Posted on 03/20/2007 12:34:45 PM PDT by pleikumud
DETROIT — With bidding stalled on some of the least desirable residences in Detroit's collapsing housing market, even the fast-talking auctioneer was feeling the stress.
"Folks, the ground underneath the house goes with it. You do know that, right?" he offered.
After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: "The lumber in the house is worth more than that!"
Click here to visit FOXBusiness.com's Real Estate Center.
As Detroit reels from job losses in the U.S. auto industry, the depressed city has emerged as a boomtown in one area: foreclosed property.
(Excerpt) Read more at foxnews.com ...
Auto industry job losses are the result of unions killing productivity, innovation, and profitabiity, as well as poor management.
Imagine that - no one wants to live in the most liberal city in America - funny...
Gee Whiz! The auto industry wouldn't be suffering so badly if they'd just give more money to the unions!! ~sarc
If someone on a fixed income wants to own a house, I'm sure they can get a good deal.
Great time to move in and gentrify!
Not with my money! :)-
I love the cheese weasel passive voice language of the dolt reporter. For example, "..The city, which has lost more than half its population in the past 30 years ..." Lost? Lost? Like the people were there a minute ago, and are now gone? Like half the population is on a missing persons report? How about using the action verbs of 'fled, escaped, ran away, walked away, crawled away, drove flew or swam away'. But no, the people are just.....missing. No reason, no judgement, no history, no cause and effect. Just some passive event.
how long until the moslems start buying these places up and relocating?
For sale: lovely 2 bedroom condo in Palm Harbor, FL with free golf in 55+ active community. $148,900 Seriously. Anyone? Anyone? Bueller?
Good luck, let me know how it goes. I wouldn't take 29,000.00 plus the house if it were located in Detroit.
"Folks, the ground underneath the house goes with it. You do know that, right?"
The trouble is that Detroit goes with the house! What a rat hole of a place.
You could bulldoze many of those homes, and make more money from the spent lead you'll find in the walls....
A hit piece, with no explanation of WHY the crap home that has been sitting empty for a DECADE (and was bought/sold 10 times in a minority mortgage scam) went for that price...
On the bright side, a disabled, fixed income friend bought a like home in Indy for $10,000, spent $5,000 to repair it, and now has a home she can AFFORD....
Yeah, if they got terminal cancer, a boat load of guns and want to go out like Custer.
Now if I could buy a house and have it shipped to my land here in Idaho cheaper then just buying a house here then I'll get on the phone to the real estate guys in Detroit.
"Once we've seen the last person leave Michigan, then I think we'll be able to say we've seen the bottom," he said.
All thanks to a Governor who is an air-head, Barbie doll ice queen, that actually thinks socialism works. She is Canadian born, dontcha know. Thank God she can't be president.
"Relocate???" Muslims all ready make a sizeable minority in and around Detroit. If you were there now you could probably hear any number of local Muslim clerics talking to Saudi bankers telling them how easy it would be for Saudi Arabia to "buy Detroit".
Supply and demand. Buying a house in Detroit means that you will live in a city that is a failure thanks to an ultra liberal government. No one wants to buy a house in Detroit. Buying a car means that you can get out of Detroit. Everyone wants to buy a car in Detroit.
Get rid of the liberal administration, expel the proponents of the ideology of death and destruction, and Detroit would be a decent place again.
I think of Massachusetts as the place where voters are so dumb they keep re-electing Kerry, Kennedy and Frank (etc.) I suppose there are other States close to being so lunatic, but MA stands out, with high taxes, lousy weather, the Big Dig, and a socialist business climate.
"On the bright side, a disabled, fixed income friend bought a like home in Indy for $10,000, spent $5,000 to repair it, and now has a home she can AFFORD...."
What's the neighborhood like?
Usually a 'hood like that looks like, well, it looks like the 'hood.
It does...
But the blacks are being forced out by the Mexicans..
I just meant what is the crime rate like, not the racial mix.
Usually that's the deal breaker in a place like that.
Already are, and have been for quite some time. The Islamic population is one of the few demographics that have grown in the Detroit area in recent times.
N.Y. has been that way for years that's why I lit out of there thirty years ago. Just look who they elect for senators!
They can move houses.
Bring lots of guns and ammo, and put plate steel in the outside walls during the remodel!
Thank you for making me laugh so hard my ribs hurt.
It's high, but it's not Detroit...
But is IS a $10,000 house, that she OWNS outright...
Well, given that folks are moving their dead relatives out of Detroit, maybe you have hit on a new business idea.
Put the house on a barge, and it can be moved anywhere on the Great lakes and plunked down somewhere else.
We could call it "urban mining."
Sure, YOU go 'gentrify' the Cass corridor!
In liberal-land, this is what will save Detroit: http://www.wzzm13.com/news/news_article.aspx?storyid=72651
Costs $8K to 40K depending on size and distance.
http://www.servicemagic.com/task.Professional-Moving-Service-Entire-House-Structure.40334.html
Can match you to qualified house mover.
"Michael Lashbrook, president of the Michigan Beer and Wine Wholesalers Association, said he believes Granholm and the Legislature ultimately will reject a beer or wine tax increase because it would make Michigan less competitive with its neighbors and retard job growth in one of the only dynamic sectors of the state's economy - entertainment and tourism."
LOLOLOL - yet, they see no connection to taxes and businesses fleeing the state...
Seems to me that Detroit is ripe for a Giuliani/Schundler type mayor. It's now or never.
Every blue city-state that's in decline does the same thing: scream for more taxes.
Then they act put-out that more businesses have fled their city.
It's a mental illness; they can't see cause and effect.
Purchase, $20k
Relocation, $40k
Rehab, $100k
Have to be worth $200k for it to be worthwhile, I guess
On the other hand, once the house was moved, you could sign the land over to Greenpeace, take the tax deduction, screw detroit out of the property taxes, and LYAO as Greenpeace gets stuck with the liability on the property...
No kidding. I have heard everything on the sun blamed for MI's sorry state, except the true cause - GOVERNMENT.
It is of interest to note that houses in Bagdad are worth more than those in detroit.
Only as long as she can afford to pay the property taxes...
Nahhhhhhh,,,,,never mind. Baghdad is easier.
*snort!*
It ain't gonna happen.
The best thing that could happen to Detroit is to make it a landfill for the surrounding states and charge by the ton to dump.
At least then it would have some economic future, all the abandoned crack needles wouldn't have to be cleaned up, and the rats wouldn't have to work as hard to find something to eat.
You are very right. It's looking thru that same lens that gave the "9/11 tragedy" instead of mass murder in a sneak attack.
100k for rehab seems a little high.
lead abatement, asbestos abatement...
Depends on how old the house is...
Lead paint can be sealed. It doesn't have to be removed.
Not in MI, as I recall - it must be removed.
Other places, other rules - and most houses one would want to move would predate 1976(?), when lead stopped being used in paint.
I do have a friend, BTW, who buys houses in detroit, strips out the wainscoting, mantles, mirrors, and other details, and sells them at a huge profit elsewhere.
He also calls that "urban mining."
Some of those houses are - or were - glorious mansions, and really have woodwork that you can't buy today.
Sad.
Urban mining is a distinct possibility.
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