Daltski Posted February 27, 2008 Share Posted February 27, 2008 http://www.realtor.com/search/searchresult...5fb03b&pg=1 Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted February 27, 2008 Share Posted February 27, 2008 http://www.realtor.com/search/searchresult...5fb03b&pg=1 Presume these Detriot homes are just a property tax attracting liability which you live in at your peril with the prospect of being a victim of crime.A bit like buying a flat in Nottingham. Quote Link to comment Share on other sites More sharing options...
Guest DissipatedYouthIsValuable Posted February 27, 2008 Share Posted February 27, 2008 They've gone one better on wooden flooring throughout. Now with wooden windowing throughout. Praise the glorious United States of America. Quote Link to comment Share on other sites More sharing options...
marceau Posted February 27, 2008 Share Posted February 27, 2008 Awwww, aren't they lovely. Snow on the roof and everything. No need to buy though, you'll be able to buy whole streets in certain northern towns for £100 soon, just like you could in the 90s. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted February 27, 2008 Share Posted February 27, 2008 Amazing, but shows you how things can turn out. These houses are literally worthless; not even worth demolishing. Coming soon to a former mining village near you. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted February 27, 2008 Share Posted February 27, 2008 Reminds me of I trip I made to Stoke on Trent area in the 1980's when you could almost buy a terraced property on your credit card. Its tempting to just buy one of these in the US for a laugh. Do they accept Visa? Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted February 27, 2008 Share Posted February 27, 2008 Amazing, but shows you how things can turn out. These houses are literally worthless; not even worth demolishing.Coming soon to a former mining village near you. Demolition fees are apparently $1000 per unit,the land is practically worthless.Definitely a liability. Quote Link to comment Share on other sites More sharing options...
muggle Posted February 27, 2008 Share Posted February 27, 2008 HOME BEING SOLD AS-IS. BUYER TO PAY FOR CITY INSPECTION. BANK OWNED. 4 UNIT QUADRUPLEX. HAS FIRE DAMAGE, WAS BURNT DOWN. ... Doesn't really do it for me - even for $100. Quote Link to comment Share on other sites More sharing options...
Tonester Posted February 27, 2008 Share Posted February 27, 2008 http://www.realtor.com/search/listingdetai...nt=19791#Detail $500 for this - Detroit must be bad!!! Quote Link to comment Share on other sites More sharing options...
eric pebble Posted February 27, 2008 Share Posted February 27, 2008 (edited) http://www.realtor.com/search/listingdetai...nt=19791#Detail$500 for this - Detroit must be bad!!! I remember when I was told about the US house price "boom" -- and - I scratched my head for 5 seconds ---- yep - 5 seconds --- and I thought -- yep -- it's going to end in tears.... The fact that there is SO much available land in the US - and, as far as I know, NOTHING LIKE the kind of planning restrictions like here.......... Makes NO SENSE at all ---- The only thing holding up house "prices" in the US was utter stupidity....... not confidence. Anyway --- Good sense suddenly saw that it made NO SENSE at all --- and ----- POP!!! The bubble just vanished into thin air in a split second........... Leaving the tears behind.... And the suckers holding the baby. It's going to happen here in the UK more in slow motion --- because it takes so long for people to see how insane and stupid it all is...... Edited February 27, 2008 by eric pebble Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted February 27, 2008 Share Posted February 27, 2008 http://www.realtor.com/search/searchresult...5fb03b&pg=1 There were some on there for only one dollar the other month. Quote Link to comment Share on other sites More sharing options...
beans on toast Posted February 27, 2008 Share Posted February 27, 2008 I remember when I was told about the US house price "boom" -- and - I scratched my head for 5 seconds ---- yep - 5 seconds --- and I thought -- yep -- it's going to end in tears.... The fact that there is SO much available land in the US - and, as far as I know, NOTHING LIKE the kind of planning restrictions like here.......... Makes NO SENSE at all ---- The only thing holding up house "prices" in the US was utter stupidity....... not confidence. I have friends in Detroit, and i've visited em a couple of times. They like a lot of Americans chose a new build - you can get the style and finish you like. Apparently the lifetime for a house if about 50 years, so if someone buys an old house, they usually just knock it down and get a new one built in its place. The builders seem to put the houses up in a matter of 4 to 6 weeks. Quote Link to comment Share on other sites More sharing options...
Bardon Posted February 27, 2008 Share Posted February 27, 2008 I have friends in Detroit, and i've visited em a couple of times. They like a lot of Americans chose a new build - you can get the style and finish you like. Apparently the lifetime for a house if about 50 years, so if someone buys an old house, they usually just knock it down and get a new one built in its place. The builders seem to put the houses up in a matter of 4 to 6 weeks. You dont build in these areas if you did it would immediately devalue by a 100% once finished. Those houses are nothing but trouble even before sub-prime meltdown there is no way you can make it work unless you live there and are prepared to do it up and live in it. If you were for mthe UK and tried to live there you would get shot at. Quote Link to comment Share on other sites More sharing options...
red Posted February 27, 2008 Share Posted February 27, 2008 ...and if you want to hear about in a great radio play broadcast yesterday, click here: http://www.bbc.co.uk/radio4/arts/afternoon_play.shtml ...and then go to Tuesday afternoon play "WHEN GREED BECOMES FEAR" (all about SUB-PRIME USA...and how it's affecting the UK) Quote Link to comment Share on other sites More sharing options...
grey shark Posted February 27, 2008 Share Posted February 27, 2008 (edited) http://www.realtor.com/search/searchresult...5fb03b&pg=1 Looks like a collection of hill billy shacks , can just see ma and pa on the porch sitting in their rocking chairs with young Jeramiah playing the banjo to them . Edited February 27, 2008 by grey shark Quote Link to comment Share on other sites More sharing options...
Fishy Posted February 27, 2008 Share Posted February 27, 2008 I still find it funny that these $1-$500 dollar houses have the 'Please have your buyer pre-qualified with lender known to agent' bit on them. Come on - as if you're going to get a mortgage for these places! Quote Link to comment Share on other sites More sharing options...
SMAC67 Posted February 27, 2008 Share Posted February 27, 2008 America may have lots of land, but that does not explain prices. Detroit along with the majority of American cities are dead because no-one wants to live in them. No-one wants to live in them because they are economically and socially dead. There is no reason why London will not end up the same as Detroit. The Decline and Fall of the Roman Empire by Edward Gibbon will explain how societies, even seemingly successful ones, fail. As for supply v demand re land, anyone been to Japan recently, a busy little island with a dying economy. But at least it has an economy, the UK doesn't, how much worse will the decline be? Answers on a postcard please..... How low can we go, how about completely worthless.........especially cities....... Quote Link to comment Share on other sites More sharing options...
Bardon Posted February 27, 2008 Share Posted February 27, 2008 America may have lots of land, but that does not explain prices. Detroit along with the majority of American cities are dead because no-one wants to live in them. No-one wants to live in them because they are economically and socially dead. There is no reason why London will not end up the same as Detroit. The Decline and Fall of the Roman Empire by Edward Gibbon will explain how societies, even seemingly successful ones, fail.As for supply v demand re land, anyone been to Japan recently, a busy little island with a dying economy. But at least it has an economy, the UK doesn't, how much worse will the decline be? Answers on a postcard please..... How low can we go, how about completely worthless.........especially cities....... Long Long term Detroit will come back as the US is one of the westeren countries where population will continue to increase unlike the UK. Quote Link to comment Share on other sites More sharing options...
Kaine Posted February 27, 2008 Share Posted February 27, 2008 take a look at listing 19790 http://www.realtor.com/search/listingdetai...nt=19790#Detail probably a tad over priced Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted February 27, 2008 Share Posted February 27, 2008 Long Long term Detroit will come back as the US is one of the westeren countries where population will continue to increase unlike the UK. Long Term? Are you sure you want to be here? Isn't your mind telling you it should be baking cakes? Not in detroit. Its dead it might not get worse, but only because it can't. Quote Link to comment Share on other sites More sharing options...
Timm Posted February 27, 2008 Share Posted February 27, 2008 I still find it funny that these $1-$500 dollar houses have the 'Please have your buyer pre-qualified with lender known to agent' bit on them.Come on - as if you're going to get a mortgage for these places! They even give an estimated mortgage payment. The $500 ones are $2 a month. The $100 are $0 a month. Although I estimate it would actually be 20p. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted February 27, 2008 Share Posted February 27, 2008 Wow.... I could buy about 1500 homes with my STR fund.... bloody hell! I could rent them out at $2 a month each if I could get that and get a return 10 times the interest I am getting in the bank at the moment. I suspect however I would get like 3 people taking them up and no more because the city is just dead and lets face it, if you can't afford $100 to buy a house, do i really want to rent you one for $2? I doubt it! Quote Link to comment Share on other sites More sharing options...
domo Posted February 27, 2008 Share Posted February 27, 2008 Estimated Payment: $2 Per Month* I hope thats not neg-arm, or IO, imagine the future repayment shock! Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted February 27, 2008 Share Posted February 27, 2008 http://www.rightmove.co.uk/viewdetails-851...=1&tr_t=buy here is the UK counterpart at full current BOOM price. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted February 27, 2008 Share Posted February 27, 2008 The builders seem to put the houses up in a matter of 4 to 6 weeks. Just like Barratts .. I'll get my coat. Quote Link to comment Share on other sites More sharing options...
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