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Detroit housing prices

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Detroit housing prices

Postby Mookie4ever » Wed Mar 11, 2009 2:51 pm

Median price of a home in Detroit $7,500 :-°

Detroit's outlook falls along with home prices
Motor City on the brink of bankruptcy, but still 15 people want to be mayor
By Tim Jones | Tribune correspondent
January 29, 2009
DETROIT — It may be tough to get financing for a new car these days, but in Detroit you can buy a house with a credit card.

The median price of a home sold in Detroit in December was $7,500, according to Realcomp, a listing service.

Not $75,000. Remove a zero—it's seven thousand five hundred dollars, substantially less than the lowest-price car on the new-car market.



Link to Chicago Tribune article

There are many jokes that coulb be made but seriously, this just saddens me. People were talking about this on the radio and reporting that there are many burned down abandoned houses in Detroit that are just left vacant.

Also from the article:

On a positive note, Detroit's homicide rate dropped 14 percent last year. That prompted mayoral candidate Stanley Christmas to tell the Detroit News recently, "I don't mean to be sarcastic, but there just isn't anyone left to kill."
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Re: Detroit housing prices

Postby Yoda » Wed Mar 11, 2009 2:57 pm

Great place to retire. :-D
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Re: Detroit housing prices

Postby CadensDad » Wed Mar 11, 2009 4:16 pm

Yoda wrote:Great place to retire. :-D


Wow, I wonder if I could trade my car in for a house?..... Or just my dog for a house.
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Re: Detroit housing prices

Postby Madison » Wed Mar 11, 2009 5:34 pm

Oddly enough my wife told me yesterday about an article she read on msnbc about people/companies buying lots of homes in Detroit in big bulk because the prices were so low ($10,000 range).

Crazy to see houses that cheap. 8-o
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Re: Detroit housing prices

Postby Matthias » Wed Mar 11, 2009 8:41 pm

One thing to bear in mind is that the price might not reflect the cost.

I remember seeing an article about a house for sale in Detroit for $1.... but then you also had a water bill, unpaid taxes, and like $20,000 - $30,000 of repair work before you could even call it a house.
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Re: Detroit housing prices

Postby JTWood » Wed Mar 11, 2009 8:51 pm

That's crazy. That's a fraction of the value of the land my home is on! 8-o
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Re: Detroit housing prices

Postby jfg » Wed Mar 11, 2009 9:03 pm

Yeah, there are a lot of house in Mpls around 40-50K maybe even less but there is a ton of work to do before you can live in them. But, from what I've heard for 20-30K more you can something in a semi-decent area that's pretty good right out of the gate.
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Re: Detroit housing prices

Postby ayebatter » Wed Mar 11, 2009 9:52 pm

JTWood wrote:That's crazy. That's a fraction of the value of the land my home is on! 8-o


Ahh, that's just what your agent told ya. :-b
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Re: Detroit housing prices

Postby thedude » Wed Mar 11, 2009 10:09 pm

Matthias wrote:One thing to bear in mind is that the price might not reflect the cost.

I remember seeing an article about a house for sale in Detroit for $1.... but then you also had a water bill, unpaid taxes, and like $20,000 - $30,000 of repair work before you could even call it a house.


I am sure they are selling for those prices inorder to avoid the property taxes. The assessed value must be many times the actual value.
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Re: Detroit housing prices

Postby Yoda » Thu Mar 12, 2009 1:13 am

$7000 is 3 months mortgage on my townhouse. :-b
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