"...people who live right around the city who will move in once conditions are right..."
Probably not... because once the "conditions" are right... the price DEFINITELY will not be. But Detroit will probably draw more and more of the high end of the creative class. I won't argue that.
This can already be seen, housing is going to be a huge problem without some major investment in that area as well.
Nowhere beside Downtown, and maybe one other neighborhood, is worth living in right now, and the rent in those areas are starting to sky rocket.
Living in Cleveland I sometimes get contact by companies in Detroit looking for developers. I recently considered taking a position, but the housing situation made me reconsider.
It was either pay 3X the rent for an apartment Downtown, compared to my apartment in Cleveland, or have a 45-60 commute every day. Even with the increase in salary it wasn't worth the move.
A little late, but my post is in comparison to Cleveland, OH where for the same prices you could get something much nicer. I would also have many more living options available in Cleveland proper compared to the few areas in Detroit proper worth living.
I will say that if you are moving away from a coastal area then Detroit is pretty cheap and has some interesting things to offer. However, being from Cleveland I can enjoy the positives of Detroit with a 2 hour drive without having to live there.
Probably not... because once the "conditions" are right... the price DEFINITELY will not be. But Detroit will probably draw more and more of the high end of the creative class. I won't argue that.