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Here’s Why We Won’t Be Buying Single-Family Homes for Investment in Detroit Soon


Is Detroit on the right road for investors in single-family home investors?

With all apologies to the Motor City, we at SpringView Investments don't think so, at least not yet, and perhaps not for several more years, if not longer.

SpringView Investments acquires, renovates, leases, and operates affordable single-family homes in stable and safe communities that many Americans can afford, currently for the most part in and around Chicago.

While a slice of downtown Detroit has staged a vibrant comeback, with new hockey and basketball arenas, new light rail transportation, tony cafes, and a few urban pioneers moving back, a report by Michigan State University (MSU) states that much of the city’s supposed recovery is a “mirage that obscures the continued widespread blight, poverty and misery in the sprawling town.”

The report notes that “coffee shops and stores that have sprung up along Woodward Avenue – the city’s main drag – do little to address the lack of jobs, quality education and job skills.”

In most of metropolitan Detroit – 95%, according to the MSU study, “decay continues to dominate the post-apocalyptic neighborhood landscape.”

Why else not Detroit now? The unemployment rate of 11.1% (more than twice the national average) as of December 2015 was the highest of the 25 largest cities in the U.S. What's more, crime rates were still high, public safety low, public schools subpar, blighted and abandoned buildings abound, taxes remain uncollected, and public transportation remained stalled.

“Without a major commitment to improving education and job skills throughout Detroit, the gap between the city core and neighborhoods will continue to grow," said the MSU report. "While the availability of lattes may be a sign that Midtown is moving toward the best of times, these are instead the worst of times for most Detroit neighborhoods."

For more information on why your should consider investing in a professionally managed portfolio of single-family homes in Chicagoland, please contact Harold Willig at 917-209-4452 or harold.willig@springviewinvestments.com

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer, and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 17 years of finance and accounting experience. Mr. Willig also ran a consulting practice and provided valuation, analysis, and transactional support services to multi-billion dollar real estate companies. Previously, Mr. Willig served as the Senior Controller and Vice President of Financial Analysis and then the Chief Financial Officer of the Athena Group, a multifamily development company and fund manager.

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