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Houses cheaper than cars in depressed Detroit
- Thread starter Dogfish
- Start date
Quote from dandxg:
They are already doing that. I guess you haven't seen the Jeff Daniels/Michigan commercial to lure business? It hasn't been on in awhile though. The Wyoming Chamber of Commerce is recruiting workers there to move and work in the Oil/Gas Services sector.
Apparently they aren't doing enough! I'm a results guy....if ain't working....get yourself another horse. Change things up...stir the pot, do what it takes.
Better yet, put me in charge, I'll get things moving over der'!
Quote from mschey:
Apparently they aren't doing enough! I'm a results guy....if ain't working....get yourself another horse. Change things up...stir the pot, do what it takes.
Better yet, put me in charge, I'll get things moving over der'!
They need to cut prices, just like they are starting to have to do everywhere.
Every house has a buyer, even if it's at $1 or the city gives it away on Crack Street with tax incentives to spawn development.
We will see price declines in housing nearly everywhere. Sellers are just in denial until necessity trumps fantasy.
Quote from ByLoSellHi:
They need to cut prices, just like they are starting to have to do everywhere.
Every house has a buyer, even if it's at $1 or the city gives it away on Crack Street with tax incentives to spawn development.
We will see price declines in housing nearly everywhere. Sellers are just in denial until necessity trumps fantasy.
They need to stimulate demand. Get the economy rolling. Spur some investment. Then, those dumps that can't be sold for 30k will sell for 300k!
Very nice post BLSH.
Quote from ByLoSellHi:
Michigan is terrible, so yes, the dual armpits of Michigan, Detroit and Flint, are even worse.
There are some really nice suburbs in Detroit (Birmingham, Grosse Pointe, Bloomfield, Troy, Rochester, Franklin), and some amazing areas further north (Charlevoix, Petoskey, Portage, Traverse Bay area), and a lot of you who have only heard negative things would be surprised at some of the wealth in these areas.
But yes, Michigan is being dragged down quickly as hundreds of thousands of UAW workers, who for decades fed greedily at the trough prepared for them not just by their UAW 'leaders,' but by the 'negotiators' for the American automakers, lose their jobs, pensions, etc.
For every one auto worker, 9 more job loss casualties in the general economy result.
The next time you have a chance to see a major factory or plant close, look at the 2-5 mile perimeter around it. It's like a cancer when the plant closes, infecting and killing all the shops, stores and restaurants around it.
I will also say this to balance things out: Although the unions and incompetent management at the companies themselves helped kill the U.S. auto industry, we as Americans need to realize there is a trade off for losing our high wage manufacturing base in this country - it's not without devastating costs, and I believe it makes us weaker long term.
Right now, Caterpillar, Deere and Boeing are success stories in American manufacturing. What happens when they face stiffer competition from foreign rivals?
Do you think it's pure skill that's kept them out of trouble?
Boeing is the 'go to' company for countries that are getting pressure from the U.S. because their trade surplus with us is too high. What could possibly shave a few percentage points off a trade surplus faster than placing an order for 50 Boeing 777s?
just as a sidenote to this thread, I currently live just north of detroit.(metro) In the tri-couty area, over $1 billion in paychecks is cashed every 2 weeks. Yes, that is billion with a b.
Downtown is bad except for the newly developed areas. There are thousands of acres worth of depressed housing between the ren-cen area/windsor tunnel where most of the revitilization is going on and just north of 10 mile when you hit royal oak. I would love to see this DMZ cleaned up and put to good use, but no one has had the incentive to put that kind of plan together....
Downtown is bad except for the newly developed areas. There are thousands of acres worth of depressed housing between the ren-cen area/windsor tunnel where most of the revitilization is going on and just north of 10 mile when you hit royal oak. I would love to see this DMZ cleaned up and put to good use, but no one has had the incentive to put that kind of plan together....
Quote from mschey:
No reason for that...they could create the tax incentives to spur investment.
The detroit administration is so corrupt that the money would just end up at a local strip club.
An acquantience told me that he knew of a man that needed some deeds from the detroit hall of records. He paid the attendant 1,000 USD to take a 'long lunch' and was free to get the information he needed to take out mortgages on several homes. There was a huge scam in the past few years where, unknown to local homeowners, a mortgage company was taking out mortgages on their homes in an attempt to flip the mortgages. They are only able to do these types of things because the administration lets it happen.
Quote from krazykarl:
just as a sidenote to this thread, I currently live just north of detroit.(metro) In the tri-couty area, over $1 billion in paychecks is cashed every 2 weeks. Yes, that is billion with a b.
I live in Troy. The trend on the paycheck issue is not this area's friend right now. The layoffs and buy-outs have just begun to kick in.
Quote from krazykarl:
Downtown is bad except for the newly developed areas. There are thousands of acres worth of depressed housing between the ren-cen area/windsor tunnel where most of the revitilization is going on and just north of 10 mile when you hit royal oak. I would love to see this DMZ cleaned up and put to good use, but no one has had the incentive to put that kind of plan together....
Detroit has no chance at sustainable and profitable revitalization until they have:
1) Safety
2) Efficient city services
3) Much lower tax rates
4) More business investment
5) Effective and timely mass transit (not the joke that is the people mover)
and most importantly:
6) Good public schools
6 strikes for Detroit. Numbers 2, 3, 4, 5 and 6 are especially dreadful.
The secret is to buy when the area is in transition and prices are starting to go up. Look for money pouring in and cranes that are actually on the ground, moving dirt. Not just city plans and other BS that could be postponed for 20 years.
Even if you have to pay 45k for something that sold for 25K last year. At least you know that demand is picking up.
If you buy when there is nothing going on, you may be stuck with the property for decades or more.
Even if you have to pay 45k for something that sold for 25K last year. At least you know that demand is picking up.
If you buy when there is nothing going on, you may be stuck with the property for decades or more.
One question - if you were a company that could revitalize an area, what would make you move to detroit or anywhere in the rust belt.
I hate to be so blunt but these cities are located in grey, depressing, freeze your ass of areas because of one advantage that no longer applies ----boats. I would also be loathe to bring my company to a well unionized area. (I have nothing against unions-I am just stating business facts.)
Even local banks move their investment bankers to other cities.
.
I hate to be so blunt but these cities are located in grey, depressing, freeze your ass of areas because of one advantage that no longer applies ----boats. I would also be loathe to bring my company to a well unionized area. (I have nothing against unions-I am just stating business facts.)
Even local banks move their investment bankers to other cities.
.