“Buy now, sit on/rent out, then cash in say 5-10 yrs later? NY was
just as bad as Detroit not too many years ago, folks made a killing there.”
As a speculative move, it could be tempting.
BUT do first consider (RE: Detroit area):
1. Lost money from being stiffed by renters
2. Lost money from the months it usually takes to evict problem/non-paying rentors
3. Lost money as Gov. Granholm (and G-d-Only-Knows even someone worse
after her) decides that Michigan landlords are the next “deep-pockets”
to keep Michigan on economic life-support.
4. Lost money when some “neighbor” in Detroit decides to torch a
building (maybe yours) on Halloween or when some Detroit-area professional
sports teams wins the league championship.
Or loses the league championship series.
Many motivated, talented people left Michigan/Detroit during the
late 1970s-early 1980s “oil boom” to find a life below the Mason-Dixon line.
I suspect that more will do the same even just to get to the Sun Belt
as Michigan/Detroit tries to squeeze more and more from fewer and fewer
productive, tax-paying slaves.
#3 was a concern I really think is the “next step”. #4 is one that I’d need more feedback on, from locals, or a visit with my own two eyes.
If Detroit is so bad, that just walking along the street is likely to get you killed, then you’re right, it literally has no value at all. Yes, I’d heard about the lunacy during Halloween...
Frankly, I’m going to bet that Detroit takes one more down move. Your #3 happens, and the housing economy and speculators are eaten alive for another couple years at least.
In order for things to turn around, obviously, you need a Giuliani type to be elected Mayor, along with a conservative Governor. NYC could do it, Detroit just might do it as well.