4 ms·
What amazes me the most is how insanely cheap these homes are assessed to be. I don't own a home in my own city, but I could buy one of these out of my pocket
by beloch 13y ago
What amazes me the most is how insanely cheap these homes are assessed to be. I don't own a home in my own city, but I could buy one of these out of my pocket for less than I paid for my car! The only glitches are that I neither want to work or vacation in Detroit and I don't imagine property values are going to increase there any time soon!
The time is ripe for another 60's hippie commune movement. Instead of squatting in the country-side they could sell their VW vans and buy mansions in Detroit!
- derleth 13y agoAs I understand it, the buyer is responsible for all back taxes, liens, assessments against the property in general, and the cost of either bringing the buildings up to code or having them torn down in a safe and code-compliant fashion. If that sounds expensive, you've probably missed a few expenses along the way.
- rorrr2 13y agoThe cost of the ownership is the dealbreaker here. Otherwise I'd buy a whole block and turn it into the best paintball/airsoft arena ever.
- dsschnau 13y agoWorking as a developer in Detroit isn't actually a bad gig noawadays. There are lots (LOTS) of tech jobs there and they can't get enough devs to fill in all the spots.
- Someone 13y agoIf you google, there are quite a few companies trying to sell the idea that now is the time for property investment in Detroit. Prices are incredibly low, there are quite a few people whose credit rating will not allow them to buy for a few years, and rent prices apparently haven't gone down. Are they right? In general, I doubt it, but there almost certainly must be neighborhoods that will turn into nice small suburbs surrounded by nature that formerly was part of a larger suburb. Which ones is anybody's guess/a matter of expertise of property investors.