Originally Posted by
Fred
The custom homes I'm working on typically start at $400 per square foot, not including the price of land. Note, none are in the city of Detroit, but in northern suburbs or further abroad. We're consulting on one in Beverly Hills, CA which has a nine figure budget... its Tony Stark insane. I think in the ballpark of 35k square feet.
For inexpensive budget construction, start at $100 per square foot... but that doesn't get you much.
There's a neighborhood near Belle Isle called Indian Village which is one of the neighborhoods that generally has held up pretty well, with huge classical homes. A buddy of mine bought one there last year for around 300k I think, after his extensive renovations it'll probably be worth 400+ already, and it's one of the smaller ones on the street.
The town homes in Lafayette Park, between Belle Isle and downtown, are skyrocketing in value... its a pretty sweet Mies van der Rohe design. Another former co-worker bought in at under 100k for a beat down unit in the recession and it's probably quadrupled in value. He had it on the market and is restoring another home out near the Detroit Golf Club.
Belle Isle is bizarre to me now. Growing up my grandparents took us there frequently. In college we'd zip down there Saturday mornings and play flag football. I need to make it to a grand prix there, scheduling never works.