Warren Buffett jumps on the Detroit Real Estate Bandwagon!
It’s always a good sign when Warren Buffett shows up—especially for a city that has been known for its blight, unemployment, and other such negative aspects.
Detroit has been making waves in the real estate industry over the last few years, thanks in part to federal grants, new political leadership, and die-hard private interest from massive investors. It has been earning mentions on multiple lists and countdowns, including Realtor.com’s Hottest Market List.
But, for those disbelievers comes a true sign of the resurrection sweeping through the Motor City—a division of Warren Buffett’s conglomerate, Berkshire Hathaway, has taken up residence in Detroit.
Berkshire Hathaway is an international corporation which is comprised of many well-known smaller companies, such as GEICO, Long & Foster, BNSF Railway, Lubrizol, Fruit of the Loom, Helzberg Diamonds, FlightSafety International, Pampered Chef, and NetJets, as well as holding large shares in many other exceptionally known companies, like American Express, Coca-Cola, Wells Fargo, IBM, Apple, Southwest Airlines, and American Airlines.
Detroit is now going to play home to a faction of the Berkshire Hathaway empire—Berkshire Hathaway Home Services, a real estate brokerage franchise network. The division recently acquired The Loft Warehouse, a local luxury real estate agency, adding it to their brokerage franchise network in the hopes of helping to promote its listings to a wider, more international audience.
“Detroit is an international buyer’s destination,” said Berkshire Hathaway Home Services spokesman Kevin Ostler. “A third of the Loft Warehouse’s home sales come from buyers out of state.”
Currently, the agency is selling units in a soon-to-open luxury condo building on the popular Selden Street, located in midtown Detroit. The 12-unit building will feature units starting at $439,000.
The company also holds listings in the Westin Book Cadillac Residences downtown, the Willys Overland Lofts in Midtown, and Harbortown in Rivertown.
One thing can be said for sure, when Warren Buffett’s team shows up, it’s a sure sign there is a profitable venture on the horizon.
News & Image Source: https://www.metrotimes.com/news-hits/archives/2017/09/20/division-of-warren-buffets-berkshire-hathaway-lured-to-detroit-by-luxury-real-estate