Most Expensive Neighborhoods in Detroit: Detroit, MI Luxury Home Buying Guide
by Michael Perna
on Thursday, October 22nd, 2020 at 2:35pm.
Sales of luxury homes in the Detroit metro area quadrupled in the past year when compared to 10 years ago. The resurgence of the luxury home market is further indication of the recovery of Michigan's real estate market following the recession.
If you're planning a move to Detroit and are interested in acquiring a luxury residence, you may be thinking about the features you will be looking for in your new home. But it's equally important to learn about potential neighborhoods so that you can narrow it to those which have the location, architectural style, age, covenants, and other features that most closely fit your needs.
While Detroit has a number of high-end neighborhoods, they differ considerably.
Indian Village Amenities
U.S. National Register of Historic Places
Neighborhood Yard Sale
Home & Garden Tour
Prestigious residential district
Architectural distinct homes
Located on Detroit's Eastside, about three miles from downtown, Indian Village neighborhood is on the National Register of Historic Places. The neighborhood consists of three streets: Seminole, Iroquois, and Burns. Residential development began in 1893, with the first residential district established.
Many homes in the neighborhood were designed by some of the city's most distinguished architects. The first home was constructed in 1895. The neighborhood incorporates at least 17 identifiable architectural styles, with most built between 1895 and the late 1920s. The most prominent styles include Colonial Revival, Arts and Crafts, Federal, Romanesque, Georgian, and Tudor Revival. You can expect to find historic mansions featuring many luxury features, including onyx fireplaces, elaborate wood moldings, ballrooms, elevators, servants quarters, and carriage houses.
Indian Village is known to be a very quiet neighborhood. The median home value of single family homes and condos in the Indian Village neighborhood is about $425,000. Values are expected to increase about 4.3% in the next year. The estimated median home price is about $399,900.
Sherwood Forest neighborhood was established in 1917 and is a historic district of the city of Detroit. Most of the approximately 435 homes were built in the 1920s and 1930s. It comprises two subdivisions: Sherwood Forest, plotted in 1916, and Sherwood Forest Manor, plotted a decade later. Demand for luxurious homes in the early 20th century was driven by Detroit's growing automotive industry.
True to its namesake, the developers decided the neighborhood should be reminiscent of an English village. Touches like curved and winding streets with British names complement the Georgian Colonial and English Tudor architecture.
Today, the Sherwood Forest district is considered to be one of the most desirable residential neighborhoods in the Detroit metro, known for its distinctive architecture and quiet, winding streets. To retain its English village character, several regulations are in place which restrict building materials, roofs, garages and other property features, in an effort to maintain the neighborhood's standing as one of the city's most upscale neighborhoods.
The median home value is $316,739 in Sherwood Forest and values are projected to increase about 4.2% in the coming year. The median price for homes in Sherwood Forest is $354,800, with current homes on the market ranging from $245,000 to $559,000.
Corktown is Detroit's oldest existing neighborhood. The neighborhood is bound by Third Street to the east, Grand River Avenue to the north, 12th Street to the west and Jefferson Avenue to the south. Its original homes were a combination of detached and rowhouses of the Federal architectural style.
In the 1820s and 1830s, increasing numbers of workers flocked to the city and began settling west of downtown in the area that would later be called Corktown, after County Cork, Ireland.
But as the number of homeowners grew, modest one- and two-story Victorian townhouses began to appear with more frequency. Most were of Italianate, Gothic, and Queen Anne style. After World War I ended, the growing number of auto industry jobs brought new workers in droves, many of whom settled in Corktown.
The neighborhood continues to garner much interest since Ford Motor Company's recent announcement that it was going to purchase several Corktown properties, including the iconic Michigan Central Station, totaling about 1.2 million square feet.
The estimated median sale price for homes in Corktown is $624,500.
Located near 7 Mile and Woodward, Palmer Woods dates back to 1915. It derives its name from Senator Thomas Palmer, who sold the property to the developer with the stipulation that the Palmer name be incorporated into the naming of the project.
The neighborhood was designed with curving streets, readily distinguishable from much of the city's traditional perpendicular streets. The neighborhood consists of more than 300 homes, ranging from a typical 2,000-square-foot home all the way up to a 62-room, 35,000-square-foot mansion that was constructed for the Catholic Archdiocese of Detroit.
Today, the neighborhood is a favorite of Detroit's executives and professionals who desire to reside in an upscale neighborhood with a wooden, urban setting. The neighborhood's tree-lined sidewalks border homes of Tudor Revival, Neo-Georgian, Mediterranean, Modern and Craftsman design, the works of architectural legends.
The median home value for a house in Palmer Woods is $485,706. Forecasters predict an increase in home values of slightly less than 4% in the coming year. The estimated median price is $556,500.
The Rivertown district, sometimes referred to as the Rivertown-Warehouse district, is a mixture of residential and commercial properties. Most of the residential properties are old warehouses and other former commercial buildings that have been converted into condominiums and apartments along Detroit's riverfront. It also includes newer developments, such as Harbortown, as well as a variety of lofts that have been converted from old manufacturing facilities.
An example is the historic Riverfront building constructed originally for Parke Davis in 1906, which was converted to residential condominiums in 2002. Residents like that these luxury properties often have exposed brick walls, 14-foot ceilings, and open floor plans. The converted commercial buildings typically feature expansive windows that not only let in light but often offer amazing river views. While the buildings are completely renovated with modern features such as granite countertops and high-end appliances, they also often include vintage features that serve as relics from the building's industrial past.
The estimated median price in the Rivertown neighborhood is about $299,900.
Detroit Golf Club began in 1913 with the Board of the Detroit Golf Club purchasing land that would extend the existing property west to what is now Fairway Drive, north to Seven Mile and East to Hamilton Road.
World-renowned golf course designer Donald Ross was commissioned to survey the 300-acre property, which already included an existing 18-hole golf course. The plan was to develop two adjoining 18-hole courses surrounded by residential lots. The vision was one of elegant homes with majestic oaks and maples forming a perimeter around an expanse of fairways and greens.
Work began in 1914 on what would be 149 lots plotted around the two courses. By the end of May 1915, 144 lots had already been sold to Detroit Golf Club members, several of whom purchased multiple lots.
The city's prominent business professionals and entrepreneurs, celebrities, and artists have all made the community their home over the past 100-plus years.
The median home value of single family homes and condos in Detroit Golf is $483,415. Home values are predicted to increase 5.2% in the coming year. The median home price is about $400,000.
Like housing markets across the country, the Detroit real estate market struggled during the economic downturn a decade ago. However, the market has since recovered, and the resurgence of interest in luxury homes is testament.
The city's most expensive neighborhoods are diverse, ranging from historic Victorian-style homes near the city's center to airy, converted-warehouse lofts overlooking the river. In each unique neighborhood, you are likely to find a range of price points, from those requiring extensive renovation to move-in ready luxury homes with all the amenities.