, but much of the workforce is in the burbs. There aren't many execs that work in the Ren cen living in detroit. Crime, the school system, etc. are major deterents. Aside from Boston Edison, Indian village, etc. the concept of a mansion doesn't exist. They are some of the few places in the country where a 'Grand Manson' can be obtained for 300k to 800k, and that means security service, guard dogs, private school, etc. In the recent past (1990 or so to recent), the waterfront development, the ren cen, compuware, and the superbowl were somewhat touted as the saving grace, but none seemed to build enough momentum. Never say never, but all the money is in the NW area or towards AA. You can get a 2 mill home in grosse point for 600k-900k right now.
somone pointed out that prices are what someone is willing to pay. Since downtown Austin is a hip and happening place, don't expect any deals. Being ahead of the curve is somewhat a function of luck and good fortune in many places, and if you didn't already own property there 10-15 years ago, there aren't as many deals any more.
The concept of a real city doesn't exist in much of America so the need to live downtown isn't a universal need. The allure of living on 'land' in the burbs isn't as popular any longer, but the average American still wants a 3 car garage, home in the burbs... Gas prices won't change things much; however, tax abatement plans for employers, growth caps, simple living attitudes, etc. will likely have more of a positive impact, but aren't very popular.