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re: Anyone want to buy some detroit real estate?
Posted on 2/16/22 at 7:01 am to Picayuner
Posted on 2/16/22 at 7:01 am to Picayuner
quote:
Purchasing these 3 properties for $5000.00 would cost you close to a million. There’s a development contract with the city you must sign to purchase. They’ll nickel and dime you with codes to the poor house. Then you probably have to have mixed income inhabitants. There’s all sorts of requirements and that’s before they hit you with new development property taxes. This is why the city is crumbling. Politicians are the main root cause of all of this.
Yep. Listing even says buyer has to provide proof of funds for construction costs. Sounds like a disaster.
0
Posted on 2/16/22 at 7:01 am to USMCguy121
Posted on 2/16/22 at 7:03 am to upgrayedd
The one good thing about housing dozens of squatters.
They're basically an organic air filter.
They're basically an organic air filter.
Posted on 2/16/22 at 7:09 am to USMCguy121
Is it still possible to run that HUD scam that Tony Soprano did?
Posted on 2/16/22 at 7:10 am to USMCguy121
Entire neighborhoods including playground and library was for sale for that kind of money a decades ago
Posted on 2/16/22 at 7:14 am to USMCguy121
This one for $590k is in the nicest neighborhood, Palmer Woods, in Detroit.
5400 sq feet with 7 bedrooms and 5.5 baths.
LINK
Sold for $148k in 2009.
Check out the price history
Date Event Price Price/Sq Ft Source
11/24/2021 Listed $590,000 $109 Realcomp
09/23/2009 Sold $148,000 $36 Public Record
05/21/2009 Listing removed $189,900 $35 Realcomp
04/16/2009 Listed $196,850 $36 Realcomp
04/11/2009 Listing removed $189,900 $35 Realcomp
04/20/2004 Sold $360,000 $89 Public Record
11/12/2002 Sold $516,491 $127 Public Record
SEE MORE
Previous 2 owners took baths as everyone was fleeing Detroit.
5400 sq feet with 7 bedrooms and 5.5 baths.
LINK
Sold for $148k in 2009.
Check out the price history
Date Event Price Price/Sq Ft Source
11/24/2021 Listed $590,000 $109 Realcomp
09/23/2009 Sold $148,000 $36 Public Record
05/21/2009 Listing removed $189,900 $35 Realcomp
04/16/2009 Listed $196,850 $36 Realcomp
04/11/2009 Listing removed $189,900 $35 Realcomp
04/20/2004 Sold $360,000 $89 Public Record
11/12/2002 Sold $516,491 $127 Public Record
SEE MORE
Previous 2 owners took baths as everyone was fleeing Detroit.
This post was edited on 2/16/22 at 7:21 am
Posted on 2/16/22 at 7:15 am to USMCguy121
If the interiors aren’t rotted, houses that old may have good vintage hardwood floors, fireplace mantles, copper pipes and wires you could salvage and sell for more than 5k
Posted on 2/16/22 at 7:19 am to CuseTiger
quote:
Were these thriving communities at any point or always a mess?
These abandoned areas were the white working middle class neighborhoods that worked in all the factories in Detroit. Pre suburbia
They moved to suburbs, factories shut down, nobody moved back in
Posted on 2/16/22 at 7:20 am to deltaland
quote:
f the interiors aren’t rotted, houses that old may have good vintage hardwood floors, fireplace mantles, copper pipes and wires you could salvage and sell for more than 5k
The likelihood of anything of value being left in those houses is low. They get stripped of copper by thieves almost as soon as the owner moves out. Water leaks will wreck the floors.
Posted on 2/16/22 at 7:29 am to USMCguy121
Detroit's population has dropped from 1.8 million in 1950 to 640,000 in 2020. That's a drop of over 1.1 million. Who in their right mind would want to live in that dying city ?
Posted on 2/16/22 at 7:34 am to nascar99
The downtown has had a shite ton of investment by a couple billionaires. It's becoming pretty nice. There is a lot of wasteland between downtown and 8 Mile road and the suburbs.
In fact, I've read that some of the inner burbs have become pretty shitty as well.
In fact, I've read that some of the inner burbs have become pretty shitty as well.
Posted on 2/16/22 at 7:34 am to USMCguy121
What, no pics of the inside?? 
Posted on 2/16/22 at 7:40 am to Picayuner
quote:
Purchasing these 3 properties for $5000.00 would cost you close to a million. There’s a development contract with the city you must sign to purchase. They’ll nickel and dime you with codes to the poor house. Then you probably have to have mixed income inhabitants. There’s all sorts of requirements and that’s before they hit you with new development property taxes. This is why the city is crumbling. Politicians are the main root cause of all of this
Which is why it’ll never be developed. If you take all the bullshite away and let it simply be cheap property then developers would probably buy up the lots and build apartments or something on the cheap
Posted on 2/16/22 at 7:43 am to USMCguy121
The price isn’t the selling price, it is the cost of back taxes and ongoing taxes for the property.
This is why so much of Detroit got deeded back over to the city.
This is why so much of Detroit got deeded back over to the city.
Posted on 2/16/22 at 7:44 am to USMCguy121
No
Posted on 2/16/22 at 8:01 am to USMCguy121
If its cheap in Detroit and the Quicken Loans guy hasn't bought it up to fix up, then there is a reason.
Posted on 2/16/22 at 8:02 am to USMCguy121
3 houses/ lots for $5k. That's crazy. You could get someone to demo all three houses on the cheap. Sooner or later Detroit might get normal again, then you can flip the lots.
Posted on 2/16/22 at 8:05 am to BuckyCheese
quote:
nicest neighborhood, Palmer Woods
There is no way that's true, right? Every home that you can see in the pictures on that listing look abandoned... literally
Posted on 2/16/22 at 8:10 am to lsufan9193969700
This pic is kind of mind blowing. What other city has that much vacant land within sight of downtown?
Posted on 2/16/22 at 8:11 am to BuckyCheese
quote:
downtown
Their downtown area, especially along the river, is actually pretty awesome. At least it was in 2019 when I stayed
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