Porsche: Detroit is just a waste of time

[a529612]

The Carrera maker said Monday it will opt out of the North American International Auto Show in 2008 and has no plans to return -- a decision aimed at putting the company's marketing dollars to work in cities where customers are actually buying their cars.

http://www.marketwatch.com/news/sto...x?guid={098FC080-9313-4935-BB44-230332ACB074}

 

[Prevail]

worst economy in the country.

 

[mschey]

Any plans for a turn around there, perhaps time to do some bottom fishing in RE, etc.

 

[Prevail]

foreclosed homes are selling for less than cars, less than 30k in some instances.

 

[Drock409]

im originally from detroit..all my family lives there (suburbs)
i wouldnt go near residential..
commercials has not come in at all..in fact has gone up ..as everyone runs for safety

apt buildings look like decent buys...cause people are renting now instead of buying (cause it may take 2 yrs to sell ur house if you try to get out)..until you hear of ANYONE in detroit ADDING jobs...its catching a falling knife...and just like the market... in a down tape...u buy relative strenght..not the weakest name on the board

i'd say soon..but not yet (1 to 2 yrs out)..wait for an uptick..then pull trigger... prices are way below 2-3 yr ago prices

d

 

[TGregg]

I went to the Detroit Auto Show several times. You'd see all these awesome concept cars, and be drooling about the next year - then they'd come out with a slightly new flavor of the same old stuff.

Got tired of having my dreams dashed, so I stopped going.

 

[krazykarl]

Quote from Drock409:

im originally from detroit..all my family lives there (suburbs)
i wouldnt go near residential..
commercials has not come in at all..in fact has gone up ..as everyone runs for safety

apt buildings look like decent buys...cause people are renting now instead of buying (cause it may take 2 yrs to sell ur house if you try to get out)..until you hear of ANYONE in detroit ADDING jobs...its catching a falling knife...and just like the market... in a down tape...u buy relative strenght..not the weakest name on the board

i'd say soon..but not yet (1 to 2 yrs out)..wait for an uptick..then pull trigger... prices are way below 2-3 yr ago prices

d

I'm 30 min north of detroit in rochester hills.

Based on the research and comps, my house that I bought in 2005 for 182k is sitting around 178k right now. I think the timeframe of a 2-3 years is accurate to wait for the trend to change. IMO, there are/were too many builders thinking they could get rich, rushing to build 400k+ homes.