Speculative purchases based upon the hope of regulatory reform.
Yeah, I’d sure describe Detroit as a “winner.”
So the $500 houses are now worth $650?
It’s hard *not* to go up from nothing.
Vulture investors.
The place would be valuable if you could buy the whole thing and eject the current inhabitants. Maybe someone will?
I don’t think this pertains to the city. This must include the outlying areas, where it is a fact, the housing market is booming. We live about 45 miles from Detroit and one has to be on the ball to get a nice home. From listing to offer... mere hours. We got ours before it even hit the market by canvassing subs and asking if anyone in the area was going to move anytime soon... and by the Grace of God too, of course.
Mr. Donald Trump? Please pick up the white Courtesy Phone in the Lobby!
The Chinese are buying properties in the hundreds at a time.
And no, I am not kidding. There was an article about it here the other day.
Reportedly, they are doing so sight unseen, relying on local realtors to "pick the best ones".
Japanese investors were doing the same thing back in the 80's, just before their economy crashed.
Investors do not make neighbors.
Good people, caring for their surroundings make neighbors.
Small gains in small prices aren’t that remarkable.
A $5000 house going to $5500 isn’t the same as $100k house going to $110,000.
Word up: About 1/3 of Chapter 9 cases end up being dismissed. The process has a critical review point about 30 days in. If Detroit’s petition is rejected, you go right back into the fire with the political process that got them here in the first place. I sure as hell wouldn’t be buying real property there now.
The housing prices are probably soaring because quality single-family houses are becoming an endangered species in some cities, and new HUD regulations will accelerate that trend. HUD intends to basically shut off expansion of suburbs, thereby forcing all new development into existing urban and suburban areas. This means higher density and fewer single family homes.
Driven up by the Chinese entry into the market. Seen the same thing happen on certain neighborhoods (Bridgeport) in Chicago. Excepting the areas are relativly secure and I’ll bet it’s the same in Detroit.