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Old 04-05-2017, 11:56 AM
 
Location: Brightmoor, Detroit, Mi
27 posts, read 26,248 times
Reputation: 16

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Quote:
Originally Posted by Montezia View Post
So, I watched a short, legit clip of houses apparently going for a dollar or few dollars in Detroit where people would buy them and then turn around and sell for scrap. Now the video was from 2014. Is this an actual thing? Seems that the city is literally on the verge of extinction.
Those houses are in very bad areas have fun reselling it
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Old 04-05-2017, 11:59 AM
 
Location: Grosse Ile Michigan
27,776 posts, read 65,692,477 times
Reputation: 32973
Pretty sure that now, any house you buy form Detroit land bank, you have to agree to move in and make certain improvements or they take it back. They are not interested in selling to absentee landlords or scrappers, or people who just want to own it and let it sit there decaying.
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Old 04-05-2017, 12:05 PM
 
Location: Brightmoor, Detroit, Mi
27 posts, read 26,248 times
Reputation: 16
Quote:
Originally Posted by Coldjensens View Post
Pretty sure that now, any house you buy form Detroit land bank, you have to agree to move in and make certain improvements or they take it back. They are not interested in selling to absentee landlords or scrappers, or people who just want to own it and let it sit there decaying.
Unless you have 300 good men with guns who are middle class willing to put the work in and fix a whole block then yea. Even that won't put a dent in it
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Old 04-06-2017, 09:25 AM
 
1,851 posts, read 2,299,897 times
Reputation: 1864
Quote:
Originally Posted by Retroit View Post
The plight of Detroit is a direct result of the success of Detroit. Detroit always had one of the highest standards of living (income/expenses), so people have been constantly moving out of their smaller homes in Detroit to bigger homes in the suburbs. And the kids that grew up in the suburbs move out to bigger homes further out. Incomes are higher here due to the auto industry and unions. Houses are cheaper here due to greater a ailability of skilled construction workers and cheap land. It surprises me when I travel to older cities and see older neighborhoods packed with people. The row houses in the northeast especially. Detroiters would never settle for this type of living.
The same 1940's and 1950's bungalow and ranches and colonials that were built in huge chunks of Detroit are the same ones that were built in suburbs like Dearborn, Ferndale, Royal Oak, Allen Park, etc, and those suburbs are fully occupied
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Old 04-07-2017, 08:13 AM
 
2,477 posts, read 1,770,596 times
Reputation: 3272
The city took initiative to knock down abandoned houses in terrible condition 2 years ago I believe. I am guessing those are the type of houses they once sold for $1. But the condition of those house were such that people had to invest 50K+ to fix it up. It is not always the neighborhood that is always an issue. The auction has houses for 500 but these are burned down house or house without roof. I been looking at auction house for while and the decent looking once are never the cheap one
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Old 04-08-2017, 03:48 AM
 
2,035 posts, read 2,099,872 times
Reputation: 1877
Here is a (3 year old) documentary on those 1$ homes. They do not seem to be a good deal after all because they are in bad neighbourhoods, need a lot of investment to be made habitable and they will create a large tax liability for the owner.
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