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Old 01-11-2009, 09:28 PM
 
1,996 posts, read 3,126,539 times
Reputation: 2302

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Real Estate One – Detroit, Ann Arbor, Northern Michigan, Michigan Real Estate - Property Detail (http://www.realestateone.com/content/PropertyDetail.asp?listingNumber=g2811169 - broken link)

This magnificent house, located in one of Detroit's most exclusive areas, is available for $24,900. How much would this house sell for in the exclusive areas of Chicago?

Below is a link to houses for sell in the next block over in the same neighborhood (except the bottom two houses). The highest asking price is $83,000.

Real Estate One – Detroit, Ann Arbor, Northern Michigan, Michigan Real Estate - Property Search Results (http://www.realestateone.com/content/PropertySearch.asp?quickSearch=muirland - broken link)

How much would these fetch in Chicago?

NOTE TO MODERATOR: I am not a real estate agent, please don't delete links.
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Old 01-11-2009, 09:46 PM
 
Location: Chicago
38,707 posts, read 102,650,325 times
Reputation: 29961
In an exclusive area of Chicago and given the same lot size, I'd conservatively estimate a price tag of 2 million, depending of course on condition, decor, et cetera. Given all the disclosures, this looks like a foreclosure sale.

I browsed some of the houses in the second link. The property taxes in Detroit are outrageous. $4,000/yr on a $55,000 house? Good God.
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Old 01-11-2009, 09:47 PM
 
161 posts, read 409,522 times
Reputation: 28
Default Isn't this where emminem grew up?

Eight Mile! it's Emminem's hood! Or maybe Pudge Rodriguez's old place and tainted with yankee traitor blood. Still, if there are no structural or utility issues I am buying it on principle... You only get one shot.

Quote:
Originally Posted by usroute10 View Post
Real Estate One – Detroit, Ann Arbor, Northern Michigan, Michigan Real Estate - Property Detail (http://www.realestateone.com/content/PropertyDetail.asp?listingNumber=g2811169 - broken link)

This magnificent house, located in one of Detroit's most exclusive areas, is available for $24,900. How much would this house sell for in the exclusive areas of Chicago?

Below is a link to houses for sell in the next block over in the same neighborhood (except the bottom two houses). The highest asking price is $83,000.

Real Estate One – Detroit, Ann Arbor, Northern Michigan, Michigan Real Estate - Property Search Results (http://www.realestateone.com/content/PropertySearch.asp?quickSearch=muirland - broken link)

How much would these fetch in Chicago?

NOTE TO MODERATOR: I am not a real estate agent, please don't delete links.
Reply With Quote Quick reply to this message
 
Old 01-11-2009, 09:51 PM
 
Location: Chicago
249 posts, read 680,850 times
Reputation: 74
If you dropped that house into a Chicago neighborhood with similar housing stock and lot sizes, on the North Side you'd be talking about Sauganash or Wildwood. Even in as-is condition as described and in this real-estate market, the asking price would be $600,000-plus. Of course that would come with what I would assume to be a much safer neighborhood and a whole slew of city services, including decent local schools, that you cannot find in the city of Detroit. The tax bill would be maybe 30% higher.

Quote:
Originally Posted by usroute10 View Post
Real Estate One – Detroit, Ann Arbor, Northern Michigan, Michigan Real Estate - Property Detail (http://www.realestateone.com/content/PropertyDetail.asp?listingNumber=g2811169 - broken link)

This magnificent house, located in one of Detroit's most exclusive areas, is available for $24,900. How much would this house sell for in the exclusive areas of Chicago?

Below is a link to houses for sell in the next block over in the same neighborhood (except the bottom two houses). The highest asking price is $83,000.

Real Estate One – Detroit, Ann Arbor, Northern Michigan, Michigan Real Estate - Property Search Results (http://www.realestateone.com/content/PropertySearch.asp?quickSearch=muirland - broken link)

How much would these fetch in Chicago?

NOTE TO MODERATOR: I am not a real estate agent, please don't delete links.
Reply With Quote Quick reply to this message
 
Old 01-11-2009, 10:32 PM
 
4,152 posts, read 7,864,410 times
Reputation: 2727
I was going to say around 800,000 in my neighborhood depending on the condition of the home. This one is in "as is" condition so I think probably there needs to be repairs. Wow I looked at some of these and the prices are shocking. They would be so much more in Chicago.

Last edited by ToriaT; 01-11-2009 at 10:34 PM.. Reason: add info.
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Old 01-11-2009, 10:40 PM
 
Location: Oak Park, IL
5,523 posts, read 13,877,860 times
Reputation: 3906
How about a marginal neighborhood like south shore?
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Old 01-11-2009, 10:49 PM
 
Location: Chicago: Beverly, Woodlawn
1,966 posts, read 6,043,009 times
Reputation: 705
This is absolutely surreal. Is this in a war zone? Is it haunted?

Unless it's a gut rehab prices in Chicago neighborhoods that I know well are more or less:
1) Hyde Park: 1.3-1.5M
2) Beverly: 600K
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Old 01-11-2009, 10:50 PM
 
Location: Chicago: Beverly, Woodlawn
1,966 posts, read 6,043,009 times
Reputation: 705
Quote:
Originally Posted by sukwoo View Post
How about a marginal neighborhood like south shore?
In the Jackson Park Highlands part of south shore I would estimate 500-600K.
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Old 01-11-2009, 10:56 PM
 
Location: Oak Park, IL
5,523 posts, read 13,877,860 times
Reputation: 3906
Quote:
Originally Posted by ajolotl View Post
This is absolutely surreal. Is this in a war zone? Is it haunted?

Unless it's a gut rehab prices in Chicago neighborhoods that I know well are more or less:
1) Hyde Park: 1.3-1.5M
2) Beverly: 600K
Some people might consider parts of Detroit to be akin to a war zone. Aside from the high crime and poor/no police protection you have:

1. shrinking population
2. high property taxes (which you pay to receive..)
3. poor/no city services

In addition for all we know, vandals have ripped out all the copper pipes and wires as well as all of the ornate wood trim.
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Old 01-11-2009, 11:10 PM
 
Location: Chicago
6,025 posts, read 15,281,587 times
Reputation: 8152
Quote:
Originally Posted by sukwoo View Post
Some people might consider parts of Detroit to be akin to a war zone. Aside from the high crime and poor/no police protection you have:

1. shrinking population
2. high property taxes (which you pay to receive..)
3. poor/no city services

In addition for all we know, vandals have ripped out all the copper pipes and wires as well as all of the ornate wood trim.
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? right?


















(*crickets*)

pity, that first house (w/ a pic) in the second link looks really cute, at least from the outside, and sounds really roomy
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