In Detroit's 48205 zip code from 2014-2020 the number of vacant homes hardly budged despite $25M spent demolishing 1,628 vacant homes. When the pandemic hit, vacant homes plummeted. What happened?
I'd be curious with properties that went from vacant years before to rehabbed during COVID, what the neighborhood values were like for that span.
I'd think at play was reduced availability due to demolitions, put together with increased fetching prices for real estate, coupled with more liquidity due to covid distributions of funds to people.
This is why nationwide we have seen rampant inflation and real estate at record highs in most places.
End side of this comes a big plummet in values. But not before many counties run to reassess while things are at record highs on new purchases.
I'd be curious with properties that went from vacant years before to rehabbed during COVID, what the neighborhood values were like for that span.
I'd think at play was reduced availability due to demolitions, put together with increased fetching prices for real estate, coupled with more liquidity due to covid distributions of funds to people.
This is why nationwide we have seen rampant inflation and real estate at record highs in most places.
End side of this comes a big plummet in values. But not before many counties run to reassess while things are at record highs on new purchases.