Discuss Detroit » Archives - January 2008 » Don' buy in Miami or Detroit! « Previous Next »
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Johnnny5
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Username: Johnnny5

Post Number: 689
Registered: 06-2005
Posted on Tuesday, January 29, 2008 - 1:32 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

At least according to Danielle Babb.

http://finance.yahoo.com/real- estate/article/104278/Best-and -Worst-Places-to-Buy-a-House

Edit: The title should say "Don't" Why can't we edit titles?



(Message edited by Johnnny5 on January 29, 2008)
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Johnlodge
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Username: Johnlodge

Post Number: 4861
Registered: 10-2003
Posted on Tuesday, January 29, 2008 - 1:35 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

That person seems to be looking at current situations and basing long term forecasts on them. Sounds like great investing advice! Takes a lot of knowledge to be able to say "San Bernadino has problems right now. Don't buy there, it's bad."

(Message edited by johnlodge on January 29, 2008)
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Pam
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Username: Pam

Post Number: 3403
Registered: 11-2005
Posted on Tuesday, January 29, 2008 - 1:38 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

That guy



quote:

Danielle Babb.



That's no guy.
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Johnlodge
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Username: Johnlodge

Post Number: 4862
Registered: 10-2003
Posted on Tuesday, January 29, 2008 - 1:39 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

That person.
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Iheartthed
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Username: Iheartthed

Post Number: 2612
Registered: 04-2006
Posted on Tuesday, January 29, 2008 - 1:48 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I thought that was a pretty good summary.
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Evelyn
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Username: Evelyn

Post Number: 62
Registered: 02-2005
Posted on Tuesday, January 29, 2008 - 1:49 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I saw that on yahoo news as well... I was happy to recognize the skyline, then I saw the headline.

I think it's interesting that the other two are in sunnier states with better economies.
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Rb336
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Username: Rb336

Post Number: 4799
Registered: 02-2007
Posted on Tuesday, January 29, 2008 - 2:21 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

danielle babb is one of those "make money off foreclosures" charlatains
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Kingofdetroit
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Username: Kingofdetroit

Post Number: 54
Registered: 10-2006
Posted on Tuesday, January 29, 2008 - 2:35 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"The job market is in chaos. People are getting laid off left and right. National statistics seem to point to a significant problem with job loss and job income not keeping up with inflation. As a result, many nice neighborhoods are now abandoned due to people leaving their homes. Inventories exceed one year (under six months is what we want to see), and the foreclosure problem hit Detroit hard. With fewer jobs to support home purchases, I don't see Detroit turning around anytime soon."

Yahoo loves bashing Detroit don't they? Well we are an easy target. Too many poor uneducated people here that would either have to get displaced or educated. Neither will happen anytime soon. And by soon I mean within a decade or two... What an f'ing depressing time to live in MI. Really depressing.

Can our Governor fix this? Who can? Who will? I know I'm doing my part. I'm educated, working, non criminal, paying taxes, spending money...
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Nainrouge
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Username: Nainrouge

Post Number: 681
Registered: 05-2006
Posted on Tuesday, January 29, 2008 - 3:38 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Where else can you buy a 3,600 square foot historic home for under $10,000?

http://www.realtor.com/realest ate/1081345689/
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Thejesus
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Username: Thejesus

Post Number: 3363
Registered: 06-2006
Posted on Tuesday, January 29, 2008 - 3:47 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"Yahoo loves bashing Detroit don't they?"

You act like their observations are without merit
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Jjaba
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Username: Jjaba

Post Number: 6040
Registered: 11-2003
Posted on Tuesday, January 29, 2008 - 5:50 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I like the $45 payment for that house on Chicago Blvd. "Make sure the applicant is qualified." That's funny.

jjaba.
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Mackinaw
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Username: Mackinaw

Post Number: 4384
Registered: 02-2005
Posted on Tuesday, January 29, 2008 - 6:01 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Buy low, sell high.

Why wouldn't you buy in Detroit?

Stupid ass.
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Nainrouge
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Username: Nainrouge

Post Number: 690
Registered: 05-2006
Posted on Tuesday, January 29, 2008 - 6:44 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Mackinaw,

You are right if you can afford to sit on the investment for a while. If you are looking to flip it in a year or so, this is probably not the place to do it.

I would love to buy a piece of land for investment purposes or a commercial building, but I don't think the prices have bottomed out yet, so I will wait.
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Focusonthed
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Username: Focusonthed

Post Number: 1649
Registered: 02-2006
Posted on Tuesday, January 29, 2008 - 6:54 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Nanrouge hit it. This column is directed at people buying for investment or buying to flip. There is no reason not to buy for your home or business.
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Lefty2
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Username: Lefty2

Post Number: 1032
Registered: 07-2007
Posted on Tuesday, January 29, 2008 - 9:17 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Don't just blame the messenger, look at the message.

"Where else can you buy a 3,600 square foot historic home for under $10,000?"
Exactly, also where else can you buy a house where taxes can be more than the purchase price?

Basic rule of investing, supply and demand. There's a reason for low demand. Markets in the long term are alway correct. I just bought a house for 5K. I will put 5K in it and sell it for 25K. Not a lot of profit but enough to make it worthwhile and help the neighbors a little.
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Scooter2k7
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Username: Scooter2k7

Post Number: 62
Registered: 10-2007
Posted on Tuesday, January 29, 2008 - 10:38 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"Mission Viejo, California: Mission Viejo has the lowest crime statistics in the nation. With no murders in 2007 and a low rate of violent crime, this is a good place to raise a family. Prices are relatively stable, and the job market in the nearby cities of Irvine and San Diego means there is consistent demand from job seekers."

Hey atleast in Detroit I know that my house will not be subjected to uncontrollable wildfires or could collapse under itself from a massive earthquake (which is way over due, by the way). San Diego may be nice, but I'll pick Detroit anyday over the week over them.
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Ray
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Username: Ray

Post Number: 1072
Registered: 06-2004
Posted on Wednesday, January 30, 2008 - 1:48 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

The job market is not in "chaos". This is ridiculous. Unemployment here is at 7.5% vs. 5% for the US. Let's put in in perspective: Employment in Michigan is 92% and employment nationally is 95%. They make it sound like the collapse of civilization.
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Iheartthed
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Username: Iheartthed

Post Number: 2617
Registered: 04-2006
Posted on Wednesday, January 30, 2008 - 6:59 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

Buy low, sell high.

Why wouldn't you buy in Detroit?



1. A market oversaturated with housing.
2. No centralized commuting destination to stabilize property values long term (metro-wide).
3. A very shitty job market that shows no signs of improving on the horizon.
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Michigansheik
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Username: Michigansheik

Post Number: 264
Registered: 09-2005
Posted on Wednesday, January 30, 2008 - 7:55 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

lol, yeah it's too dangerous in mission viejo!
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Focusonthed
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Username: Focusonthed

Post Number: 1651
Registered: 02-2006
Posted on Wednesday, January 30, 2008 - 12:06 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

"Prices are relatively stable, and the job market in the nearby cities of Irvine and San Diego..."



Uh, San Diego and Mission Viejo are over 75 miles apart.
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Spacemonkey
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Username: Spacemonkey

Post Number: 294
Registered: 03-2006
Posted on Wednesday, January 30, 2008 - 12:25 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I'm going to be a millionaire ... I'm going to buy real estate in Detroit now while it's cheap, then sell it when it's worth a ton of money in 150 years or so.
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Mrsjdaniels
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Username: Mrsjdaniels

Post Number: 373
Registered: 08-2005
Posted on Wednesday, January 30, 2008 - 3:30 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Iheartthed
^^^^
ding ding ding
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Masterblaster
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Username: Masterblaster

Post Number: 113
Registered: 03-2005
Posted on Wednesday, January 30, 2008 - 11:37 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

That house on Chicago needs some major work. I was able to look at that house about 4 years ago, when it was on the market. It had a quite a big hole in the floor of the second level above the kitchen. The kitchen had been pretty much stripped.

The cool thing about that house is that it has a master bedroom that is huge - it is like 600 square feet and it has its own natural fireplace.

And it also has an attached two car garage, but not much of a backyard.
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Masterblaster
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Username: Masterblaster

Post Number: 114
Registered: 03-2005
Posted on Wednesday, January 30, 2008 - 11:40 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

To Iheartthed's point. Why not buy in Detroit? If you have a good staple job here and you want to live in an older, well-built neighborhood, then please come down here! The vacant bank -owned historic houses of La Salle Blvd, East Boston-Arden Park, Russell Woods-Sullivan are being raped constantly by the scrappers.

I just called a real estate company about the house for sale at 4070 Glendale in Russell-Woods. That house has it all - bay windows, stained glass windows, crowned moldings, a library with stained built-in bookcases, breakfast nook, 2.5 baths (even though the listing says only 1 bath), second-floor balconies, art-deco wall sconces, and MORE.

This house had been broken into. The person who broke in ripped out the copper piping in the basement, so that when you enter the house it sounds like a fire hydrant is going off under the house, and the finished basement is flooded with 3 inches of water.

The real estate agent who I talked to recommended that I should put in an offer of $5,000! Even though she said the asking price was $26,000 (the website says $34,900).

So for possibly $5,000 I could purchase a 4 bed, 2.5 bath all-brick house (loaded with character) with a 2-car garage on a beautiful tree-lined street in a historic district, and the house doesn't even need all that much work??? COME ON PEOPLE, GIVE THESE NEIGHBORHOODS A TRY!

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