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Old 04-10-2014, 02:29 PM
 
5,973 posts, read 13,109,561 times
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Quote:
Originally Posted by KosmoKramer View Post
Exhibit A) $250 house 6215 Helen St, Detroit, MI 48211 - Home For Sale and Real Estate Listing - realtor.com®

Exhibit B) $549,000 condo 200 River Place Dr Apt 8, Detroit, MI 48207 - Home For Sale and Real Estate Listing - realtor.com®


Can anyone explain to me the ridiculous price difference between the 2 listings? The obvious is that the $250 house needs a lot of work to be done, but it still doesn't account for such a vast price difference. Don't tell me the $549k condo is located in a better neighborhood. These 2 buildings are located about 5 miles apart. For the life of me, I can't fathom how such an expensive condo exists in a city with the highest murder rate in America and the largest municipal bankruptcy in history (not to mention the high property taxes and car insurance rates).

Please enlighten me.
Detroit is 139 square miles.

While I haven't researched the details, I'm guessing:

The $250 home is probably borderline condemned/not architectural sound in a part of the city with no police, no working street lights, unreliable garbage collection, and far from any of the cultural amenities, where you would have to barricade yourself with brick walls, and spends thousands for renovation/rehabilitation.

The $549,000 condo I'm guessing is in the middle of downtown/midtown/corktown, etc., is no different from a condo built in a trendy revitalized part of another city, with short distance to employment, cultural offerings, with police protection.

Any city this large, whether overall thriving, or overall struggling is going to have a lot of variation.
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