DETROIT – The value of a piece of land purchased in Corktown last year took a huge jump after Ford Motor Co. purchased the nearby Michigan Central Station.
One patch of land in Corktown is listed for $2 million less than one year after it was sold for $420,000.
"That blows my mind," resident Tyler Cronkright said. "I never would have guessed $2 million. That's crazy. Wow."
The jump in value comes thanks to the lot's new well-known neighbor, Ford.
Kees Janeway is a managing partner with Iconic Real Estate in Detroit, so he's familiar with the growing market.
"Ford's presence is undeniable," Janeway said. "It's excellent."
Janeway said Corktown has seen great growth in the last eight years, and the $2 million asking price for the lot of land is evidence of that trend.
"I think it signifies the strength of the Detroit real estate market," Janeway said. "We've seen a lot of changes in Downtown and Midtown and the arena district, and now it's moving west, and it's moving west hard."
More people going to Corktown means there will be a greater need for necessities.
"There's going to be a lot more need for dry cleaning, for lunch options, breakfast options, dinner options, housing options," Janeway said.
What started off as a piece of land with some promise has turned into a hot property.
A lot of investors are looking at the Corktown area, so there's no telling who might buy that piece of land. The $2 million price is the current asking price, so the land could sell for even more.