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Cheap doesn't make it a good deal. You can buy a house in Detroit for a few hundred dollars, I saw one for sale for $750, last sold in June 2014 for $900 and for $3,000 in 2010. There's a reason those houses cost less than a new phone today and it isn't because they're a great investment. If you can afford to lose money until the city turns around you might make a fortune, but it could also be a great way to turn a large fortune into a small one.
If you can afford to rehab it and flip it you might make money, I wouldn't want to bet my money on renters in those neighborhoods, in Detroit or Ferguson.
...advertise a sweetheart deal on the rent for someone with a perfectly clean credit/criminal history/housing court record and still make bank.
It would have to be a very sweetheart deal. Someone with a perfectly clean credit/criminal history/housing court record can easily find a better place in the st louis region. You can find a 3 bd for rent in low crime areas in some of the best school districts in the region for under $600/mo if everything is perfectly clean.
Did you notice the Zestimate, $ 59,184? What's up with this?
Property taxes are $5156, down from $9184 in 2010.
It's an automated estimate that can be wildly wrong, probably much more so in depressed areas, that's why looking at actual sales is a better indicator. Maybe in 20 years when the neighborhood turns around that house will be worth $59,000. With $5,000 in property taxes - which will go up as the value goes up - even buying the house at only $750 wouldn't be a good long term investment.
While I love a good Obama/Holder bash as much as the next guy, blaming Ferguson's (or any of the inner/near suburbs of St Louis) decline on those two is historically retarded. Recall folks, that Carpenter's "Escape From New York" street scenes were filmed in East St. Louis, which at the time accurately reflected the decay of the inner suburbs and urban neighborhoods of that metro area at large...in the late 1970s, not exactly last week. White flight from the city and inner suburbs began in the 1950s. The middle and upper classes moved out, and the lower economic quintiles got herded to the Eastern urban center and northern inner suburbs. This evolution (devolution, really) took place over 50 years, not 5 minutes after Obama and Holder chose to play race hustler demogogues.
The same pattern was happening in Baltimore, DC, Detroit, Philly and others, and pretty much in the same time period. St. Louis just got more notoriety because Illinois did the political equivalent of throwing in the towel on East St Louis.
But for all the racial grievance peddlers out there...anyone of means, white or black, fled these urban and inner suburb crapholes. Every middle and upper class black family that could was on the same road headed the same direction at the same speed as those white devils who abandoned these metor areas. Detroit is a great example of that. The rise of street gangs in the mid 1960s adds fuel to an already dismal fire, etc etc.
Ferguson is simply one more town that let urban decay progress past the point of no return. It will end up abandoned, then someday it might get gentrified and thus reborn. Not Obama's fault. That particular meal has been baking in the oven sine Ike's administration.
The article you posted is interesting as is the companion piece that St Louis Post Dispatch had on the front page that day - "North County in Crisis". The articles were published on August 18, just 9 days after the Michael Brown shooting -- the Letters to the Editor response to these articles was vehemently opposed to the view that North County and Ferguson were in any kind of crisis. They all talked about what a great community they had and how everyone pulls together.
They appeared to have no idea of the tinder-box that Ferguson was becoming. The majority of the Ferguson residents stepped back and let the agitators come in a took over their town. I guess the old "I don't want to get involved" standard way of dealing with problems trumped, they gambled that it was all going to blow over ...... and they lost that gamble.
I remember a comment I read in the first thread on Ferguson on City-Data -- I thought it was a bit over the top, but it was right on the money. One sentence - short, scary & exactly correct.
"Homeowners in Ferguson need to sell their homes and get out NOW"
We now see how correct that was - this town is toast, elections won't matter. The tax base is all but gone. Protesters burned down at least 18 businesses in Ferguson and vandalized dozens more - the Dellwood Market was hit at least 3 times, Quick Trip burned out and they are not re-building. The value of property has dropped by 50% (that's a big tax revenue hit), the City courts have been disbanded and turned over to the State. The Holder Lawsuit (or threats of a Lawsuit) against the Ferguson Police Department almost guarantee that it's likely to be disbanded, perhaps the City may become un-incorporated and fall back under County governing. Whatever happens in the future, the prospects don't look good for the City of Ferguson.
TeamObama &Holder's Legacy -- it would have been a lot smarter to say from the beginning ....
"Let's wait for the facts to come out", instead of tossing gasoline on the fire.
Residents are feeling the pain” reports that prior to Brown’s death, the average 2014 selling price of a home was $66,764. For the last quarter of the same year, that average selling price dropped 46% to $36,168. And the trend downward is even more dramatic so far in 2015, where the average selling price is now down to $22,951.
Holder, and Obama, decided to insert themselves into Ferguson and destruction follows.
Obama and Holder didn't know squat till they watched it on the news - that's how they say they learn everything. It's actually Rev. AL that is responsible.
And as far as the whole foods store replacing the liquor store, you can be sure THAT store won't be looted next time! lol
Did you notice the Zestimate, $ 59,184? What's up with this?
Property taxes are $5156, down from $9184 in 2010.
OMG, I had no idea property taxes were so insane there. The K-12 school property taxes on an owner-occupied home assessed at $100,000 would be only $300, so the city property taxes must be astronomical.
The article you posted is interesting as is the companion piece that St Louis Post Dispatch had on the front page that day - "North County in Crisis". The articles were published on August 18, just 9 days after the Michael Brown shooting -- the Letters to the Editor response to these articles was vehemently opposed to the view that North County and Ferguson were in any kind of crisis. They all talked about what a great community they had and how everyone pulls together.
They appeared to have no idea of the tinder-box that Ferguson was becoming. The majority of the Ferguson residents stepped back and let the agitators come in a took over their town. I guess the old "I don't want to get involved" standard way of dealing with problems trumped, they gambled that it was all going to blow over ...... and they lost that gamble.
I remember a comment I read in the first thread on Ferguson on City-Data -- I thought it was a bit over the top, but it was right on the money. One sentence - short, scary & exactly correct.
"Homeowners in Ferguson need to sell their homes and get out NOW"
We now see how correct that was - this town is toast, elections won't matter. The tax base is all but gone. Protesters burned down at least 18 businesses in Ferguson and vandalized dozens more - the Dellwood Market was hit at least 3 times, Quick Trip burned out and they are not re-building. The value of property has dropped by 50% (that's a big tax revenue hit), the City courts have been disbanded and turned over to the State. The Holder Lawsuit (or threats of a Lawsuit) against the Ferguson Police Department almost guarantee that it's likely to be disbanded, perhaps the City may become un-incorporated and fall back under County governing. Whatever happens in the future, the prospects don't look good for the City of Ferguson.
TeamObama &Holder's Legacy -- it would have been a lot smarter to say from the beginning ....
"Let's wait for the facts to come out", instead of tossing gasoline on the fire.
Don't worry, slumlords are expanding their portfolios, they'll fix everything.
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