This fall Detroit's biggest residential development in half a century, Brush Park, is set to break ground and the city's first downtown condominium project is set to begin construction in 2017. CNBC staffer Diana Olick takes a look at the progress seen in Detroit's downtown and the work that remains to be done in the rest of the city's landscape.
The appraisal gap in the city remains one of the largest barriers to buying homes in Detroit:
The city's median home price is just $24,000, according to RealComp, due to the fact that so many homes are foreclosures or have been purchased by investors using cash. Investors renovate the homes, driving up the values, but the original, low sale prices are still used as comparables for neighboring appraisals.