Hope. That’s what David Friedman has for the city of Detroit, even after the city last week became the largest municipality to file for Chapter 9 bankruptcy protection.
And Friedman, president and chief executive officer of Farmington Hills, Mich.-based Friedman Integrated Real Estate Services, isn’t the only Detroit area real estate prof to have this same hope. Last week, Dennis Bernard, founder and president of Southfield, Mich.-based Bernard Financial Group, told Midwest Real Estate News that he, too, didn’t view Detroit’s bankruptcy filing as a tragedy.
Instead he, like Friedman, views it as a chance for a new start for the city.
“The recent bankruptcy declaration came as no shock to us,” said Friedman. “We view the news in a positive light, as a necessary step in the city’s path to future success.”
Friedman also promised that the bankruptcy filing would not cause Friedman Integrated Real Estate Solutions to do any less business within Detroit.
“Now more than ever is the time to invest in Detroit,” Friedman said. “When you look back at the situations with GM and Chrysler, it is apparent that at times you just have to stop the bleeding to heal. Both automotive firms are thriving again and the worst is behind them. We believe the city of Detroit will take a similar course of action and that brighter days are ahead.”