Detroit's beautiful, horrible decline. [Pics]

[Bouncer]

As Detroit home prices crash, sales are heating up. But with all of the plant closings and layoffs, who's buying? Investors -- some of whom are snapping up five and 10 houses at a time.

"I have investors from all over the country and the world," said Jeremy Burgess, co-founder of Urban Detroit Wholesalers, which buys undervalued homes to rehab and rent or to sell to other investors. "One Lithuanian woman just bought a second house."

"Most of the local investors are out of money," added Mike Shannon, who specializes in Detroit foreclosures and has clients from New Zealand, Australia, England and other places.

Recently a Californian purchased 178 properties, mostly one at a time, and most for under $10,000. Another has purchased six Detroit properties since September and hopes to begin buying five a month.


Investors bet on Detroit housing market, buy homes in bulk - Jun. 11, 2009

that is a bet they will all lose. no doubt in my mind.

[Mr I]

Good find blm, shall we start a superior muscle REIT specialising in residential detroit? We can go one house at a time, B can do plastering, rado electrics, wbb, general building, blm materials, me treasurer and CoS

[Bouncer]

Good find blm, shall we start a superior muscle REIT specialising in residential detroit? We can go one house at a time, B can do plastering, rado electrics, wbb, general building, blm materials, me treasurer and CoS

no, i will place bets against you all. lol.

[blm]

that is a bet they will all lose. no doubt in my mind.

Reminds me of Silent Hill. Gangs run Detroit. I wouldn't spend a dollar for something in that shit hole.

[Mr I]

Smaller scale but in England we had whole towns/cities go through the same due to the close of mine pits by thatcher, Nottingham, Sheffield etc all got it, that was 80's. They all moved on to service industry and alternative manufacturing more or less. It can be done and those that own property made a killing

[Bouncer]

Reminds me of Silent Hill. Gangs run Detroit. I wouldn't spend a dollar for something in that shit hole.

:agreed:

now if anyone wants to go in together and find some dump in Venice and fix it up, i am all over that deal. you will just never be able to sell for a high price in detroit. you buy some dump in Detroit at 15k and put 100k into it you will sell it for 110k.. a sweet 5 k loss, i cant wait!!! lol

buy something in venice for 100k put 100k into it and you can sell it for 500k. not sure about you guys but i think i like that option better. :clapback:

[Bouncer]

Smaller scale but in England we had whole towns/cities go through the same due to the close of mine pits by thatcher, Nottingham, Sheffield etc all got it, that was 80's. They all moved on to service industry and alternative manufacturing more or less. It can be done and those that own property made a killing

i think you have to understand a little bit more about the mind set of Detroit and how long they have been failing to really grasp what your saying. it has been a bad idea to invest in Detroit for 30 years and they arent doing anything to fix the situation, infact the situation is worse then it has ever been. so what makes you think it would be a good idea to invest in Detroit now as more people flee the city everyday with less and less money?

[Mr I]

:agreed:

now if anyone wants to go in together and find some dump in Venice and fix it up, i am all over that deal. you will just never be able to sell for a high price in detroit. you buy some dump in Detroit at 15k and put 100k into it you will sell it for 110k.. a sweet 5 k loss, i cant wait!!! lol

buy something in venice for 100k put 100k into it and you can sell it for 500k. not sure about you guys but i think i like that option better. :clapback:

Ya right, you eva been Venice, I have, the whole fukin place is on stilts, and is sinking literally, that's why its in tidal flood half the time, the building survey would caveat the surveyor from liability, and the seller would sell as seen, its all caveat entor, imagine what that shit would cost if it went wrong lol !

[Bouncer]

Ya right, you eva been Venice, I have, the whole fukin place is on stilts, and is sinking literally, that's why its in tidal flood half the time, the building survey would caveat the surveyor from liability, and the seller would sell as seen, its all caveat entor, imagine what that shit would cost if it went wrong lol !

Venice California dumbass.

[Mr I]

i think you have to understand a little bit more about the mind set of Detroit and how long they have been failing to really grasp what your saying. it has been a bad idea to invest in Detroit for 30 years and they arent doing anything to fix the situation, infact the situation is worse then it has ever been. so what makes you think it would be a good idea to invest in Detroit now as more people flee the city everyday with less and less money?

Well for one thing as evidenced by blm post, investors local and a far are piling in and simple demand supply economics, parato optimaliity if you will, would mean that capital values are under upward pressure. Moving forwards I take your point that the local mind set may be resistent to change but with a recevered economy, inward investment would become easier and all you need is a phizer or similar and things start to move. Again from an economics standpoint the socio demographics are beneficial to any business wishing to employ cheap labour from an already skilled labour rescourse. And I'm sorry but as resistent as they might be, as I know all too well, any job is better than no job. There's a few reasons as starters for ten.

[Mr I]

Venice California dumbass.

Haha I see, well we know the first thing you'd buy

[Bouncer]

Well for one thing as evidenced by blm post, investors local and a far are piling in and simple demand supply economics, parato optimaliity if you will, would mean that capital values are under upward pressure. Moving forwards I take your point that the local mind set may be resistent to change but with a recevered economy, inward investment would become easier and all you need is a phizer or similar and things start to move. Again from an economics standpoint the socio demographics are beneficial to any business wishing to employ cheap labour from an already skilled labour rescourse. And I'm sorry but as resistent as they might be, as I know all too well, any job is better than no job. There's a few reasons as starters for ten.

your going to have a bunch of fixed up houses an nobody to buy them or nobody to buy them at the price the investors wanted. they will sit empty for years until the price is lowered. in the long run the investors wont get shit out of the deal and the only thing Detroit will get is a few fixed up places in the middle of a lop of shit.

[Bouncer]

Haha I see, well we know the first thing you'd buy

na, that gym is too expensive. how cool would it be to live in the original golds venice. i would have my dinner table setup in the old shower stall. :hibb:

[Mr I]

If you buy a place or a plot of land there what would the state or federal costs be ?

[Shibby]

I was thinking about this thread as I was driving to the zoo today (Pittsburgh) and there are a lot of old steel places that look like some of those pics.