Skip to comments.Detroit's Foreclosed Homes Attract Outside Buyers
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 ...
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?
A dollar to live in Detroit? I’d rather have a Frosty.
I think I hear a great sucking sound. I’m not sure what the straw holders are getting though.
"I'll buy that for a dollar."
I think ANYTHING in the US that involves land for $1 would be a great investment. Eventually.
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.
What are the taxes involved in owning such a home?
If you would like to be added or dropped from the Michigan ping list, please freepmail me.
Must be slumlords,who would want to live in a shooting gallery?Not even for a dollar!
“...enticed investors to Detroit from as far away as the United Kingdom and Australia.”
Hmmm, that’s one way to clean up the city.
Muslim? That’s what I was thinking.
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.
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.
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.
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.
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.
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