I am coming to Detroit to purchase lots and and rentals. (Ann Arbor: foreclosures, mortgages)

[and the]

What I'm saying is that I'm doing pretty well and If I were single with no kids I'd live in a big house in a neighborhood like Boston Edison. That's what I'm saying. I haven't lost any money on Detroit real estate yet. Probably because I'm not a slumlord and don't let my property sit vacant for the scavengers to get into.

How long have you been living in Detroit anyway? The Detroit area? Michigan? And how many occupied buildings here do you own?

Also, brainchild, he didn't ask for your advice on whether to buy in Detroit, he said he (or she) is coming to Detroit to buy and asked where in Detroit he should buy.

[ocean2026]

And The - I think Erik in two words - explained it better than I did in many paragraphs.

[Cliffie]

Originally Posted by YW7350

Can anyone tell me what are good locations. Also, why are the taxes higher than the property?

The Grosse Pointes, Corktown, Hamtramck, Indian Village in Pontiac, St. Clair Shores, Royal Oak, Ferndale -- there are lots of good areas.

The taxes are higher than the property because the bottom has entirely fallen out of the real-estate market here. My neighbor had his place on the market for 3 years before finally unloading it for $20,000. The taxes are still high after the real-estate bubble here -- they never catch up as fast as home prices, especially with most of the houses sitting around unsold.

[fmax]

"why are the taxes higher than the property?"

Wrong Question.

The better question is, "What will happen to the already dilapidated City Services once taxes deflate to match the new price RE level?"

[and the]

The better question is, "What will happen to the already dilapidated City Services once taxes deflate to match the new price RE level?"

Good question. Maybe people who never thought of moving to Detroit because of the taxes will start a new trend of moving back into those Boston Edison houses that they couldn't afford because of the taxes. The houses will be affordable and now taxes will be too.

[ocean2026]

Dream on Andthe - there is a thread on here about $5000 houses with $4000 or so in annual taxes. Read what others write instead of spouting the same garbage. Unlike other cities where you can type in an address and get all sorts of info, sq footage, last sale and price and taxes- Detroit makes sharing info near impossible.

Also read the new thread today about What Detroit is doing.

Here Motor City's Economic Woes Extend Far Beyond Auto Industry

See that story - are they lying????

Basically criminals are preferring to stay in jail rather than live in Detroit and they freely admit to committing more crimes when out so they can get back soon. What does that tell you about A Detroit B Deterring crime. If I was a criminal I might figure why not burglarize those nice renters these fools are buying - as it will guarantee me a safe warm place, 3 meals and heat! IF they are successful at burglary they can buy or rent if not they still get the warm place,meals and heat!

I would consider buying one of the mansions listed at $450k for $75k and maybe having a summer home if i could lease part out, but in general as an investment you'd have to be nuts, Prices will decline by 15% - 25 % next year alone.

[Crustedfilth]

I hope you can hold onto your investment for a while. Good luck selling anything right now.

[fmax]

and the,

And the Detroit Mayor is going to install a Rainbow over the city. I hear one end will be at Houston Whittier & Hayes stretching to the intersect of Rosa Parks Memorial Hwy & Martin Luther King Jr. Blvd.

[and the]

Here Motor City's Economic Woes Extend Far Beyond Auto Industry

So don't buy any houses. As for me, I'm buying another one since I cashed out my Ford stock that I purchased for under $2.00. A friend of mine is buying a Boston Edison house too. Someone else started a renovation and walked away from it 3/4 done because they couldn't afford their A.R.M.

[ocean2026]

that (Andthe) you claim you haven't lost money yet is akin to someone drinking water from a contaminated industrial plant saying " I've been drinking for years and don't have cancer yet!".

Now having said this.. it might be a good idea to buy something in Detroit - perhaps in a year or two. Im saying "MIGHT" and that's why I study the market. Alt A and other odd types of mortgages will start repricing and that will force more foreclosures, there will definitely be more jobs lost and people leaving.

I'm wondering if at that time there will be virtually no buyers. Two mansions (Rmax knows one of them) off East jefferson that are currently being offered for $490k ( and have no chance of selling at that price) may then accept an offer of $50k-- that's when I may buy!