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Old 01-11-2009, 10:13 PM
 
Location: Chicago: Beverly, Woodlawn
1,966 posts, read 6,073,774 times
Reputation: 705

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Quote:
Originally Posted by eevee View Post
true, but would it be worth it to invest in the area now? I mean, eventually, the area has got to turn around and become a solid investment, right?
I would agree if you didn't have to pay upkeep and property taxes. If it were a stock I would buy it. A house .. no. I just buy houses to live in.
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Old 01-11-2009, 10:17 PM
 
Location: Oak Park, IL
5,525 posts, read 13,944,069 times
Reputation: 3907
Quote:
Originally Posted by ajolotl View Post
I would agree if you didn't have to pay upkeep and property taxes. If it were a stock I would buy it. A house .. no. I just buy houses to live in.
I don't know. I could think of a lot more solid real estate investments that Detroit right now. Just because things are bad doesn't mean it can't get worse. As a rule of thumb, things can always get worse.
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Old 01-12-2009, 07:18 AM
 
Location: Chicago
1,953 posts, read 4,959,191 times
Reputation: 919
I heard of places in Detroit selling for $100 from the government, you just have to promise to fix them up and keep them up. 2 years ago or so I went up to the Detroit area to visit a friend a couple of times and the area seemed pretty nice. Granted it was a suburb prolly 15 or 20 minutes outside Detroit. If I forget about the potholes that I almost got lost in it was decent.
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Old 01-12-2009, 09:01 AM
 
Location: The Great State of Texas, Finally!
5,475 posts, read 12,240,734 times
Reputation: 2820
Doesn't help to buy a nice, big house at rock bottom prices in Detroit if you can't find work. There are REASONS why prices are low, you know.
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Old 01-12-2009, 09:30 AM
 
2,329 posts, read 6,631,507 times
Reputation: 1811
I dont think University Village it too bad. Areas like Boston Edison (where you see many of these rock bottom prices on sprawling estates) are of course beautiful, but the low prices are unfortunately warranted. Yes, you can live in a giant, historic home, but there are a number of issues with the homes and the area.

-Many of the homes are in terrible shape. The super-cheap homes have been abused by neglectful owners, and need tons of work. They are super-expensive to heat, and everything needs to be replaced.

-Scrappers have ravaged the neighborhood. If you plan on a gut-renovation, you will need 24/7 on-site security, or it will be stripped in a second.

-There are lots of vacant lots, abandoned buildings and blight. Even the best blocks are not without at least a few troubled properties.

-Foreclosures have ravaged the neighborhood. They are everywhere. In Detroit, a foreclosed home is likely to quickly be stripped.

-The surrounding neighborhood is terrible. It's one of the worst in Detroit. High crime, ridiculous poverty and massive abandonment.

-There are no shops, restaurants or services in the surrounding neighborhood. Pretty much nothing at all.

-Taxes are sky high ,and remember, you get no services. You cannot count on the schools, police, or emergency response.

-Good luck finding a job
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Old 01-12-2009, 09:35 AM
 
2,329 posts, read 6,631,507 times
Reputation: 1811
Quote:
Originally Posted by sukwoo View Post
I don't know. I could think of a lot more solid real estate investments that Detroit right now. Just because things are bad doesn't mean it can't get worse. As a rule of thumb, things can always get worse.
Unfortunately thats true. The challenges Detroit faces are truly staggering (far worse than NOLA), and as much as Im rooting for them, I dont really see significant change coming withing this generation.
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Old 01-12-2009, 09:37 AM
 
1,750 posts, read 3,389,286 times
Reputation: 788
A friend of mine just bought a house similar to the one in the link in Andersonville for $689K
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Old 01-12-2009, 09:38 AM
 
11,975 posts, read 31,776,941 times
Reputation: 4644
Unfortunately, the biggest changes I see coming to Detroit in the next ten years will be provided by bulldozers. There are some plans on the table to abandon some portions of the city while encouraging denser development in others.... sort of a retraction. It does seem necessary at this stage of things.
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Old 01-12-2009, 09:58 AM
 
Location: Humboldt Park, Chicago
2,686 posts, read 7,868,329 times
Reputation: 1196
Default Currently Squatter Occupied

Too Funny. Great House in a Sh#tty location.

Apparently, this was the former home of Charles Feinberg, who was President of Speedway Corporation.


7 Bed, 2.5 Bath | 3,487 Sq Ft |








No Additional Photos


Property Information for 2215 W BOSTON BLVD Save Listing
CURRENTLY SQUATTER OCCUPIED. ALL INFO IS APPROX AND TO BE VERIFIED BY BUYERS AGENT. COMPLIANCE AND DOC FEE APPLY TO ALL BUYER. BUYER TO PAY FOR CITY INSPECTION IF REQUIRED. BUYER TO SIGN REO HOLD HARMLESS ADDENDUM.


Property Features
  • Single Family Property
  • Status: Active
  • Area: 05043
  • County: Wayne
  • Year Built: 1922
  • 7 total bedroom(s)
  • 2.5 total bath(s)
  • 2 total full bath(s)
  • 2 total half bath(s)
  • Approximately 3487 sq. ft.
  • Two story
  • Style: Colonial
  • Master bedroom
  • Living room
  • Dining room
  • Kitchen
  • Basement
  • Master bedroom is 16x14
  • Living room is 23x14
  • Dining room is 16x14
  • Kitchen is 13x10
  • 1 car garage
  • Heating features: Forced air,
  • Exterior construction: Brick
  • Approximate lot is 50X174
  • School District: DETROIT
Interior Features
Basement, Unfinished basement, 2nd bedroom dimensions: 14x10, 3rd bedroom dimensions: 13x13, 4th bedroom dimensions: 16x15

Exterior Features
Detached garage, Municipal water, Sewer - sanitary

Last edited by Humboldt1; 01-12-2009 at 10:13 AM..
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Old 01-12-2009, 10:25 AM
 
2,329 posts, read 6,631,507 times
Reputation: 1811
Quote:
Originally Posted by Humboldt1 View Post
Too Funny. Great House in a Sh#tty location.
Detroit was once among the richest cities in the country, and had the highest rate of homeownership. Its actually really sad when you look at what has happened there,
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