Bidder paying $3.2M for 6,000 Detroit foreclosures

cnbc ^ | 10-24-2014 | Jacob Passy

[Citizen Zed]

It looks like someone is willing to invest in Detroit

[Citizen Zed]

I'm thinking apple orchard.

[tcrlaf]

“I’m thinking apple orchard.”

In Detroit?
That would just be a place to bury murdered bodies, in the dark of night.

That said, it’s likely a good deal if the bidder can get the properties.

[Mastador1]

I’m thinking cemetery, what hey get for those little plots is highway robbery and after all some property already have clients.

[Dagnabitt]

The deal included the right to cast 6,000 votes for the Democrat of his choice.

[Mark]

That should help to pay the union city workers’ pay increases.

[therapsida]

China

[Grams A]

Chinese or Muslim?

[Michael.SF.]

6,000 homes for 3.2 million?

A bit over $500 each.

He probably could have haggled tem down to $400.

[Michael.SF.]

The deal included the right to cast 6,000 votes for the Democrat of his choice

You set the sight too low, more like 24,000 votes.

[FrdmLvr]

It’s tragic to see all of that beautiful historic architecture destroyed. Detroit was once called The Paris of the Midwest. And then they elected Democrats.

[PieterCasparzen]

Just a pre-redevelopment.

[Veggie Todd]

I’m sure Spike Lee will complain about gentrification.

[familyop]

What kind of deal was made on the property taxes for the 6,000 properties?

[1rudeboy]

I’m guessing the CEO of Quicken.

[Dallas59]

China?

[Vince Ferrer]

I’m thinking OCP. Clean the place out with a few ED-209’s and rebuild Detroit.

[cripplecreek]

Dan Gilbert. I know he encourages his employees to do exactly this.

[Joe Boucher]

Exactly.
Some farmer going to turn the properties in to farms.
Cause you sure aren’t going to lure suckers to move there.

[ScottinVA]

So, I wonder if the “mystery investor” has an “al-” in his name.

[jacknhoo]

That’s an average of $533 each...wonder what his taxes will be?