Detroit is a hot real estate market

DETROIT (WXYZ) - Verzell Page of Front Page Realty in Detroit is so busy he doesn't get any sleep.

Property in Detroit is selling so fast that his business is as busy as it has ever been. Prices are at historic lows and people are trying to take advantage of the market.

"We're seeing prices on homes equal to that in the 1950's," said Page. "I'm very happy were as busy as we are!"

Page says banks are still being stingy with loans, but prices are so cheap people can pay cash. He is talking about three bedroom brick homes on populated streets for as little as a couple thousand dollars up to $100,000 for really nice homes.

He calls it a hit or miss market in Detroit. Some areas are nice, but if you go three blocks or so away it isn't. A few areas that are booming include Palmer Woods, Boston Edison District. University District, Rosedale Park and property on the Detroit riverfront.
 

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