Detroit real estate [Archive]

Steve

09-27-09, 07:00 PM

Does anyone have experience in the Detroit real estate market?

I read an article in the NYT on the depressed Detroit real estate market. Unemployment rate is approaching 30%, home prices down under $10k in some areas of the city.

Can I get some feedback from the community on investing in residential real estate in Detroit for income and appreciation. Can I pick up a few properties at a very low prices, rent them out and wait to realize capital appreciation?

Is it time to start thinking about this kind of investing?

cjppjc

09-27-09, 07:06 PM

Does anyone have experience in the Detroit real estate market?

I read an article in the NYT on the depressed Detroit real estate market. Unemployment rate is approaching 30%, home prices down under $10k in some areas of the city.

Can I get some feedback from the community on investing in residential real estate in Detroit for income and appreciation. Can I pick up a few properties at a very low prices, rent them out and wait to realize capital appreciation?

Is it time to start thinking about this kind of investing?

No .

ricket

09-27-09, 07:07 PM

If you dont mind waiting 10-15 years to realize your ROI, then go right ahead...

metalman

09-27-09, 07:26 PM

If you dont mind waiting 10-15 years to realize your ROI, then go right ahead...

but unlike gold/etfs/stocks/etc. the waiting involve with property includes maintenance costs, taxes, mgt fees... unless you're there & managing the property yourself... legal liabilities, and so on.

Kadriana

09-28-09, 10:00 AM

Have you actually ever been to Detroit?

ricket

09-28-09, 02:31 PM

cjppjc

09-28-09, 04:28 PM

<OBJECT width=425 height=344>Cleveland: At least it's not Detroit!
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<embed src="http://www.youtube.com/v/oZzgAjjuqZM&hl=en&fs=1&rel=0" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></OBJECT>

Hard to believe but I think the Lions might be better than the Browns. :eek: So they shouldn't be making fun of Detroit.

Over/Under on Browns should be moved to 2.

metalman

09-28-09, 04:37 PM

Have you actually ever been to Detroit?

yes... and there's a reason why houses are selling for $7,300 there. :(

zoog

09-30-09, 01:26 PM

Does anyone have experience in the Detroit real estate market?

I read an article in the NYT on the depressed Detroit real estate market. Unemployment rate is approaching 30%, home prices down under $10k in some areas of the city.

Can I get some feedback from the community on investing in residential real estate in Detroit for income and appreciation. Can I pick up a few properties at a very low prices, rent them out and wait to realize capital appreciation?

Is it time to start thinking about this kind of investing?

You do realize that Detroit has been losing population since the 1950's? Who would be your renters? The only population growth is in the outer suburbs. People have been leaving the city for 60 years... I can't imagine a convincing scenario that would bring them back within, say, 10-20 years.

The Southeast Michigan Council of Governments estimates that, in the next 25 years, southeast Michigan's population will grow by 10 percent -- but that extra population will consume at least 30 percent more land. Two-thirds of the region's growth will take place in 32 communities in the outer suburbs, converting 250,000 acres from rural to suburban uses (Detroit Free Press 2005).http://farm1.static.flickr.com/170/415799367_9d1fed65b8_o.jpg