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Median Home Prices In Detroit Fall To $6,000. Get one for as low as $100

metta

metta

color outside the lines
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In the city of Detroit, the medium sales price in May was $6,000, down 29.4% from May 2008

http://globaleconomicanalysis.blogspot.com/2009/06/medium-home-prices-in-detroit-fall-to.html



US cities may have to be bulldozed in order to survive
Dozens of US cities may have entire neighbourhoods bulldozed as part of drastic "shrink to survive" proposals being considered by the Obama administration to tackle economic decline.
Click to expand...

http://www.telegraph.co.uk/finance/...have-to-be-bulldozed-in-order-to-survive.html






WHAT HAPPENS WHEN THE HOUSING MARKET HITS ROCK BOTTOM?Radio:
http://commoditywatch.podbean.com/2009/05/11/what-happens-when-the-housing-market-hits-rock-bottom/
 
Well I would buy a couple but for the life of me I cannot see spending time in the Detroit area. Those same houses are still going for about $400,000 in the Vancouver area right now.
 
We could all buy one in the same neighborhood!

It could become some kind of JUBville. :D
 
I know.

At those prices, we could all have a "vacation" home in Michigan.

Wouldn't we all have the best card parties, and BBQ's, and cocktail hours?
 
We'd have to find a compound in the Caribbean to escape to during those Michigan winters.

You're right, after a certain number of JUB's moved in (critical mass), property values would soar.
 
metta said:
you can get an idea of what these homes are like by clicking on the last link in the original post and listen to the radio episode. I found it interesting.
Click to expand...
That was about the most irritating, uninformative and boring interview I've ever heard... I kept fast-forwarding, ending up having listened a total of around seven minutes out of half an hour without having got any relevant new piece of information and no clue of any missed any... thanks for ... :mad: :roll:
 
My hometown is Ionia and I have to go to Detroit on business tomorrow morning and Monday. Actually it is the burbs of Detroit. I don't think I see myself buying in Detroit anytime soon.....but there are some spectacular neighborhoods literally rotting.

The biggest problem in Detroit is the City government. It has been mismanaged, plundered, and continues to be one of the most corrupt and ill-performing in the country. Detroit is also a very segregated city, highest in illiteracy, highest in poverty.....
 
geloge said:
Considering the economic situation, house prices are still pretty preposterous.
Click to expand...
That's because the economic dynamics in this country is preposterous: in others it's crazy, ruthless or a total wreck :cool:
 
This one looks like it could be fixed up with a good contractor....I can't believe how bad the inside is.

ldc812642-m0m.jpg


http://www.realtor.com/realestateandhomes-detail/15818-Virgil-St_Detroit_MI_48223_1109819868
 
Those houses were already a nightmare to look at when they were built: now they are just complete with the ownership nightmare.
 
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