According to Detroit News, Grammy award winning singer-songwriter and record producer Pharrell Williams is looking to Detroit for a new real estate venture.
The article reports that Williams’ publicist was not available for comment but residents in the North Corktown section of the city claim they “have seen the plans and it involves a big swath of empty city-owned properties west of Burton International School at 2001 Martin Luther King Jr. Boulevard. It would include dozens of housing units.”
If so, Williams may strike gold. According to several online reports, Detroit is currently a hot housing market.
While HousingWire notes that Detroit is still somewhat of a “soft market,” it also notes that “When comparing housing markets only by year-over-year price percent changes, Detroit actually comes out as the hottest housing market, with a 28% increase of sold price change.”
And Bizmology, which reports on industry trends, ranks Detroit as number 13 on its list of 20 Hottest U.S. Real Estate Markets – good news considering the extent that the city suffered as a result of the financial crisis.
(CLICK HERE to read a related article about Detroit entrepreneurs Andre Sandifer and Abir Ali.)