Dubai Posted March 10, 2009 Posted March 10, 2009 Have a look at this house near Detroit. Use the link to look for others.... there are loads of them! I thought at first it was USD 3,900 rent..... no, that's the selling price. The taxes are only 1,100 per year, so it's not a huge liability. What could you get a builder / electrician / plumber to do for that much money these days? Certainly not buy a plot and build you a house.... More to the point, who on earth would have thought things could sink this low even a year ago? http://www.realestateone.com/content/Prope...umber=e28204693 Quote
Nicholas Cage Posted March 10, 2009 Posted March 10, 2009 Looks good, does the buyer have to provide a certificate? Quote
Mixle Posted March 11, 2009 Posted March 11, 2009 Have a look at this house near Detroit. Use the link to look for others.... there are loads of them!I thought at first it was USD 3,900 rent..... no, that's the selling price. The taxes are only 1,100 per year, so it's not a huge liability. What could you get a builder / electrician / plumber to do for that much money these days? Certainly not buy a plot and build you a house.... More to the point, who on earth would have thought things could sink this low even a year ago? http://www.realestateone.com/content/Prope...umber=e28204693 The liability is primarily in the poor defenses. Observe the lack of a Motte, the lack of a wall, the ease of combustion. There is no cliff, mountain, or valley, to force your enemies into an uncomfortable formation. There is no tower for surveillance, it probably doesn't have industrial oil vats, and I bet it does not come with an emergency helicopter. If you have any food, it won't be safe there. If you have a load of drugs to shift, this could be a bargain. And lest you forget, the OCP cometh. Quote
Dubai Posted March 11, 2009 Author Posted March 11, 2009 Looks good, does the buyer have to provide a certificate? Certificate? I'm not with you there, NC.... Quote
cashinmattress Posted March 11, 2009 Posted March 11, 2009 Comes with successful crack cocaine operation in back room, only two corpse chalk outlines, comes with crack ho. Quote
1929crash Posted March 11, 2009 Posted March 11, 2009 Comes with successful crack cocaine operation in back room, only two corpse chalk outlines, comes with crack ho. Snazzy new avatar, I see. Quote
The Masked Tulip Posted March 11, 2009 Posted March 11, 2009 I do not think you would want to live there - loads of repossessions in that area having just googled it. In the US you pay any outstanding taxes owned on the property if you buy a repossession which could be many tens of thousands, then you have reconnection costs for the utilities, etc. Then you find yourself in potentially not a nice part of a dying town with little future. Quote
aa3 Posted March 11, 2009 Posted March 11, 2009 I think this could happen in parts of the UK. Actually it already has in parts through time. Think of old mining towns that get shut down. The property becomes worthless. It is supply and demand. When supply goes above the number of people the price crashes towards 0. This is why imo all European nations are inviting in immigrants. Almost every country in western europe would have falling population without immigration. And even say a 5% overhang of supply over population and imo below average properties would fall towards 0 in price. Of course areas which had high status or unique features like ocean front would still command a higher price as demand for them would be higher than supply. Quote
johnny5thumbs Posted March 11, 2009 Posted March 11, 2009 It is supply and demand. When supply goes above the number of people the price crashes towards 0. This is why imo all European nations are inviting in immigrants. Almost every country in western europe would have falling population without immigration. Hang on - isn't this the tail wagging the dog? I seem to remember reading that we need to increase our supply of housing by 3 or 4 million units to COPE with the rising tide of immigration (might have been the D.Mail, though). Chicken and egg ? Quote
cashinmattress Posted March 11, 2009 Posted March 11, 2009 I think this could happen in parts of the UK. Actually it already has in parts through time. Think of old mining towns that get shut down. The property becomes worthless. Yeah you'd think so, but up in Scotland, and Fife in particular, these old mining towns have now become massive council estates, and the ex-council properties there were selling for crazy money. Proves that any numpty could have been a 'property millionaire', so long as they could blag themselves into 100%++ mortgages. Too bad that party has come to an end eh? I only know this because I looked at a property supplement when I was at T-in-the-park last summer. Prodigy stole the show. Quote
InternationalRockSuperstar Posted March 11, 2009 Posted March 11, 2009 Have a look at this house near Detroit. Use the link to look for others.... there are loads of them!I thought at first it was USD 3,900 rent..... no, that's the selling price. The taxes are only 1,100 per year, so it's not a huge liability. What could you get a builder / electrician / plumber to do for that much money these days? Certainly not buy a plot and build you a house.... More to the point, who on earth would have thought things could sink this low even a year ago? http://www.realestateone.com/content/Prope...umber=e28204693 at prices that cheap - it's hardly worth the effort of squatting! Quote
Darkman Posted March 11, 2009 Posted March 11, 2009 Have a look at this house near Detroit. Use the link to look for others.... there are loads of themhttp://www.realestateone.com/content/Prope...umber=e28204693 You ever seen a show called The Wire? Quote
A.steve Posted March 11, 2009 Posted March 11, 2009 I do not think you would want to live there I think you might be right about that house... However, while I've never been to the USA, what I've seen about Detroit appeals to me. I recognise that there is crime, and that the dominant auto industry is in terminal decline... but the city centre itself looked stunning - yet derelict. Maybe I'm the eternal optimist, but I can't help but think that an abundant supply of decent buildings at near-zero cost should present a real opportunity to build a new community. I find it difficult to believe that the entire city is simply disintegrating and being abandoned. Quote
Dubai Posted March 11, 2009 Author Posted March 11, 2009 Prodigy stole the show. Have you heard their new album..... ? Fantastic.... Quote
eightiesgirly Posted March 11, 2009 Posted March 11, 2009 Have an old school friend used to live in Detroit, moved to Florida to escape the gangbangers, shootings, stabbings, drug dealers, pimps, prostitutes, ex-cons, prison escapees and general social mis fits. While I think some parts of the UK are pretty rough, I think we're well behind. Quote
Dubai Posted March 11, 2009 Author Posted March 11, 2009 You ever seen a show called The Wire? No.... I'll google it. I think you might be right about that house... However, while I've never been to the USA, what I've seen about Detroit appeals to me. I recognise that there is crime, and that the dominant auto industry is in terminal decline... but the city centre itself looked stunning - yet derelict. Maybe I'm the eternal optimist, but I can't help but think that an abundant supply of decent buildings at near-zero cost should present a real opportunity to build a new community. I find it difficult to believe that the entire city is simply disintegrating and being abandoned. ow, mad as that may seem, I had similar thoughts. What if say 100 of you targeted a specific area, bought up and got a bit of a community going... Back in the 90's there are reports of whole rows of terraced houses in certain parts of the UK going for peanuts.... imagine what they were fetching at the peak of 2007! Quote
cashinmattress Posted March 11, 2009 Posted March 11, 2009 (edited) I think you might be right about that house... However, while I've never been to the USA, what I've seen about Detroit appeals to me. I recognise that there is crime, and that the dominant auto industry is in terminal decline... but the city centre itself looked stunning - yet derelict. Maybe I'm the eternal optimist, but I can't help but think that an abundant supply of decent buildings at near-zero cost should present a real opportunity to build a new community. I find it difficult to believe that the entire city is simply disintegrating and being abandoned. Dude! You know not what you speak. I've been there before. Me and my friends were robbed at gunpoint back in 1989 when we went to see Motley Crue at the Pontiac Silverdome. It's an awful place. Crime rates (2007) Crime type Rate* Homicide: 45.7 Forcible rape: 39.6 Robbery: 763.6 Aggravated assault: 1,440.0 Violent crime: 2,289.0 Burglary: 2,063.6 Larceny-theft: 2,429.5 Motor vehicle theft: 2,278.4 Arson: 88.0 Property crime: 6,771.6 Notes Number of reported crimes per 100,000 population But if you are willing to take your pasty British self to the hood and try to enjoy life, go for it. Edited March 11, 2009 by cashinmattress Quote
Dubai Posted March 11, 2009 Author Posted March 11, 2009 Dude! You know not what you speak. I've been there before. Me and my friends were robbed at gunpoint back in 1989 when we went to see Motley Crue at the Pontiac Silverdome. It's an awful place.Crime rates (2007) Crime type Rate* Homicide: 45.7 Forcible rape: 39.6 Robbery: 763.6 Aggravated assault: 1,440.0 Violent crime: 2,289.0 Burglary: 2,063.6 Larceny-theft: 2,429.5 Motor vehicle theft: 2,278.4 Arson: 88.0 Property crime: 6,771.6 Notes Number of reported crimes per 100,000 population But if you are willing to take your pasty British self to the hood and try to enjoy life, go for it. Ignore my last..... Quote
eightiesgirly Posted March 11, 2009 Posted March 11, 2009 Ignore my last..... Man, nothing wrong with wanting to try, but that's too big a stretch. It needs buldozing and starting again. Bit like Nu- lab. No help for it. Quote
A.steve Posted March 11, 2009 Posted March 11, 2009 (edited) Dude! You know not what you speak. I've been there before. Me and my friends were robbed at gunpoint back in 1989 when we went to see Motley Crue at the Pontiac Silverdome. It's an awful place. I admitted never having been there... but I think this raises a question: Was it the place, or the armed robbers that put you off? The criminals are probably mobile... Conversely, I agree - safety and law and order, pragmatically, must trump affordable architecture. Edited March 11, 2009 by A.steve Quote
Nicholas Cage Posted March 11, 2009 Posted March 11, 2009 Certificate? I'm not with you there, NC.... I was thinking of BTL but if you are living there nothing is required. Apart from code and blight violations. The thought of a British enclave in detroit is appealing though, mostly Iraqis who take the plunge so far. Quote
Dubai Posted March 11, 2009 Author Posted March 11, 2009 Man, nothing wrong with wanting to try, but that's too big a stretch. It needs buldozing and starting again.Bit like Nu- lab. No help for it. All right then.... anybody fancy starting an "Adventure Holiday" company?? Quote
Executive Sadman Posted March 11, 2009 Posted March 11, 2009 If you loaded up on GM stock and bought a house in Detroit, you may just be able to convince yourself its the 1930s. Quote
Executive Sadman Posted March 11, 2009 Posted March 11, 2009 Dude! You know not what you speak. I've been there before. Me and my friends were robbed at gunpoint back in 1989 when we went to see Motley Crue at the Pontiac Silverdome. It's an awful place.Crime rates (2007) Crime type Rate* Homicide: 45.7 Forcible rape: 39.6 Robbery: 763.6 Aggravated assault: 1,440.0 Violent crime: 2,289.0 Burglary: 2,063.6 Larceny-theft: 2,429.5 Motor vehicle theft: 2,278.4 Arson: 88.0 Property crime: 6,771.6 Notes Number of reported crimes per 100,000 population But if you are willing to take your pasty British self to the hood and try to enjoy life, go for it. So assuming the murder rate stays the same, and you live 80 years, youve a 1 in 30 chance of being murdered. Quote
chelston Posted March 11, 2009 Posted March 11, 2009 If someone offered you a job with a salary of $200.000 a year, with the one condition you must live in the most deprived part of Detroit, as part of the deal, would you take the job? (if the other conditions of work were good). Myself no I would not take the offer. Quote
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