Although sales of commercial properties in downtown Ypsilanti are at a
near stand-still while the long-proposed Water Street project remains
unrealized, the residential market stays hot.
Excerpt:
While [broker David] Hamilton is waiting for Water Street to give downtown a boost,
residential development downtown is somewhat hotter. A number of
properties have developed upper floor lofts and rental rates are
increasing.
"The lofts are more attractive than the retail level right now," Hamilton said. Gary Lillie of Lillie & Associates agreed. "There's
an incredibly strong market for downtown living," Lillie said. Lillie
also sees opportunity in the slow-selling downtown Ypsilanti market.
"If people buy now, when it turns around, they'll look like a genius,"
he said.
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