Anyone into Detroit real estate?
 

Ya that the ghetto, trust me you wouldn't even want the house for that cheap, nothing but idiots and drug dealers

Shit, that is crazy!

Is there no visible end to the decline?

I've heard to stay far away from the Detroit areas as far as real estate goes. I don't live there and haven't researched it much, but have read about it more then once on some other boards.

"Realtor Ron Walraven had a three-bedroom house in the suburb of Bloomfield Hills that had listed for $525,000 sell for just $130,000 at the auction."

Bloomfield Hills? Wow I've been there, that's not a bad area!

Yea, I read that also... I don't know about some people here but I LOVE to buy low/sell high and/or the potentail to sell high. That's how investors do it! Isn't the capital Detriot?? All the Mayor's gotta do is say, we plan on contributing x amount of dollars to the revitalization and offer a tax abbatment (incentive towards buyers keeping taxes low for a specified area) That will bring investors and buyers to Detroit.

With new people and investment dollars coming in that will force the current people out and that area will increase over time. Look at other cities that went from shit to an affluent area :winkwink:

its only the neighborhoods on the westside of the city that are going to shit downtown area keeps getting better every month I wish nobody bought any of the houses and let that area die so people finally leave the city can take it over and expand the downtown to some of these shitty areas

I have some relatives that are doing extremely well on the northside of Detroit with real estate - the prices continue to escalate nicely :thumbsup

You've obviously never been there. No one lives in Detriot, you live in the suburbs. It's so insanely impoverished. In the last 5 years (or so), they've actively tried to 'revitalize' the downtown area, but it's such an uphill battle. Unless you've been to Detriot, you probably won't understand how fucked that place is. It might be 'revitalized' in the future, but I doubt it will be in my lifetime.

Also, Lansing is the capital, not Detroit.

Yea, wasn't sure about the capital and was to lazy to look it up, lol. Thanks for the clarrification :winkwink:

Turn to CNBC... they're about to talk about "The Death of Detroit" at 2pm est :thumbsup

someone just sent me this post. detroit is more fucked up than you can imagine. and as someone who invests in real estate i would much rather go into the suburbs than detroit. they pretty much rape you on taxes. i own 3 houses in detroit right now, you can easily pay more than 10% of what you pay for the house in yearly property taxes. and with all these houses getting reposessed the neighborhoods are going to just get worse. once the house sits there vacant for a while people start stealing the copper any aluminum siding and anything else that has any sort of value. the house can be sitting there ready to collapse and the city wont tear it down because it costs like 5k to tear it down since we have basements. on the other hand if you go into the suburbs they have strict building codes and if you let your house deteriorate like that they will fine you and possibly take your house.

Detroit is a ghost town...You can drive for blocks and blocks and see nothing but mostly abandoned houses....The rest is habitated but extremely poor...If you were somebody like me, who wanted to go somewhere and live dirt cheap while I hunted street hoes, it would be a virtual paradise...

Besides that, I would avoid detroit like the plague....But if you really wanted to invest in detroit real estate, maybe buying up a whole block as close to downtown and holding it for like ten years could pay off.