Property prices in GP seem to be down a good 50% or more, though otherwise life appeared to be going on as normal. My mom lives in a modest home near Lochmoor CC. A few years ago everything on her street was priced at $400K or more, but for the two bedroom homes. The four bedroom across the road recently sold for $185K - less than the owners paid for it 1995. Gotta be a lot of upside down homeowners there.

The difference on either side of Alter Rd. was amazing even back in the 1970s.

Does Detroit still have the rule that all city employees must live within the city limits? That would explain why all the police & fire bunched up against the GP border.

You know, that could be a really good idea.

Who would buy them and at what price?

An imperial government with foresight would simply turn the whole city of Detroit into an urban warfare training site.

It could be a big hippy retirement village. They could weave baskets, smoke pot, talk about Nam, and live off the land. :D

I will have to say that certain parts of Grosse Pointe Woods have been masacared by the real estate bubble. My original post I was commenting on the issue of foreclosure, maybe I was unclear. For several years pricing of homes was based on wishful thinking, especially in some areas of the Woods, and I know first hand because I sold a home in the Woods three years ago. Since I do not know exactly where your mothers home I cannot exactly offer any thoughts regarding her property value situation, but I know many of the real estate agents in the area, and all have said homes may not be selling for what they were a two years ago but they are all of the opinion that if a home was really $400,000 two or so years ago it will for all intensive purposes still be worth that today. The house that sold for $185,000 might have been a foreclosure or maybe even a total dump. Many people who bought homes here in the pointes never really to took into account when signing the mortgage paperwork that many of these homes are not exactly cheap to maintain. A million dollar isn't exactly cheap to maintain, and then there are property taxes. I have a friend that lives right accross from the Lochmoor CC and trust me his home eve in todays market would easily bring $1 to $1.4 million, because it truly is that type of house, but just because someones home is near that same location doesn't necessarily mean it is worth that much.

I am not sure if the City of Detroit still has that rule or guideline, but I can say that there was a scandal maybe fifteen years back that many cops and firefighters did have homes in detroit, but were actually living in other counties, they maintained the Detroit homes and addresses to still be able to work in the city.

LMFAO

...and if the draft ever returned, they could swim to Canada.:D

I knew a couple of guys in college at different times from Grosse Pointe (not sure of the neighborhoods). One, BC, ended up in Nam, and from what I understand, was badly injured or burned over there.:(
The other had a high lottery number. Never got called, iirc.

I have a client with a home in Grosse Ille and his last most recent appraisal came back at $141,000 for a nice house. I never would have thought a house could be bought there for less than $250,000.

Unfortunately appraisal guidelines have also changed now they must include foreclosure sales in the comps. Real estate is a tricky game right now. I never said in my previous posts that values weren't down, but we have to be realistic and admit the market was very inflated in terms of real estate values for the last several years.

Speaking of Grosse Ile...

Had a friend who bought a 1200ft2 condo there in 1997. Two bedrooms and 2 full baths.

Paid $65k for the demo model so it came with all appliances. He sold for $110k in early 2001.

I saw a few sell in the 2001-2002 timeframe for $110-130k.

Just saw his exact unit is now for sale by a REO broker for $40k!

I would love to buy it.. but I'm not sure I could even get $500/mo rent to cover the ownership costs! (condo fee, taxes, etc.)

Such a shame..