Property values in Detroit

[kerry]

From the Associated Press:

"In Detroit, the median sales price for a home is now a pathetic $5,800, down more than $66,000 from seven years ago. An estimated 16,000 foreclosed homes are on the market in the city of about 920,000. Detroit also has one of the highest unemployment rates in the nation, at about 20 percent."

[Kuan]

I never thought it could get worse than Danville IL.

[Medmech]

$5800 is a tad on the high side.

[Mistress]

Originally Posted by Medmech

$5800 is a tad on the high side.

we need to talk, i'd like a summer home in the motor city.

[Medmech]

Originally Posted by Mistress

we need to talk, i'd like a summer home in the motor city.

Suicide is not the way out honey.

They should have a reality show where they set 10 people loose in Detroit for 3 months June-August and have a prize for the survivors if there are any.

[strelnik]

Originally Posted by Mistress

we need to talk, i'd like a summer home in the motor city.

Actually, Mistress, if you go in the right area, there are some nice ones in relatively safe areas. If you were serious, I could find them for you.

The right condo would be good also, to reduce your maintenance costs in the off season. Unless you need a bonded house-sitter, which is also possible and cheap.

Farm land is so cheap I am seriously rethinking my plan to leave. Instead, I'll buy 4 acres off a farmer friend who is having hard times and put up a mostly energy-independent repair facility and fun house for my stuff.

MY friend the PhD chemist-nudist is now making his own natural gas from the stuff he gets from farmers and selling the leftovers to the fertilizer industry. Last year he made $38,000 on a 1,240 hour investment, a little over 30/hour. He calculated the whole thing out. He did spend an additional $9,000 on equipment, but he can resell that and break even or close, on that as well.

My plan is less ambitious: I want to use passive solar, wind power and wood, and erect a separate building for wrenching and making as much biodiesel as my cars can handle.

The whole thing will cost about $ 16,000 and provide me 6,000 sq feet of space for storage repair and fun. Not including the indoor/outdoor target range.

You guys are invited, but please-- only MBs or Citroens...well, maybe Borgwards and Bimmers

[derburger]

Most of these need "some" TLC...
This one is $1,650 and includes a lawn, windows, and a roof, 4400 square feet, right by the highway so quick in/out! Also appears to be an abandoned gas station behind it.
http://www.realtor.com/realestateandhomes-detail/12830-Evanston-St_Detroit_MI_48213_1108178407

[Honus]

Originally Posted by Medmech

$5800 is a tad on the high side.

I thought that was a typo. Or a reprint of an article from about 100 years ago. Next time I'm feeling poorly about my own investments, I'll try to remember how bad it really could be.

Its really sad to hear that. I sincerly hope the Detriot can rebound back.

[kerry]

I doubt Detroit will rebound in this century.

[chilcutt]

Originally Posted by kerry

From the Associated Press:

"In Detroit, the median sales price for a home is now a pathetic $5,800, down more than $66,000 from seven years ago. An estimated 16,000 foreclosed homes are on the market in the city of about 920,000. Detroit also has one of the highest unemployment rates in the nation, at about 20 percent."

Thats why I split in November

[dynalow]

Originally Posted by chilcutt

Thats why I split in November

You, my friend, made the right choice. I applaud your decison.

I just spent about 20 minutes or so using google street maps clicking and dragging and looking at many street scenes all around town. Unbelievable. Everywhere, empty lots and boarded up houses or buiildings on most streets in Detroit. Sad.

I'd pass on this place as an investment. Who is going to provide the payrolls to pay the workers to live in these houses? Too much housing (most of it old stock) for too few people. Just my $.02.

Foreman said these jobs are going boys, and they ain't coming back.
Bruce Springsteen. "My Hometown".
Truer words never spoken.

[jplinville]

I'm holding out for the average to reach $2000 per parcel...then perhaps, I'll buy up a few.

[Medmech]

Youtube Detroit City Council and decide for yourself why Detroit is the way it is.

[kerry]

Originally Posted by el presidente

That's crazy. Do these $5800 homes come with a roof?

I am familiar with some from a landlord forum I visit. Perfectly habitable 3 bedroom single family homes are going for those prices.