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Detroit's Foreclosed Homes Attract Outside Buyers
FOX NEWS ^ | 08 MARCH 2009 | FOX NEWS

Posted on 03/08/2009 1:55:27 PM PDT by Extremely Extreme Extremist

DETROIT — Welcome to Landlord Nation, where foreclosure notices are plentiful and for-sale signs offer at least 1,800 homes for under $10,000 that once were worth at least 10 times more.

In extreme cases, homes are on sale for $1 or less, which has enticed investors to Detroit from as far away as the United Kingdom and Australia.

"In the past few months, I've picked up 10 new clients from out of state that are buying in bulk," said Mike Shannon, a suburban Detroit real estate agent. His office specializes in foreclosures in a city that's among the national leaders.

"They're coming to us, saying 'Look, I want to buy 50, 100, 1,000.' They want to own every decent and cheap house they can find."

(Excerpt) Read more at foxnews.com ...


TOPICS: Business/Economy
KEYWORDS: detroit; michigan

1 posted on 03/08/2009 1:55:27 PM PDT by Extremely Extreme Extremist
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To: Extremely Extreme Extremist

but........is there an expectation that buyers will live in the houses?

How many of you would want to live in inner city Detroit, even if you could buy a house there for a dollar?


2 posted on 03/08/2009 1:56:49 PM PDT by Dilbert San Diego
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To: Dilbert San Diego

A dollar to live in Detroit? I’d rather have a Frosty.


3 posted on 03/08/2009 1:59:09 PM PDT by Oldpuppymax (AGENDA OF THE LEFT EXPOSED)
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To: Extremely Extreme Extremist

I think I hear a great sucking sound. I’m not sure what the straw holders are getting though.


4 posted on 03/08/2009 1:59:17 PM PDT by cripplecreek (The poor bastards have us surrounded.)
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To: Extremely Extreme Extremist

"I'll buy that for a dollar."

5 posted on 03/08/2009 2:02:31 PM PDT by dfwgator (1996 2006 2008 - Good Things Come in Threes)
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To: Extremely Extreme Extremist

Muslim?


6 posted on 03/08/2009 2:03:53 PM PDT by maggief
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To: Extremely Extreme Extremist

I think ANYTHING in the US that involves land for $1 would be a great investment. Eventually.


7 posted on 03/08/2009 2:04:50 PM PDT by albie
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To: Dilbert San Diego
but........is there an expectation that buyers will live in the houses? How many of you would want to live in inner city Detroit, even if you could buy a house there for a dollar,

Look: these investors are NOT buying homes. They are buying urban lots improved with utilities to the lotline, that just happen to have hovels sitting on them.

In due course when Detroit somehow makes a recovery the land will be worth something. The houses will be torn down if they don' t burn down in the meantime.

8 posted on 03/08/2009 2:05:03 PM PDT by hinckley buzzard
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To: Dilbert San Diego
If someone buys, say, twenty houses and resells or leases them to a few extended families of legal immigrants from, say, Haiti or Mexico, this could revitalize portions of the City of Detroit.
9 posted on 03/08/2009 2:07:30 PM PDT by utahagen
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To: Extremely Extreme Extremist

What are the taxes involved in owning such a home?


10 posted on 03/08/2009 2:07:51 PM PDT by TypeZoNegative (Pro life & Vegan because I respect all life, Republican because our enemies don't respect ours.)
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To: Springman; sergeantdave; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; ...

If you would like to be added or dropped from the Michigan ping list, please freepmail me.


11 posted on 03/08/2009 2:10:17 PM PDT by grellis (I am Jill's overwhelming sense of disgust.)
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To: Extremely Extreme Extremist

Must be slumlords,who would want to live in a shooting gallery?Not even for a dollar!


12 posted on 03/08/2009 2:13:22 PM PDT by nomad
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To: Extremely Extreme Extremist
Gimme five or ten acres in the mountains, with a trout stream or good panfish pond on the periphery, and the nearest neighbor about a mile away. That's what we're working on.


13 posted on 03/08/2009 2:15:58 PM PDT by Viking2002 (The Occupation has begun. God help America.)
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To: Extremely Extreme Extremist

“...enticed investors to Detroit from as far away as the United Kingdom and Australia.”

Hmmm, that’s one way to clean up the city.


14 posted on 03/08/2009 2:17:07 PM PDT by 353FMG
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To: maggief

Muslim? That’s what I was thinking.


15 posted on 03/08/2009 2:18:50 PM PDT by BBell
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To: Extremely Extreme Extremist
Unless this is in Downtown Detroit, Palmer Woods, Rosedale Park, Indian Village or maybe Mexicantown, no way. If it is in one of those areas, it may be worth a shot.

It may be "cheap", but there's often leins, tax claims, insurance, pain in the arse city ordaninces, assessments, and a 62 mills property tax rate there. That's not to mention crime. Grosse Pointe has a cheaper cost of living than Detroit.

16 posted on 03/08/2009 2:25:18 PM PDT by Darren McCarty (Obama = Jimmy Carter II)
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To: grellis; AdmSmith; Berosus; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...

Since the gov’t’s trying to blow money (insert Soros joke here) anyway, IMV, the feds should buy up everything for sale in Detroit, recruit labor to repair and enhance all of them, and give them to soldiers returning from combat service overseas, requiring that they live in them for three years or thereabouts. Guess I’m gonna be tarred a socialist. But I’m also thinking that, having perhaps tens of thousands of combat veterans and their families living in Detroit will have a positive long-term impact on, oh, the Detroit city council, the state house in Lansing, the gov’s mansion, and Michigan’s Senators in D.C. Thanks grellis.


17 posted on 03/08/2009 2:59:28 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/____________________ Profile updated Monday, January 12, 2009)
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To: grellis; holdonnow

When I left Detroit in 1972 I did live through the 1967 roit and after that those who felt entitled milked this city for all it was worth.

In 1973 Jesse Jackson and gang started the shakedown of GM, Ford and Chryler alone with Mobil Oil.

1972 Detroit Murder Capital.

Detroit was crawling with Marxist and the discontented Blacks were ripe for the picking to hear what the Marxist have to say.

So it is still the battle of idologies going on and the once magicifent Detroit and is just a shell of its self.

Today their is a moderate Marxist Mayor and a full fledge Marxist governor and looney tunes in the City council.

The Handwritting is on the wall for the Conyers, John and his strung out wife Monica are almost doom.

they are an embarssment to Obama so it will not be long before they will be taken out.

John Conyer already lost his chair to Waxman.

IMHO


18 posted on 03/08/2009 3:03:08 PM PDT by restornu (A.C.O.R.N ; ORGANIZING THE NEW WORLD ORDER ONE COUNTRY AT A TIME)
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To: Extremely Extreme Extremist
to buy 50, 100, 1,000.'

The fools.

You couldn't give me one of those houses.

And I suspect those buying must indeed be far enough away to lack local experience.

They are likely brainwashed liberals, as well.

19 posted on 03/08/2009 3:10:26 PM PDT by Age of Reason
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To: hinckley buzzard

Do you expect Detroit to become a ghost town? Detroit is going to become a ghetto like the one in Paris, where all the unemployed live in government housing.


20 posted on 03/08/2009 3:14:19 PM PDT by Eva (CHANGE- the post modern euphemism for Marxist revolution.)
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To: Darren McCarty

Wait till they get their property tax, water, sewage, fire insurance, and any other cost the corrupt politicos can hit them with. As absentee landlords, the real shock will be their vandalism repair costs.


21 posted on 03/08/2009 3:23:47 PM PDT by doosee
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To: hinckley buzzard
"In due course when Detroit somehow makes a recovery the land will be worth something."

LOL, RAOTF! I have personal knowledge that this has been a popular, but totally failed, real estate strategy in Detroit since 1962. The key to economic success within the city limits of Detroit lies within the saying, "But for the absence of goats, Detroit is a third world city!" Some day, with all the vacant, trash strewn lots with tall grass, Detroit will be a economically viable environment for raising large numbers of goats.

22 posted on 03/08/2009 3:27:09 PM PDT by LZ_Bayonet (There's Always Something.............And there's always something worse!)
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To: Extremely Extreme Extremist
Detroit's Foreclosed Homes Attract Outside Buyers

Fools rush in, where wise men fear to tread...

23 posted on 03/08/2009 3:34:36 PM PDT by meyer (Obama is to the USA as Mugabe is to Zimbabwe.)
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To: meyer

It is like selling property in Darfur.


24 posted on 03/08/2009 3:40:43 PM PDT by Melchior
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To: LZ_Bayonet

So I gather you have in Detroit?


25 posted on 03/08/2009 3:49:42 PM PDT by restornu (A.C.O.R.N ; ORGANIZING THE NEW WORLD ORDER ONE COUNTRY AT A TIME)
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To: Extremely Extreme Extremist

I saw documentry on TV a few weeks ago where a Canadian Real Estate tycoon is investing in Detroit.

Also the surrounding county wants to invest in major sites and most likely trumpt the looney tunes running the City Council.


26 posted on 03/08/2009 3:56:17 PM PDT by restornu (A.C.O.R.N ; ORGANIZING THE NEW WORLD ORDER ONE COUNTRY AT A TIME)
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To: SunkenCiv

Actually, that’s a good idea—which is why it would never, ever be considered.


27 posted on 03/08/2009 4:01:24 PM PDT by grellis (I am Jill's overwhelming sense of disgust.)
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To: Extremely Extreme Extremist

In Detroit, the property taxes are what will choke you.


28 posted on 03/08/2009 6:16:48 PM PDT by Alouette (Vicious Babushka)
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To: dfwgator

ROFL!


29 posted on 03/08/2009 7:25:48 PM PDT by Extremely Extreme Extremist ("President Obama, your agenda is not new, it's not change, and it's not hope" - Rush Limbaugh 02/28)
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To: LZ_Bayonet
Fine. Works for me. Urban goat farms. Why not. Maybe organic goat cheese for the hippie a-holes in Ann Arbor? (Just don't let them know it came from brownfields!)
30 posted on 03/08/2009 8:38:33 PM PDT by hinckley buzzard
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To: LZ_Bayonet
I have personal knowledge that this has been a popular, but totally failed, real estate strategy in Detroit since 1962.

You are ahead of me. I'm just using common sense. Land is like Gold--sooner or later it will pay off even if it's your grandchildren who get to cash in!

31 posted on 03/08/2009 8:41:36 PM PDT by hinckley buzzard
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Comment #32 Removed by Moderator

To: Extremely Extreme Extremist

A fool and ther money are soon parted.

As a former native of Detroit, These foreign investors have no conceptual idea of what the real Detroit is or ever will be.
Better to level the whole city to Eight Mile Road and give out forty acres and a mule and start over.

Detroit - a turd world city

Detroit Denby High School, Class of 1967


33 posted on 03/08/2009 8:49:41 PM PDT by wetgundog
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To: restornu
"So I gather you have in Detroit?"

If you mean 'live', no - relatives do.

34 posted on 03/08/2009 9:04:46 PM PDT by LZ_Bayonet (There's Always Something.............And there's always something worse!)
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To: wetgundog; grellis; holdonnow; All

Really I am so tried of all of you is is the easiest thing in the world to knock Detroit, Michigan

Indirectly it is all of our faults who did not fight the R word and PC world, Victim mentality, entitlement programs, affirmative action etc.

Like all those who con us we should have understood the facts of life...

You can not cry over spilt milk

Nor can one think they are owed a pound of flesh.

Because of the injustice to many ancestor in the pass

Each race has a record as a whole of the trials and tribulation here on earth

It pains me and I bet many other who was born and raised in Michigan seen it taken over by the parasites and non producers!

It pains me to read and hear that all so many can do is Bitch and moan now that the Golden Goose of America has been neuter by discontent Black Marxist who listen and were subdued by the secular humanist who is composed by those souls who rebel against God!

Now back to…

Don’t cry over Spilt Milk

Is it not time we stop catering to the phony contrive words whose meaning are ass backwards!

The R word and the PC world

In Detroit Glory day every one only had praises for the Engine that drove America economy what came out of Detroit was spread all across this fruited plain.

So should we not as a people all join together to retrieve and restore America to her rightful place in the world with faith and push ward to remove those who stand in the way of goodness?

This is not met to be personal just a pled to honor those things that God has bless upon those who Love him!


35 posted on 03/08/2009 10:18:35 PM PDT by restornu (A.C.O.R.N ; ORGANIZING THE NEW WORLD ORDER ONE COUNTRY AT A TIME)
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To: restornu
This is a joke, right?

If you're tired of all of us, stop reading the threads and just stick with the articles. That's easy enough.

It's not our fault, directly or indirectly, that Detroit has all the socioeconomic allure of, say, Mogadishu. Your assertion is so faulted I scarcely know where to begin, apart from pointing out the obvious: Even discounting voter fraud, rats outnumber GOP by at least a five to one margin in Detroit. How do you suggest we change that? Those numbers are insurmountable, and they are the root cause of Detroit's problems. If you want to feel guilty that a once thriving city has been circling the drain since the late 1960s, go right ahead. You are not going to make me feel any of that guilt.

Maybe I just don't understand your post at all.

36 posted on 03/09/2009 5:45:20 AM PDT by grellis (I am Jill's overwhelming sense of disgust.)
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To: grellis; holdonnow
If you're tired of all of us, stop reading the threads and just stick with the articles. That's easy enough.

Yikes it seems to you dialogue is not an options!

How to win friends and influence people!

***

It's not our fault, directly or indirectly, that Detroit has all the socioeconomic allure of, say, Mogadishu. Your assertion is so faulted I scarcely know where to begin, apart from pointing out the obvious: Even discounting voter fraud, rats outnumber GOP by at least a five to one margin in Detroit.

Those numbers are insurmountable, and they are the root cause of Detroit's problems. If you want to feel guilty that a once thriving city has been circling the drain since the late 1960s, go right ahead. You are not going to make me feel any of that guilt.

How do you suggest we change that?

Well endless railing is no solution either, nor not taking responsibility for not doing nothing along the way! (people as a whole) Also this attitude is so myopic, one needs to have vision to look back and see the short comings as well as to look forward beyond the heap of garbage.

One can not take these things personal if they want to make change, just as much as one has to guard against from being disconnected

One needs to realized that on some level it is always the other party involved fault, meaning if another group is dissatisfied they will look elsewhere for relief (from pain be it mental or physical) sorry some will even listen to the Marxist, and some are just plain evil anyways (those are hopeless) but the truth is they can lead others to follow them.

Maybe I just don't understand your post at all.

Maybe you don’t

Maybe through my ignorance how not having the ability of seeing what I see now as I reflect back.

Today the bigger picture is available for those who choose to see (it)how it unfolded...

The point I am trying to make now is that these words of Edmund Burke have been true all through history.

"All that is necessary for the triumph of evil is that good men do nothing." (Edmund Burke)

We need to clean up those area of the republican party in Michigan where they bend over to accommodated the Marxist PC. (this goes for the nation as a whole).

Some among us have talent to motivate change (no pun) to those who might be struggling to understand what their roll is towards the opposite party, if not vote them out!

Somehow when doing political ads the most important part of it should be that those who are working hard for their family and who want to be good neighbor are defeating their efforts if they don't vote those who don’t vote undermines their effort to protect their family and community.

We need to plant a wholesome political garden, sense we are a two party system and the Republican party looks like it still can be salvage.

Just like every where else in this state there are good folks in Detroit who desire a better quality of life and would rally around but they need good leadership to move them out of the comfort zone and remind them it really is a nightmare zone.

These people need to be shown that comfort zone is not a comfort zone and they need to boot out that pied piper.

I am sure there are good people in Detroit who want to run for office but they are bucking a mind set of the people who needs to be thawed out, unlocked!

How is that done?

A sincere change of attitude, a change of heart towards things or a situation please there is a lot of power in Love!

I don't mean selling out our principals but a better attitude helps to thaw out a lot of pain and enables hope!

It gives courage to those who are in despair.

IMHO

37 posted on 03/09/2009 7:50:45 AM PDT by restornu (A.C.O.R.N ; ORGANIZING THE NEW WORLD ORDER ONE COUNTRY AT A TIME)
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To: restornu
FCOL, don't quote me Burke. You seem to assume throughout that many of us who constantly gripe about Detroit do nothing. That's as insulting as it is untrue--and you fail to offer me any example of what can be done in Detroit. The Entitled Class is in power by a whopping majority. Your solution seems to be to love the problem away.

Guess what, Pollyanna: Most Detroiters will take their Bridge cards over our love, eight days a week.

Dialogue is always an option. You began this by stating how tired you are of, I don't know what exactly--our griping? Is that an invitation to dialogue?

No more rhetoric, okay? Offer up at least one--ONE!--solution that is actionable with regard to Detroit. One.

See? That's an invitation to dialogue.

38 posted on 03/09/2009 10:10:07 AM PDT by grellis (I am Jill's overwhelming sense of disgust.)
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To: grellis

FCOL what does that mean?


39 posted on 03/09/2009 10:45:15 AM PDT by restornu (A.C.O.R.N ; ORGANIZING THE NEW WORLD ORDER ONE COUNTRY AT A TIME)
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To: restornu

For crying out loud


40 posted on 03/09/2009 11:55:41 AM PDT by grellis (I am Jill's overwhelming sense of disgust.)
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To: grellis
FCOL, don't quote me Burke. You seem to assume throughout that many of us who constantly gripe about Detroit do nothing. That's as insulting as it is untrue--and you fail to offer me any example of what can be done in Detroit. The Entitled Class is in power by a whopping majority.

I heard that just a hand full vote in Detroit this is how Looney toons are able to do what they do.

Your solution seems to be to love the problem away.

****

Did I say love the problem away?

I said the attitude needs to be changed in order to be effective.

Do you really think people are going to listen to a solution when they know the group giving out the information has contempt towards them?

No more rhetoric, okay? Offer up at least one--ONE!--solution that is actionable with regard to Detroit. One.

I think I did offer suggestions

Citizens need to clean up those area of the Republican party in Michigan of those Republican Politician (RP) who bends over to accommodated the Marxist PC. (this goes for the nation as a whole).

Some citizens among us have talent to motivate change (no pun) to those who might be struggling to understand what their roll is towards the opposite party (RP), if not vote them out!

Somehow when making political Ads the most important part of it should be that those who are working hard for their family and who want to be good neighbor

It should be made known that they are defeating all their efforts if they don't vote, stress that those who don’t vote undermines their effort to protect their family and community.

Citizens need to plant a wholesome political garden, being that this is a two party system, it is the Republican party that looks like it still can be salvage.

Just like every where else in this state there are good hard working citizens in Detroit who desire a better quality of life and would rally around but they need good leadership to move them out of the comfort zone and remind them it really is a nightmare zone.

There are working stiff citizens among us who need to have their eyes open and sometimes those with sellmanship could help educate those who are stuck in a rut

The citizens who cling to the Marxist need to be shown that there is something better so they will boot out that Marxist Pied Piper.

IMHO

41 posted on 03/09/2009 1:37:40 PM PDT by restornu (A.C.O.R.N ; ORGANIZING THE NEW WORLD ORDER ONE COUNTRY AT A TIME)
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