The February 3, 2014 print edition of Fortune magazine has a short article (p. 16) by Anne VanderMey on a trip made by Warren Buffet to Detroit.
Last November, Mr. Buffet met with Dan Gilbert, founder and chairman of Quicken Loans, for a tour of downtown Detroit.
Mr. Gilbert has been buying the skyscrapers of downtown Detroit by the block. He reportedly has invested $1.3 billion in downtown Detroit real estate.
Mr. Gilbert believes that downtown Detroit has already hit bottom. He is quoted as saying to Buffet, "We were buying for eight to 10 bucks a foot. Now we're selling for 25 and even higher. Some are trading in the 60s and 70s."
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.