  Ocean2026 Member Username: Ocean2026 Post Number: 59 Registered: 11-2008 |
Even though I understand why - these are still shocking numbers from this mornings' Detroit News http://www.detnews.com/apps/pb cs.dll/article?AID=/20081212/B IZ/812120326/1001 Commercial realty it expected to drop next. When I look at home and c omml building prices in the Detroit area, I notice that some real estate is priced at what property might have sold for 2 years ago - they havent lowered it- while others are more realistic. There's some old mansions that need work absurdly priced at $400k while others just a bit less appealing and needing a bit more work will sell for $20-60k. The $400k ones are nicer but not 4 or 5x nicer. Same with commercial. With more layoffs locally combined with national economic woes and people continually moving out of Detroit, prices will continue to get lower, perhaps for the next two years. What I wonder is - at any time down the road- will Detroit be a good investment? Taxes are the killer here as at some point someone might want a cheap summer home in Detroit (well crime doesnt help). Still I look at all these great old buildings, watch them get cheaper and just wonder what it would be like to own one. | ||
N7hn Member Username: N7hn Post Number: 126 Registered: 02-2008 |
I agree ocean, Im seeing the same things. real estate prices are all over the board. Seems like the higher priced properties need a reality check. Same thing in alot of cities Im sure. People and investors seem to think their properties have something SPECIAL....either that or a bad case of denial | ||
Detroitplanner Member Username: Detroitplanner Post Number: 2194 Registered: 04-2006 |
None of these numbers should be surprising. People selling now are selling at fire sale prices. In addition, many of the properties are foreclosures and may require substantial work to get them up to living standards. The best that you can hope for is to be able to hang onto your home long enough to ride it out. I really feel for the folks who have to sell the huge homes, there are no buyers for those. | ||
Novine Member Username: Novine Post Number: 937 Registered: 07-2007 |
"I really feel for the folks who have to sell the huge homes, there are no buyers for those." It's hard to sympathize with those who overextended themselves to score a McMansion. | ||
Retroit Member Username: Retroit Post Number: 572 Registered: 04-2008 |
"will Detroit be a good investment?" According to the Senators who opposed the loan/"bailout":....NO. | ||
1953 Member Username: 1953 Post Number: 1003 Registered: 12-2004 |
Novine, maybe Detroit planner was talking about people who have large urban residences, not McMansions. | ||
Detroitplanner Member Username: Detroitplanner Post Number: 2197 Registered: 04-2006 |
I was referring to people who may have large homes regardless of whether they are McMansions or not. Many folks bought these at a time when they had the money to afford them and now they don't. Many bought them because they had large families and are now empty nesters who need to sell them to move to a more appropriate sized home. We are all in the same boat, it don't matter if you're in Indian Village or Genoa Township (Howell), we are all dealing with many of the same problems. I'm just glad I have an 800 square foot home that will be paid off in a couple of years. Sure its not the best hood, but I can afford it. | ||
Wash_man Member Username: Wash_man Post Number: 1017 Registered: 05-2006 |
The house across the street from me sold in 2004 for 205K. It was listed then for 229K but the owners had already purchased another house and took the first offer. It is for sale today for 139K. Ouch. |
