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JonoP

Want One Of Those 'bargain Basement' Houses In Detroit?

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I had to chuckle when I read this story. It would appear that a 'property investor' has been shot by the father of one of his tenants.

I love the way the article tries to paint him as some form of saint, saying how he was 'turning a rundown slum into a model community'

I suspect the reality was that he was trying to make a quick buck by evicting people in the style of a latter day Rachman.

Oh well. One down. Many millions to go

.

Read more: http://www.theage.com.au/victoria/detroit-murder-suspect-charged-20110515-1eobb.html#ixzz1MVAHOMIh

UNITED States police have arrested and charged a man with the murder of a Melbourne man who was shot dead outside his block of flats in Detroit after a dispute with a tenant over rent.

The victim, 45-year-old Greg McNicol, was shot dead on May 7 outside the block of flats he owned while arguing with a woman he wanted to evict, according to The Detroit News.

Witnesses said they saw a black Chevrolet pull up and a man get out, who fired one shot and then drove off.

Police arrested a 62-year-old man, Freddie Young, on Friday. He is the father of the woman McNicol was trying to evict.

Young appeared in Detroit's 36th District Court on Saturday, charged with first-degree murder.

According to The Detroit News, McNicol had bought the 10-unit block of flats in February after visiting Detroit last year. His plan was to renovate the building, which had fallen into disrepair.

McNicol moved to the US about 12 years ago but visited Australia regularly.

He had married a Brazilian-born woman after a previous marriage in the US failed, his sister Karen McNicol told The Age.

Ms McNicol said her brother's wife had talked about his passion for the building project in Detroit.

''She said she'd never seen him as happy as he was. It was just the best time of his life,'' Ms McNicol said.

Flinders MP Greg Hunt, a high school friend of Mr McNicol, promised to lobby Detroit mayor Dave Bing to finish renovating the dilapidated building.

''The legacy we want to create is to make sure his vision of turning a rundown slum into a model community is completed,'' Mr Hunt told The Age last week.

Tenants described the building as a ''rat trap'' before Mr McNicol bought it and started renovations

Read more: http://www.theage.com.au/victoria/detroit-murder-suspect-charged-20110515-1eobb.html#ixzz1MVAxjh7k

Edited by Pond321

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...a Melbourne man...

The latest iteration of hpi evangelists, spreading the rot to the rest of the world.

The Irish were the most active cohort in this cycle, buying all over the world. We know how it ended for them.

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I had to chuckle when I read this story......

I love the way the article tries to paint him as some form of saint.....

.....in the style of a latter day Rachman.

Oh well. One down. Many millions to go.....

Really? You should seek help my friend.....

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Detroit? Yuk.

Florida? Now you're talking........;)

£30,583.31

foreclosure-1603412-27807.jpg

£23,654.01

foreclosure-1589632-10103.jpg

£52,366.78

foreclosure-1606686-31982sv.jpg

£31,109.77

foreclosure-1605281-82899.jpg

** Please add a mutiple of 10x, to work out the equivalent UK price of any of the above properties.

Why?

It must be because living in the UK is ten times better than living in Sunny Florida....?<_<

USA BANK FORECLOSURE IN PHOTOS AND PRICES

Edited by Dan1

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I had to chuckle when I read this story. It would appear that a 'property investor' has been shot by the father of one of his tenants.

Why don't you help develop a superflu to kill 50% of the population, then you could have a nice house and a good belly-laugh after the smell of the rotting bodies subsides.

Or just kill one of your neighbours that has a nice house and few relatives and assume their identity.

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Detroit? Yuk.

Florida? Now you're talking........;)

£30,583.31

foreclosure-1603412-27807.jpg

£23,654.01

foreclosure-1589632-10103.jpg

£52,366.78

foreclosure-1606686-31982sv.jpg

£31,109.77

foreclosure-1605281-82899.jpg

** Please add a mutiple of 10x, to work out the equivalent UK price of any of the above properties.

Why?

It must be because living in the UK is ten times better than living in Sunny Florida....?<_<

Very good prices for an American with a job in the area, true. But for a foreigner?

Have you checked out the visa regs, possibility of getting a green card and health insurance costs?

I suspect that will put the prices in perspective somewhat.

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Very good prices for an American with a job in the area, true.

Yes. And there are thousands upon thousands of bargains like this, many in nice areas of this state [Fort Lauderdale etc] and other States. [There are also examples of house prices which are still very high. ]

And these foreclosed properties, will accept lower than advertised offers. I.E The crash is ongoing.

The Average wage in the US is equivalent to the average in the UK for many professions, and Trades.

[The debate on schools/healthcare etc was discussed on the link Ive posted if you want to read it. iT Still works out many multiples times cheaper than living in the UK]

The General point being it just shows what a complete RIP-OFF living in the UK is.

Edited by Dan1

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Yes. And there are thousands upon thousands of bargains like this, many in nice areas of this state [Fort Lauderdale etc] and other States. [There are also examples of house prices which are still very high. ]

And these properties, will accept lower than advertised offers. I.E The crash is ongoing.

The Average wage in the US is equivalent to the average in the UK for many professions, and Trades.

[The debate on schools/healthcare etc was discussed on the link Ive posted if you want to read it. Still works out many mutiples times cheaper than living in the UK]

The General point being it just shows what a complete RIP-OFF living in the UK is.

You need to be careful on these comparisons, as there may well be liability on the underlying foreclosure debt which dont get included in the price and Florida has some whopping property taxes and the average salary in the US is quite a bit higher than the UK

Edited by georgia o'keeffe

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from Stuart Lawz on Detroit:

Why Invest In Detroit?

In recent years Detroit, the largest city in Michigan, has been hugely affected by the economic downturn, experiencing a record number of property repossessions and bank foreclosures, which in turn has led to a huge shortage of affordable family homes. This has created prime investment conditions, as properties are now hugely discounted, and in high rental demand, over 9,000 city residents are currently waiting on government housing lists.

In an attempt to re-home these residents, a government-led partnership scheme has been set up to refurbish foreclosed homes, to provide clean, safe accommodation for working families. Here investors not only benefit from high quality properties, but a robust investment with rental returns backed by the US government.

Apparantley there is a huge shortage of affordable homes, yet properties are hugely discounted???

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You need to be careful on these comparisons, as there may well be liability on the underlying foreclosure debt which dont get included in the price and Florida has some whopping property taxes and the average salary in the US is quite a bit higher than the UK

Didnt I read that there is not much difference between our own National average Council Tax and USA National average Property taxes?

The National Average Wage in the UK in 2007 was £23,764 PA

The National Average Wage in the USA in 2007 was £22,578.29 PA

@ 2007 Exchange Rate of $2/£1

*Note the National Average Wage is a median figure, where 50% of employees earn more and 50% earn less*

[**Do not have the 2011 figures to hand. ]

Have you checked out health insurance costs?

WikiPedia:

According to the U.S. Bureau of Labor Statistics the average consumer unit (household - a family consisting of an average of 2.5 people) spends $3,126 on healthcare per year.

*General point being........RIP-OFF UK

Edited by Dan1

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Didnt I read that there is not much difference between our own average Council Tax and USA average Property taxes?

WikiPedia:

According to the U.S. Bureau of Labor Statistics the average consumer unit (household - a family consisting of an average of 2.5 people) spends $3,126 on healthcare per year.

*General point being........RIP-OFF UK

It depends where in the US you buy (state / County), they all set there own tax structures

Florida, use property tax as an effective LVT (although it doesnt work as it is arbitrary rather than based on imputed rental income), there is no income tax in Florida, i assume it still remains so, therefore the property taxes are punitive and because of the lack of tax via income the property taxes keep going up even whilst the property prices collapse, It wouldnt suprise me if the property taxes on those abodes are higher than the actual price

Edited by georgia o'keeffe

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It wouldnt suprise me if the property taxes on those abodes are higher than the actual price

Eh?

If one of these houses is priced and sold at £30k.

Then the property tax, paid in the following year, would be a percentage, [5%,6%,7% for example] of that sale price?

[And no Income Tax....Yipee!]

Please Clarify what you mean.

Edited by Dan1

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Eh?

If one of these houses is priced and sold at £30k.

Then the property tax would be a percentage, [5%,6%,7% for example] of that sale price?

Nope, as i added above, they are abitrary, as prices have fallen the state just keeps whacking the tax up, they are likely to be based on the former price of 2006, the state can set any arbitrary date for valuation and Florida have been sticking to the boom highs.

Nothing is as straightforward as it seems, if something seems an obvious bargain, chances are there is a fundamental reason it isnt

Edited by georgia o'keeffe

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Nope, as i added above, they are abitrary, as prices have fallen the state just keeps whacking the tax up, they are likely to be based on the former price of 2006, the state can set any arbitrary date for valuation and Florida have been sticking to the boom highs.

It's obviously a muddled issue.

But from a quick glance at Florida property Forums, my understanding is that the amount of tax will be based upon the prior years sales price.....

Even if they are sticking a higher price tag on some properties, [more bank fraud, not declaring true mark to market value on repo's?] I cannot see that continuing for long.....

Edited by Dan1

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It's obviously a muddled issue.

But from a quick glance at Florida property Forums, my understanding is that the amount of tax will be based upon the prior years sales price.....

Even if they are sticking a higher price tag on some properties, [more bank fraud, not declaring true mark to market value on repo's?] I cannot see that continuing for long.....

Well yep that is speculation going forward but there are clearly enough people who can for those gaffs not to have been snapped up because they arent seen as fundamentally cheap with the underlying taxes.

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Main problems with Florida are (and I know people who live there):

To get anywhere good (I.E. in a protected enclave) you have to pay quite a lot. These sort of places have private guards, etc.

Property taxes are ultra-high.

Air conditioning costs a fortune.

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  • 309 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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