It's location, location, location.

Clearly this is an old picture. It's not that old, a couple of weeks or so, but I didn't have time to post it earlier. But, I think this is an important post and interesting to folk who love cities. Why? Read on.

The home above is in Old North London. My guess is that it sold for more than a million dollars, much more. It is a fine home. It's a classic and in London in that neighbourhood it is easily worth every penny the buyer paid. But, the important information here is that this home is in London, Ontario, and that it is in the Old North neighbourhood.

If you head south about two hours to the Boston Edison Heritage District in Detroit, you can find comparable homes for much less—15% or more less.

The heritage property shown on the left has gone up in value over the last few years as the City of Detroit has taken steps towards recovery. Yet, this home is still priced less than the home in London.

And it may be location, location, location but the next word is time. The London home has always attracted a good price. Over the past six decades it has steadily appreciated in value. The London home has been not just a fine place to live, to raise a family, it's been a great investment.

Fifty or sixty years ago my guess is the Detroit home was a true bargain. Time has been kind to the Detroit home and its heritage neighbourhood. Both survived a very difficult time for the City of Detroit. A lot of properties didn't.

When I went to art school and university in Detroit many of the vacant lots of today held fine homes that proved to be very poor places to raise a family and were also very poor investments.

When someone tells you that one never loses money buying a home, don't believe 'em.