  Mrjoshua Member Username: Mrjoshua Post Number: 1425 Registered: 03-2005 |
House hunters find "buyer's paradise" in Detroit By Nick Carey Reuters Sun Oct 7, 3:50 PM ET "...The auction included smaller family homes as well as large houses in once posh neighborhoods, such as a 3,500 sq ft (325 sq metre) building in the city's Indian Village. Many homes in the neighborhood were designed by prominent 20th century architects for the auto barons. In a leafy area a few miles from the center of Detroit, this 1920s mansion would be worth many hundreds of thousands of dollars. At the auction, it sold for just $116,000." http://news.yahoo.com/s/nm/200 71007/us_nm/detroit_housing_dc | ||
Oldoak Member Username: Oldoak Post Number: 30 Registered: 09-2007 |
Thanks for the post. At least the article didn't trash Detroit. | ||
Mcp001 Member Username: Mcp001 Post Number: 3028 Registered: 11-2003 |
Really? quote: | ||
Milwaukee Member Username: Milwaukee Post Number: 1332 Registered: 08-2006 |
That's not trashing the city; its stating a fact. The city is having and has had a very rough time. It is what it is. | ||
Mcp001 Member Username: Mcp001 Post Number: 3029 Registered: 11-2003 |
I'd peg the population loss, and subsequent drop in home prices, more to the economy than to crime. I'm not saying that crime isn't an issue, but lack of a job is moreso. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 628 Registered: 11-2006 |
and the lack of jobs in detroit? crime is a big reason companies left fix the crime problem and you will automatically see an improvement in the schools, neighborhoods, and economic vitality of the city | ||
Mike Member Username: Mike Post Number: 995 Registered: 11-2003 |
its chicken vs egg. at this point it does not matter which occurred first. fix BOTH crime and create jobs!••• At this point, fixing crime may be easier. | ||
Mcp001 Member Username: Mcp001 Post Number: 3030 Registered: 11-2003 |
With our governor, highly doubtful! | ||
Mcp001 Member Username: Mcp001 Post Number: 3031 Registered: 11-2003 |
Besides, I was under the impression that globalization and "free markets" were what led to Detroit's decline. | ||
Professorscott Member Username: Professorscott Post Number: 847 Registered: 12-2006 |
Detroit's failure to adapt to reality is the one and only thing that has led to Detroit's continued and sustained decline. Don't blame external forces; those happened to every American city. Spirit, crime is a nonsense reason. There is crime in every big city. Go to New York or Los Angeles and look around. Our decline has little or nothing to do with crime. We are lazy and weak. We sit around with our thumbs up our ass waiting for General Motors to bail us out once again. That's why we are where we are, and it's silly to blame anything else. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 629 Registered: 11-2006 |
the average detroiter doesnt know about or give a shit about General Motors... however, the average detroiter deals with crime on a daily basis | ||
Professorscott Member Username: Professorscott Post Number: 850 Registered: 12-2006 |
That's idiotic. I've lived around here for thirty years, and I lived in the City fifteen of those thirty years, and I never dealt with crime on a monthly basis, much less daily. What on earth are you talking about? "The average detroiter doesn't know... about General Motors"? Come on. | ||
Spiritofdetroit Member Username: Spiritofdetroit Post Number: 630 Registered: 11-2006 |
i would be willing to bet the average detroiter has little idea about whats going on at general motors right now. i doubt many know how many cars they sold last month, what their current market share is, or what the stock is at. If I recall, 40% of Detroit's adults cant even read. I would bet that more detroiters would say that crime effects their lives more than anything at General Motors does. Guaranteed. | ||
Hybridy Member Username: Hybridy Post Number: 166 Registered: 08-2006 |
if i recall, gm was the one responsible for the death of interurban rails in something near 50 large american cities, only to be replaced with diesel buses gm bailing out detroit is oxymoronic | ||
Citylover Member Username: Citylover Post Number: 2677 Registered: 07-2004 |
Spewing bullshit about how crime is not a factor makes me glad I never had you as a prof.....crime has been the main downfal od detroit and to say anything mucg different is silly and completely without merit. | ||
Iheartthed Member Username: Iheartthed Post Number: 1778 Registered: 04-2006 |
Spewing bullshit about how crime is not a factor makes me glad I never had you as a prof.....crime has been the main downfal od detroit and to say anything mucg different is silly and completely without merit. Detroit was losing population long before it's name became synonymous with high crime. It has been losing population at nearly the same rate since the 1950s. | ||
Mrjoshua Member Username: Mrjoshua Post Number: 1426 Registered: 03-2005 |
If Detroiter's suffer from anything on a consistent basis it would be incessant negativity. The glass is half full, even in a severe economic downturn (confined to only Michigan), as others are proving in buying foreclosed homes for $15K and flipping them for $40K+ or renting them out. | ||
Iheartthed Member Username: Iheartthed Post Number: 1779 Registered: 04-2006 |
If Detroiter's suffer from anything on a consistent basis it would be incessant negativity. True. even in a severe economic downturn (confined to only Michigan) Actually, I read somewhere that Florida might also currently be in a recession... | ||
Citylover Member Username: Citylover Post Number: 2678 Registered: 07-2004 |
Of course Iheart crime has nothing to do with it at all. Twenty locks on the doors, bars on the windows, ferocious dogs, gun carrying citizens etc, etc,all coincidental and not crime related in any way. And of course no one has left because they were burglarized vandalized and generally prisoners in their own homes(all those lock and bars).............and they just keep leaving but of course it has nothing to do with crime. | ||
Iheartthed Member Username: Iheartthed Post Number: 1782 Registered: 04-2006 |
^Whatever CL. I lived in the city of Detroit for years and we never had bars on our windows/doors/etc. Matter of fact, the vast majority of my neighbors in Detroit didn't have them either. Anyway, the evidence is pointing away from crime as being the primary reason for Detroit's population loss. I'm pointing this out not to deceive anyone about the situation. I'm keeping the discussion honest. | ||
Citylover Member Username: Citylover Post Number: 2679 Registered: 07-2004 |
bullshit | ||
Iheartthed Member Username: Iheartthed Post Number: 1783 Registered: 04-2006 |
So my experience is bullshit? Thank you for dictating my life experience to me. | ||
Goat Member Username: Goat Post Number: 9851 Registered: 10-2003 |
I believe that crime hinders Detroit's rehabilitation. Most large cities lost population in the '50s and '60s to the suburban "bliss". Many of these cities have made a comeback but with the high rate of crime and the perceived threat of crime still keeps many away. Crime has decimated most neighbourhoods to the point of fracture. It is one of the reasons why there is no cohesion of homes in most of Detroit and another reason why the DPS fails which also acts a a deterrent. Many of the old schools need refurbishing but many are placed in areas with high crime and failing communities. Ask yourself. Would you want to raise a family in most neighbourhoods (I did say MOST) in Detroit with the schools the way they are (except for a few) and the neighbourhoods in the shape that they are in? It is one thing to re-build an old home in an area with a small amount of crime because a person hopes that others will follow suit. But would you put your children in harms way to do the same in an area with a high crime rate? | ||
Iheartthed Member Username: Iheartthed Post Number: 1784 Registered: 04-2006 |
Ten years ago, DC has just as bad of a crime image as Detroit. Two years ago, NYC public schools were ranked lower than Detroit's. It does not take a genius to sit down and look at the similarities and differences between Detroit and every other major city that has made a comeback. Even if the crime in Detroit vanished tomorrow, who would tell anyone? I'm done with this discussion. It's like a dog chasing it's tail. | ||
Hockey_player Member Username: Hockey_player Post Number: 367 Registered: 10-2003 |
Quote: "Mcp001 Member Username: Mcp001 I'd peg the population loss, and subsequent drop in home prices, more to the economy than to crime. I'm not saying that crime isn't an issue, but lack of a job is moreso." The economy's been bad for 50 years? Because that's how long ago the population drop began. | ||
Dougw Member Username: Dougw Post Number: 1937 Registered: 11-2003 |
Actually, that 3500 sq ft house sold for more than I thought it would, so I guess that's good. Determining the factors behind the "buyer's paradise" is somewhat complicated. Crime in the city does depress prices significantly, but that's been pretty consistent over the last 20-30 years for most neighborhoods. There hasn't been a recent crime spike which had anything to do with the recent downturn in prices. The #1 reason for the downturn, IMO, was the ridiculously loose lending standards of the last couple years and the many associated abuses, followed by the sudden tightening of standards in the last few months. This was the real bursting bubble. The auto industry downturn compounded the problem, but it was a smaller factor overall. (At least in the city of Detroit.) | ||
Mcp001 Member Username: Mcp001 Post Number: 3032 Registered: 11-2003 |
Newsflash, Hockey_player! People are leaving Michigan altogether, not just Detroit. | ||
Patrick Member Username: Patrick Post Number: 5030 Registered: 10-2003 |
Crime scares people away, thus hindering further development | ||
Kjwick Member Username: Kjwick Post Number: 50 Registered: 11-2003 |
Dougw What did that house sell for? 115k? | ||
Tkshreve Member Username: Tkshreve Post Number: 196 Registered: 07-2006 |
crime + flight + government cuts + rifts in education + misdirected and clashing goverment officials + heavy segregation + predatory lending + crushed housing market + broken homes + outside perception + poverty + accessibility to drugs + lack of city services + struggling state economy + dirt/grime/trash/degradation + inconsistent police force + rising cost of living + further separation between classes of people + lack of economic diversity + the hype of the thug life + less people caring + etc + etc + etc + etc = Nothing good Fix any broken straw you want, the house will still not stand until many of these situations are addressed simultaneously. Which becomes harder every day we pursue this black hole. | ||
Thecarl Member Username: Thecarl Post Number: 1072 Registered: 04-2005 |
+ kwame = the hype of the thug life | ||
Livernoisyard Member Username: Livernoisyard Post Number: 4238 Registered: 10-2004 |
quote:Scott, you're right. He's delusional. The daily papers pegged Detroit's adult functional illiteracy rate from between 60 to 70% back around 2000. Since then, close to another 200,000 fled the city. Probably, they were the more literate. | ||
Chuckjav Member Username: Chuckjav Post Number: 231 Registered: 09-2007 |
Another thread with an easily twisted heading that could also be titled: "House Buyers Find Hunter's Paradise". Believe that; there is a pheasant and rabbit population explosion on the west side. Watch out for the Law - huge fines for illegal hunting! | ||
Dougw Member Username: Dougw Post Number: 1942 Registered: 11-2003 |
Kjwick -- the article says it went for $116K. Actually, I thought this quote was a little odd: "In a leafy area a few miles from the center of Detroit, this 1920s mansion would be worth many hundreds of thousands of dollars. At the auction, it sold for just $116,000." It sounds like they're saying it *would* be worth many hundreds of thousands of dollars *if* it were in a leafy area a few miles from the center of Detroit, which is, um, where it is. Or maybe they're saying that other similarly-sized homes in the same neighborhood sell for significantly more than that, which is true. For some reason, the banks can't seem to get their heads around the fact that there is a huge variation in $ per square foot in these historic neighborhoods, anywhere from $20 to $100 per sq ft. | ||
Mrjoshua Member Username: Mrjoshua Post Number: 1434 Registered: 03-2005 |
They're referring to the property being valued higher if it were in GP. They just aren't saying that. | ||
Kjwick Member Username: Kjwick Post Number: 51 Registered: 11-2003 |
No, I think they're saying that a "leafy neighborhood" like Indian Village would bring hundreds of thousands anywhere else... The house isn't THAT large, and the house next door could be bought for under 80k. I like the house kiddy-corner (also in foreclosure), very nice English Cottage. I would rather pay an extra 50k for it. A great time for someone who wants an incredible old house to work on. | ||
Renfirst Member Username: Renfirst Post Number: 56 Registered: 12-2006 |
I was at the auction on behalf of the company I work for and I can tell you first hand that the majority of bidders were investors. Sure, there were some bidders purchasing homes for their primary residences, but all in all these were investors. Was at the county courthouse for the sheriff's auction 2 weeks ago ... 600 properties being auctioned off ... there were only 6 people there and a total of 10 houses were purchased. They were all investors. We've made an effort to educate home buyers about purchasing foreclosures. Investors don't bring enough to the community. Sure people need affordable, housing, sure, not saying investors are bad, but there's only so much an investor is willing to invest in the neighborhood and community he/she owns an investment property in. | ||
Lefty2 Member Username: Lefty2 Post Number: 362 Registered: 07-2007 |
this is very good comedy. | ||
Erikd Member Username: Erikd Post Number: 911 Registered: 10-2003 |
I (apparently) have a unique perspective on the Detroit crime discussion. To be sure, rising crime has played a major role in reshaping the city of Detroit, but it is not a local problem unique to Detroit. The United States experienced a horrific rise in violent crime starting in the mid 1960's that continues to this day. In 1963, there were 8,640 homicides in America. In 1974 that number rose to 20,710. The American public has been in denial about the violent crime epidemic that has plagued our country for the last four decades. This thread is a good example of this mindset... There is plenty of discussion about crime in Detroit, how it affects the city, and what the city should do to fight crime, but there is no talk about crime as an AMERICAN problem, and no call for a national solution to this epidemic. For some reason, the American public has simply ignored the incredible numbers of domestic murders, but we are quick to march and protest wars that claim far fewer American lives. The Vietnam War claimed it's first American casualty in July 1959, and the last in April 1975. Over the course of the war, 58,209 American soldiers were killed. While the American public was busy marching and protesting against the war in Vietnam, they ignored the domestic war that claimed almost FOUR TIMES as many American lives. From 1959 to 1975, 232,836 people were murdered in America. Where was the outcry and public protests for the American civilians killed during this time? cont... | ||
Erikd Member Username: Erikd Post Number: 912 Registered: 10-2003 |
cont... I could forgive the American public for not recognizing this epidemic in the midst of the Vietnam war, but the fact that we continued to ignore this domestic massacre after the end of the war is quite disturbing. After the Vietnam war ended, the U.S. had an extended "peacetime" that claimed an astounding number of American casualties. From 1976 to 2005, there were 594,277 people murdered in America. This is not a joke. In the three decades after Vietnam ended, almost SIX HUNDRED THOUSAND people were murdered in America. Where were the protests and the marches about this atrocity? When it comes to the rampant violence and bloodshed in America, the only response I hear is "Detroit (or some other city) needs to do something about it." The solution to this problem is way beyond the control of Detroit residents or Kwame Kilpatrick. After 600,000 Americans are murdered in 30 years, the problem is obviously not a local issue, and is way beyond the control of local government. ----- If the concept of 600,000 Americans murdered over the last 30 years is hard to comprehend, here are some smaller numbers to help put it in perspective... Average number of murders in America over the last three decades (per year): 19,809 Total murders in Canada (pop 30 million) in 2003: 548 Total murders in Chicago (pop 2.9 million) in 2003: 598 Total American soldiers killed in Iraq war in 2003: 486 | ||
Lobsterpots Member Username: Lobsterpots Post Number: 5 Registered: 06-2007 |
Like I said in another thread, I am waiting by the sidelines to buy. The market is going to tank more. We are only at the beginning. | ||
Lefty2 Member Username: Lefty2 Post Number: 392 Registered: 07-2007 |
Pots Winter 2008 is the time to start buying, in my view most of the squeeze will be squeezed out. | ||
Livernoisyard Member Username: Livernoisyard Post Number: 4348 Registered: 10-2004 |
Better hurry! You'll have to beat off all those QL urban pioneers rushing downtown, starting about any day now. They'll probably cause a shortage of available units for a while, so be patient as more units come online. | ||
Ray Member Username: Ray Post Number: 1027 Registered: 06-2004 |
Actually, I read today in Crains that residential sales in Detroit are up this year (while down in the suburbs and statewide). | ||
Kid_dynamite Member Username: Kid_dynamite Post Number: 319 Registered: 06-2007 |
Hey LY...I am one of those QL "pioneers" that you speak of, and just for your info, I know of 4 others that I associate with at the company that have bought a place downtown or have a purchase agreement signed and in process. | ||
Lobsterpots Member Username: Lobsterpots Post Number: 8 Registered: 06-2007 |
Lefty2: Yes, winter is always a good time to buy. After Xmas when everyone is tapped out. Best time to buy major appliances too, and cars. Dead of winter. So you think Jan Feb 08? or Jan Feb 09? | ||
Lobsterpots Member Username: Lobsterpots Post Number: 11 Registered: 06-2007 |
http://www.iht.com/articles/ap /2007/10/16/business/NA-FIN-US -Mortgage-Bankers.php | ||
Livernoisyard Member Username: Livernoisyard Post Number: 4351 Registered: 10-2004 |
KD: Keep your negativities down. Oh, forget that... I see that you have gotten an Opportunity Letter yet. |
