That is one huge drop.
Indeed it is but 20 years from now you will not recognize Detroit based on its current state.
Properties surrounding the downtown area have been snatched up by investors and the trend is expanding outwards with all the abandoned lots up for sale and the city's effort to tear down all the abandoned houses.
There is definitely a transformation going on that folks here don't understand or recognize since they've never been in downtown Detroit.........thus their constant ridicule.
If I were young and had the means, I'd start buying the vacant lots further out and wait until they come in demand..............which they eventually will.