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is this thing on?
Join Date: May 2000
Location: Franklin, NJ
Posts: 2,527
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wow..detroit real estate
a quick look on realtor.com shows hundreds of homes for less than 5000...hundreds! some as cheap as $1...
anyone live out there? the ones that are 2000-10000 are rentable according to the realestate agents i spoke with... Maybe i will buy some as an LONG term investment..
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"People willing to trade their freedom for temporary security deserve neither and will lose both" ~Benjamin Franklin |
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08-14-2008, 08:41 AM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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"Rentable" is a relative term. Perhaps someone closer can chime in, but my impression is that these types of homes are slums and the types of residents they attract are usually in either the international trade business or the hospitality business (drug dealers/gangbangers and prostitutes). You have little long-term gain potential. These places have been slums since the '60's. The only chance for the value of homes appreciating in the area is if they are all razed--and no one in the state or city has the political will. I, for one, wouldn't even venture into the areas of Detroit where houses cost this much, let alone think of buying one.
Another thing to consider with Detroit and its greivance politics.... You can't afford to keep these properties up based on their value and the rent they generate, so you just let them continue to decay with only minimal maintenance. Some day, (and this has happened in Chicago already), you will be called a slumlord in the press and the city will "vow to go after you". You will be forced to sell to avoid a protracted and expensive legal fight over a $5,000 property--which you will probably sell for $2,000 or so to make a hasty exit. The person who buys your house will be politically connected, they will buy dozens of such properties where the owners have been put under pressure. After all of the "absentee landlords" have been evicted, the city will claim victory. The new owners will do exactly what you did, but they will be insulated from any further harrassment by city government.
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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08-14-2008, 09:10 AM
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Banned
Join Date: Sep 2006
Location: South of Heaven
Posts: 21,159
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There are 5,000 dollar homes in Philly too.
This is what they look like: [IMG]  [/IMG]
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08-14-2008, 09:13 AM
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Registered
Join Date: Oct 2005
Location: houston, tx
Posts: 7,261
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Looks nice, at least you have many spare tires to choose from.
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the unexamined life is not worth living, unless you are reading posts by goofballs-Socrates 88 coupe |
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08-14-2008, 09:17 AM
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Dept store Quartermaster
Join Date: Jul 2001
Location: I'm right here Tati
Posts: 19,858
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Quote:
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Cornpoppin' Pony Soldier |
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08-14-2008, 09:21 AM
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Registered
Join Date: Nov 2005
Posts: 30
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Philly pic
there's got to be a few dollars in empties in that pic aswell as the nearly new tires !
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08-14-2008, 09:21 AM
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Did you get the memo?
Join Date: Mar 2003
Location: Wichita, KS
Posts: 32,364
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Quote:
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‘07 Mazda RX8-8 Past: 911T, 911SC, Carrera, 951s, 955, 996s, 987s, 986s, 997s, BMW 5x, C36, C63, XJR, S8, Maserati Coupe, GT500, etc |
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08-14-2008, 09:23 AM
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Banned
Join Date: Sep 2006
Location: South of Heaven
Posts: 21,159
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I especially like the turned over old console TV cabinet.
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08-14-2008, 09:26 AM
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Too big to fail
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"You go to the track with the Porsche you have, not the Porsche you wish you had." '03 E46 M3 '57 356A Various VWs |
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08-14-2008, 09:28 AM
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Registered
Join Date: Oct 2005
Location: houston, tx
Posts: 7,261
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Quote:
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the unexamined life is not worth living, unless you are reading posts by goofballs-Socrates 88 coupe |
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08-14-2008, 09:33 AM
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Used to be Singpilot...
Join Date: Oct 2006
Location: Sioux Falls, SD is what the reg says on the bus.
Posts: 1,867
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I don't even fly low over Detroit.
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08-14-2008, 09:45 AM
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Registered
Join Date: Nov 2005
Posts: 30
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philly pic
Quote:
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08-14-2008, 09:54 AM
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MAGA
Join Date: May 2004
Posts: 10,769
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Quote:
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German autos: '79 911 SC, '87 951, '03 330i, '08 Cayenne, '13 Cayenne 0% Liberal Men do not quit playing because they get old.... They get old because they quit playing. |
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08-14-2008, 10:31 AM
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19 years and 17k posts...
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I drive through Detroit every day and I don't even like to stop at red lights. The best deals are in the suburbs, as houses aren't selling at all. Nobody's moving here, everybody is trying to leave, hence the deals on the prices. Unfortunately, the roads, schools, etc... are all suffering too. I would leave if I could, but we wouldn't be able to sell our house...
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Art Zasadny 1974 Porsche 911 Targa "Helga" (Sold, back home in Germany) Learning the bass guitar Driving Ford company cars now... www.ford.com |
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08-14-2008, 11:47 AM
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MAGA
Join Date: May 2004
Posts: 10,769
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Art, I have been in Wyandotte several times as our company occasionally builds equipment for BASF. While not the fanciest town, at least there is not garbage littering the streets and I am not afraid to get out of my car there.
I have bought quarter sawn Sitka spruce for some airplane projects at an old place just off I-75 on 7 mile IIRC, Public Lumber, and I was seriously afraid my car would be on blocks or stolen when I came back out. Detroit is just plain depressing. The new Tiger Stadium is nice, but you don't want to venture too far from it at night (or day).
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German autos: '79 911 SC, '87 951, '03 330i, '08 Cayenne, '13 Cayenne 0% Liberal Men do not quit playing because they get old.... They get old because they quit playing. Last edited by Tim Hancock; 08-14-2008 at 02:20 PM.. Reason: public lumber is on 7 mile not 12 mile rd |
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08-14-2008, 11:59 AM
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Too big to fail
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"You go to the track with the Porsche you have, not the Porsche you wish you had." '03 E46 M3 '57 356A Various VWs |
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08-14-2008, 12:12 PM
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Banned
Join Date: Sep 2006
Location: South of Heaven
Posts: 21,159
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"This house at 8111 Traverse in Detroit has been stripped of its siding, plumbing, copper wiring, hot water tank and furnace. Desperate to sell, the bank that owns it has put it up for sale for $1. (Bearing Group)"
Sounds to me like this is nothing but an empty shell. |
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08-14-2008, 12:21 PM
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Registered
Join Date: Dec 2006
Location: Somewhere.
Posts: 1,632
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Let me get this straight. I could have myself a holiday home in the U.S for $1??
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88 carrera Using the teutonic shift method since 1990. |
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08-14-2008, 12:41 PM
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19 years and 17k posts...
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Tim,
Let me know if you ever need anything picked up around Detroit/Wyandotte and dropped off at your place, I'll do that for you! I was at Tab's today getting the speedometer fixed, etc... It was depressing coming back to MI, as soon as I crossed the MI/OH border, the pavement got bad, and so did my mood...
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Art Zasadny 1974 Porsche 911 Targa "Helga" (Sold, back home in Germany) Learning the bass guitar Driving Ford company cars now... www.ford.com |
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08-14-2008, 12:51 PM
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Information Junky
Join Date: Mar 2001
Location: an island, upper left coast, USA
Posts: 73,189
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Sheesh, why don't they just rase taxes on big business, and fix the place up?
Seriously, that is sad. Very sad.
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Everyone you meet knows something you don't. - - - and a whole bunch of crap that is wrong. Disclaimer: the above was 2¢ worth. More information is available as my professional opinion, which is provided for an exorbitant fee. 
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08-14-2008, 01:06 PM
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MazdaSpeed3
