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Old 08-06-2010, 05:33 AM
 
4,852 posts, read 8,715,453 times
Reputation: 7705

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These magazine rankings are usually so hard on the D, but check this out, they are saying that the Detroit Metro area will be one of the cities to see the biggest rebound in housing prices in the next few years:

Housing Markets That Will Be Strongest by 2014 - Yahoo! Real Estate

Very cool, eh? Love the skyline picture that accompanies the article as well. What? You mean that the sky ISN'T black in Detroit???? Woo-hoo, go Detroit!!!!
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Old 08-06-2010, 08:04 AM
 
Location: North of Canada, but not the Arctic
17,784 posts, read 16,001,895 times
Reputation: 21307
Yeah, once all those $1-$10,000 homes in Detroit get torn down or burnt down, the median price should improve.

(Cautiously optimistic.)
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Old 08-06-2010, 08:16 AM
 
530 posts, read 1,489,874 times
Reputation: 215
retroit has a good point.

I looked at a house in The D yesterday. The asking is 20K. It sold for 8K in 2008. The price appreciation is 100% annually.
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Old 08-06-2010, 09:09 AM
 
Location: Huntington Woods, MI
1,742 posts, read 3,797,050 times
Reputation: 683
Bought my house in 2009 for $28,500. Put no more than 10k into it, and had an investor offer me 50k for it. Without putting the home on the market, I can pull a 12k profit in 1 year. If I were to sell it, I could probably sell it for around 70k. The housing market was so low in Detroit that it can only go up. I think the housing market crash could help Detroit. Property is so cheap, investors and companies can purchase their own property instead of paying high leases in other areas.
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Old 08-06-2010, 04:00 PM
 
Location: Downtown Detroit
1,497 posts, read 3,329,866 times
Reputation: 927
Niiiice. Too bad I rent. Hahaha.
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Old 08-06-2010, 04:10 PM
 
4,852 posts, read 8,715,453 times
Reputation: 7705
Quote:
Originally Posted by ForStarters View Post
Niiiice. Too bad I rent. Hahaha.
Well then now's the time to buy, if you're so inclined, before those prices go back up and while mortgage rates are at their lowest since the '50s.
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Old 08-07-2010, 04:34 AM
 
Location: Eastside of Denver(:
84 posts, read 324,363 times
Reputation: 67
Detroit housing prices are really, really low- but they're def low for a reason.
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Old 08-08-2010, 08:22 PM
 
Location: Royal Oak, MI
333 posts, read 1,089,668 times
Reputation: 92
Not to burst your bubble, but you all realize it'll only be a $5,000 increase per year, right? With how low prices are already we'll still be in a buyers market for at least 8 years unless the economy changes.
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