These are $5,000: Of course they are a block away from this: And you will have squatters within a week. Will Detroit ever recover? If so, possible investment opportunity.
Exactly...there is a reason those houses are $5,000. (i.e. you might not make it alive into or out of your driveway). Don't get me wrong, I've browsed thru some of the listings just outside of the worst sections and found some damn nice classical houses that look great...but once again, your only a few blocks away from all the trash and who would really want to live around that?
That makes me think of those remote tracts of land in New Mexico and a few other states you can buy for next to nothing per acre. Even though it would be cool I don't know if it would be much of an investment. Although there aren't many murderers per capita in a 100,000 acre tract of nothing.
As an investment, maybe. In 10 or 20 years Detroit might be a cool place to live and houses might be $200,000 and if you bought one for $5,000 that would be a good return on your investment. But I wouldn't live there now.
Well I supposed there is that possibility. Although personally I think Somalia will be a cool place to live before Detroit is.
As long as negros continue to breed like cockroaches and murder each other in the streets, the city will never recover. Also, the Muslim population in Detroit is large and expanding rapidly. Blacks + Muslims. What could possibly go wrong? LOL
Knock off the racist shit--- This guy believes in detroit-- http://www.businessinsider.com/dan-...-detroit-2013-4 Multi-billionaire Dan Gilbert, the founder and chairman of mortgage lending giant Quicken Loans, is in the middle of one of "the most ambitious privately financed urban reclamation projects in American history," according to a recent New York Times profile. After years of decay, he's trying to revitalize two square miles in the heart of Detroit. Gilbert has already sunk $1 billion into the project, bought some 3 million square feet of real estate, and he's only just getting started. In part, it's an intensely personal project. Gilbert grew up outside of Detroit, and heard constantly from parents and grandparents how great the city was in its heyday, only to see it get worse and worse. On the other hand, should his billion-dollar gamble pay off, he could make a truly spectacular profit. Why he might succeed, despite the odds Because the city's in such bad shape, Gilbert and his partners have almost free reign to carry out their vision. The city's mayor, Dave Bing, told The New York Times that his job "is to knock down as many barriers as possible and get out of the way." Read more: http://www.businessinsider.com/dan-...4#ixzz2URGzp9gX
Maybe you should set up shop in Detroit then, Marketsurfer. Why spend all that money down in Palm Beach if you are such a believer in Gilbert's revitalization project?
Too bad there's not like a Detroit real estate ETF that is like 1/100 the average house cost. You could buy some now at like $50/share and then in 10 or 20 years it might be worth $2,000 per share.