Median Home Prices In Detroit Fall To $6,000. Get one for as low as $100

  • metta

    Posts: 39133

    Jun 13, 2009 7:26 AM GMT
    In the city of Detroit, the medium sales price in May was $6,000, down 29.4% from May 2008

    http://globaleconomicanalysis.blogspot.com/2009/06/medium-home-prices-in-detroit-fall-to.html



    US cities may have to be bulldozed in order to survive
    [QUOTE]
    Dozens of US cities may have entire neighbourhoods bulldozed as part of drastic "shrink to survive" proposals being considered by the Obama administration to tackle economic decline.

    [/QUOTE]

    http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5516536/US-cities-may-have-to-be-bulldozed-in-order-to-survive.html


    WHAT HAPPENS WHEN THE HOUSING MARKET HITS ROCK BOTTOM?
    Radio:
    http://commoditywatch.podbean.com/2009/05/11/what-happens-when-the-housing-market-hits-rock-bottom/
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 3:05 PM GMT
    $6,000 is tempting. Hmmmmm.
    ....but how much does it cost to move the house to a place you'd want to live? (I.E.: not Detroit)
    icon_wink.gif
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 3:06 PM GMT
    Exactly!!! Hell I said it and I even live in the Detroit Area...no one wants to move here!
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 3:12 PM GMT
    Slumdog Millionaire II: Detroit
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 7:24 PM GMT
    That's extremely sad when you can say that a very basic economy car costs twice as much as a fairly standard priced home in a major US city.
  • ShawnTX

    Posts: 2484

    Jun 13, 2009 7:26 PM GMT
    You couldn't give me a house in Detroit. $100 too much!
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 7:28 PM GMT
    icon_eek.gif
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 7:30 PM GMT
    It is bad in Detroit, some of the suburbs not so bad. It's just pitiful when you can buy a house for less than what you can buy a brand new car for.
  • coolarmydude

    Posts: 9190

    Jun 13, 2009 7:39 PM GMT
    As a proud American, it's really painful to see major US cities turn in to comparable 3rd world countries. First it was our beloved New Orleans after Katrina. Now it's Detroit, a 20th Century Giant getting slain by 21st Century greed.

    There's a lot of blame to go around and it's not so much partisan. There has been a clear leadership failure in these areas, internally and externally. It's exactly what happens when you put all of your eggs in one basket, so to speak.

    I'm really glad that I'm retiring from the Army in 3 short years. I want to be more involved in these types of communities. There's so much that I'd like to do. I have ideas about getting involved in New Orleans. But I don't know which way to start that path. But I'm sure I'll find a way.
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 8:01 PM GMT
    6K? Holy crap the average here in Calgary is $410,000 for a shit house.
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 8:34 PM GMT
    Hah. I was just thinking of that yesterday when they had this story in the NYT about Shaniko (just down the road a piece from me)
    http://www.nytimes.com/2009/06/12/us/12ghosttown.html?th&emc=th

    Why spend $3.1 million on a few shacks in the desert when you could just buy Detroit for that much?
  • Posted by a hidden member.
    Log in to view his profile

    Jun 13, 2009 8:51 PM GMT
    I live in Buffalo which is very similar to Detroit. You can buy a home from the city for $1 and the vast majority of home sales are not reported in the paper because they only report on sales greater than $5,000.

    But, bulldozing entire neighborhoods is a great strategy. A full half of my city is sparsely populated, with maybe six homes on a city block that used to have sixty. Our city's strategy has been home bulldoze individual blighted homes, which has resulted in a swiss cheese looking city. Desolate waste for a few yards, then a home.

    That means there are no sustainable neighborhoods. Just a lot of vacant homes, crime, drugs, and no progress. Knocking down an entire neighborhood moves the few people remaining into other neighborhoods, creating pockets of community which reduces crime, drugs, and deteriorating homes.

    I am a little shocked so many of you are surprised by this news. I suggest you folks make it up to the rust belt to see how the other half of Americans are living.
  • coolarmydude

    Posts: 9190

    Jun 13, 2009 9:13 PM GMT
    jprichva said, "The decline of Detroit is a much older story than that.
    In the summer of 1963, voters for the first time ever rejected a tax increase on property for the funding of schools. The increase was tiny: 1/10th of 1% of assessed value, each tenth being called a "mil", and therefore this became known as the "millage election".

    When it failed, the school board decided to punish the public---presumably so they'd vote yes next time----by cutting the school day in half. I was in first grade then, and went mornings. My brother, in second, went afternoons."


    Well, I guess what I meant by being slain by 21st Century greed is that it was the straw that broke the camel's back. But going back to 1963 is a true example of leaderhip failure that I referred to. Didn't the mayor recently resign because of some crimes he committed?
  • metta

    Posts: 39133

    Jun 14, 2009 7:04 AM GMT
    This one might be nice. 3,006 sq ft, $23,500


    lc70a2942-m0m.jpg


    http://www.realtor.com/realestateandhomes-detail/9025-La-Salle-Blvd_Detroit_MI_48206_1109985991#Detail

  • metta

    Posts: 39133

    Jun 14, 2009 7:06 AM GMT




  • Posted by a hidden member.
    Log in to view his profile

    Jun 14, 2009 10:47 AM GMT
    coolarmydude saidWell, I guess what I meant by being slain by 21st Century greed is that it was the straw that broke the camel's back. But going back to 1963 is a true example of leaderhip failure that I referred to. Didn't the mayor recently resign because of some crimes he committed?


    He was just one in a long line of them. He and an office worker were removed from office when they lied about having an affair. He refused to leave office and subsequently, the tax payers paid for the trial and are not footing the bill for them both being in jail now.
  • Posted by a hidden member.
    Log in to view his profile

    Jun 14, 2009 11:11 AM GMT
    i think people of our following should buy these properties and turn the area around......us gays do wonders with paint and cement......it would be a wise investment, wish i had the money. One mans garbage can be anothers gold coin and every neighborhood can be fixed. Just need people to understand that it will take not just one individual to do it.
  • Posted by a hidden member.
    Log in to view his profile

    Jun 14, 2009 11:21 AM GMT
    I have read many articles lately where foreign investors ( i.e. slumlords ) are swooping in and buying up blocks of cheap houses for rental properties.
    As it is a huge percentage of the houses in Detroit are rentals and the local owners don't pay their taxes on the property... try collecting unpaid back taxes when the owners live out of the country.

    It's funny because if you actually drive through the run down areas in Detroit you can tell who owns the house they live in compared to those that are rented just by looking at them.. the ones that are owner occupied are always nicer and better kept regardless of how shitty the area is.
  • Posted by a hidden member.
    Log in to view his profile

    Jun 14, 2009 11:51 AM GMT
    i did watch the videos. --so your saying that ..even though it looks this way.......it cannot be revived..you obviously have not been to Bedstuy Brooklyn and Williamsburg Brooklyn.
  • Posted by a hidden member.
    Log in to view his profile

    Jun 14, 2009 12:13 PM GMT
    jprichva said
    tereseus1 saidso your saying that ..even though it looks this way( shitsticks)......it cannot be revived..you obviously have not been to Bedstuy Brooklyn and Williamsburg Brooklyn.

    I lived in Brooklyn for ten years, on the edge of Bed-Stuy.
    And you have no idea what you're talking about. As bad as they were---Bushwick too---they were NOTHING like this. Nothing.

    We used to drive the length of Eastern Parkway to get to Cooper Ave. and drive up there to Queens to go to Shea Stadium. We had a car accident---hit by a drunk---in the 'hood in the worst days of the 1980s. It was bad, all right, but it was nothing like Detroit.


    lol----i believe it can be rebuilt....
  • Posted by a hidden member.
    Log in to view his profile

    Jun 14, 2009 12:29 PM GMT
    You can bring a neighborhood back if it's part of an urban area with a working economy. That's obviously not the case in Detroit. No jobs, no prospect of any jobs in the future, no gentrification.
  • zakariahzol

    Posts: 2241

    Jun 14, 2009 12:33 PM GMT
    When I was going to college in Michigan in the 80's. I use to take a Greyhound bus to Detroit, just to take a look. I was a naive foreign student, with this ideas of visiting a big American city with all it excitement and wonder. I even bring my camera with me and telling all my friend "I am going to Detroit"

    What do I find. A decaying city , with burn and abandoned building. A guy following me thinking I want to buy some drug. A dangerous crime ridden place full with unfriendly people. However, (just like planet Mars) I do find evidence of a very beautiful city with greenish bronze statue, carve renaisance style building, graveyard of rich people (with pretty tombstone). I also saw abandoned mansion , skyscapers and office building .

    Just like planet Mars with dry up ocean basin, rivers , all this evindence of a much wetter world that probably harbour life, Detroit must be one hell of a beautiful city sometimes it her past.
  • Posted by a hidden member.
    Log in to view his profile

    Jun 15, 2009 5:08 PM GMT
    I moved from Detroit -> Chicago and have met lots of people who moved from there to here. But i do miss Detroit and driving around the city was fun, not to many cops on the freeways in the city they're way under staffed. I used to drive 80+ all the time in Downtown Detroit freeways with out any hesitation (the speed limit was 55mph).
  • DrobUA

    Posts: 1331

    Jun 15, 2009 5:34 PM GMT
    Prices are down here too



    Photobucket
  • Posted by a hidden member.
    Log in to view his profile

    Jul 16, 2009 9:50 AM GMT
    Detroit was featured on the Canadian National news, about the housing crisis.

    I would totally buy a house there just for the very long term investment but too hard to manage 3000miles away. Tempting though as a real estate junkie.