  Ocean2026 Member Username: Ocean2026 Post Number: 66 Registered: 11-2008 |
http://www.freep.com/article/2 0081214/BUSINESS04/812140333/1 017/BUSINESS Today's Detroit Free Press let's fiddle while the city burns. Starting at $100++ per square foot and $43 per $1000 in taxes! There's not much in Detroit worth half that much. Here's the logic behind the sellers. Because so many people are out of work and about to lose their jobs without any new jobs to replace them - they will NOW have time to go house shopping Yep let's just sell the house we bought for $75k that is now worth $40k with a $45k mortgage that we are behind on, and go buy one of these $595k houses with a $500k mortgage! Hey Bush did this with the national budget! | ||
Huggybear Member Username: Huggybear Post Number: 265 Registered: 08-2005 |
That's actually cheap for new construction (btw, it's Grosse Pointe, not Birmingham). I don't think they'll have much of a problem selling out. And you have a problem with infill? This is in the middle of an almost completely developed area. | ||
Daddeeo Member Username: Daddeeo Post Number: 339 Registered: 09-2008 |
I doubt people will snap those babies up fast. Doesn't sound like bargain basement prices. | ||
Mackinaw Member Username: Mackinaw Post Number: 4374 Registered: 02-2005 |
They are actually somewhat out of place. The majority of the properties in that area are rentals. People flock there for the excellent rental values that get access to GP services and schools. However there are some successful condos right on Jefferson Ave. nearby. I think these will succeed, but I kind of resent them... These buildings really interrupt the neighborhood, which was a uniform area with minimum-setback bungalows and 2-3 story flat buildings. The Freep claims "Overall ambience creates an urban feel in a suburban neighborhood." It's as if they didn't actually go to the neighborhood and look. This development actually breaks up an urban neighborhood. There are several, older "courtyard condo" type townhouses around Grosse Pointe (mostly over near Cadieux in GP City), so this form of housing is not new to this area...I just don't think it fits the west Park very well. | ||
Sean_of_detroit Member Username: Sean_of_detroit Post Number: 2089 Registered: 03-2008 |
Doesn't a glut of rentals tend to drive down prices? I would never buy one of those, but I'm probably not their target demographic. | ||
Johnnny5 Member Username: Johnnny5 Post Number: 684 Registered: 06-2005 |
Ocean, I'm assuming you're the same person who commented on the Freep site? =) I really don't understand your negative tone for these projects. While our economy might be in the crapper there are still people around who are both capable and interested in purchasing new homes. | ||
Crawford Member Username: Crawford Post Number: 467 Registered: 10-2006 |
$100 a foot is too high for GPP in late 2008. They won't sell at those prices. Load 'em on a flatbed and move to Bham and they'll (maybe) sell. | ||
Ocean2026 Member Username: Ocean2026 Post Number: 68 Registered: 11-2008 |
Johnny - I think it would be better to rehab some of the treasures that are decaying. Detroit will never attract people for the climate, it will never attract people for low taxes, and the best thing it could do is market itself as a place of architectural interest. Buffalo is starting to do this. Detroit has more interesting old houses than the entire state of Texas. The other issue I have is that when people over price and overstate the market value everyone sufers. Look at DPS selling a bunch of buildings in the same manner - inflated prices. Has anyone bought one yet? What will happen is they will sit empty- the DPS will not get its needed revenue and the county wont get any tax income. | ||
Bigb23 Member Username: Bigb23 Post Number: 2814 Registered: 11-2007 |
The same with the Silverdome, they kept holding out for a better deal. They should have dumped it when they had the chance in better times. | ||
Lefty2 Member Username: Lefty2 Post Number: 2924 Registered: 07-2007 |
Ocean2026, are you angry a developer wants to sell a nice home or are you angry you can't afford it? Btw they range from $176,990 to $191,990 in price, which is reasonable considering all new. | ||
Ocean2026 Member Username: Ocean2026 Post Number: 69 Registered: 11-2008 |
Lefty my last post above sums up my position. I'm not at all angry - as for being able to afford it - right now I can't afford a plane ticket to Detroit. If my two major properties that I have on the market sell for a reasonable price ( they are debt) free, then I could probably buy the entire development- but I dont want it. Right now I'm just trying to learn and testing other's knowledge. Most of my threads are asking _ Which are the worst neighborhoods ? which streets have the nicest old houses ? What is Jefferson 5000-15000 block like? That's it! | ||
Mackinaw Member Username: Mackinaw Post Number: 4375 Registered: 02-2005 |
Okay, well, these are in Grosse Pointe Park, not Detroit. They're close. Extremely close. But not the same. I think the bottom line is that these are appropriately priced. I think they will either sell, or go to high-range rentals if they don't sell because of the cold real estate market and poor regional economy. I wonder if these are a condo association, or individual townhouses. At the asking price, and considering the monthly payment with the current rates, these could be purchased for the purpose of renting as income properties. That would be par for the course for that neighborhood. | ||
Mikem Member Username: Mikem Post Number: 1888 Registered: 10-2003 |
So if you sold your properties you could afford to buy the entire $4,000,000 development, but you can't afford a $400 plane ticket to Detroit? | ||
Ocean2026 Member Username: Ocean2026 Post Number: 70 Registered: 11-2008 |
Mikem I know this sounds bad but in Texas January 31 is the last day you can pay property taxes without a penalty. Currently there is no way I will make it, therefore I can not afford anything especially a trip to Detroit to look at properties. I shouldn't say I can't afford anything because I can afford during breaks to LOOK ONLINE at properties and learn about the market before I visit. I suppose this sounds incredulous so - you may look up Steve Fischer Aransas county Appraisal District, San Patricio County appraisal district, I dont think Refugio County is online yet. Once you see me you can get my phone number from my listing and verify. NO I wont have $4million however the 10 acres of waterfront and Island had a signed contract for $1.85 million with Coldwell Banker Rockport until the hurricane caused buyers to disappear. A 30 acre sale in Ingleside Texas fell through because the FAA would not permit the buyer to consruct a 400 ft tower. I am telling you all this in detail because I believe too many people online are full of BS. I enjoy learning about different markets- I like Detroit and pretending my properties will sell and looking at fun buildings to buy is much more fun than freaking out about Jan 31. Now go read my thread about 8469 East Jeff and tell me what you think of that building LOL | ||
Ocean2026 Member Username: Ocean2026 Post Number: 71 Registered: 11-2008 |
Whoops _ Why Detroit (&Buffalo) both have great cheap old buildings that aren't found in my part of Texas and both have cool summers. One good thing - my properties are free and clear except for the impending taxes. | ||
Eastsideal Member Username: Eastsideal Post Number: 105 Registered: 10-2007 |
Not being from the Detroit area, you have to understand here how different places like Grosse Pointe and Birmingham are, or are perceived to be, from the City of Detroit. Even in an area as close to Detroit as these buildings are. There are a lot of people who would pay quite a bit of money to live in a small house or townhouse in one of those cities who wouldn't live in the biggest house in the city if you gave it to them for $1. These are fairly priced for the area, and priced well below what they would have been just a few years ago. But given the state of the overall housing market, and the panic that's gripping the entire area, who knows how many, if any, they will actually be able to sell. If nothing else, they could be rented, as mentioned above. The lure of Grosse Pointe schools is still pretty damn strong. |
