What's the matter with Camden NJ?

[Bouncer]

What's the matter with Camden? - In Plain Sight

[Mr I]

Woulda ben funny if not true.

I may buy real estate there

[Scrumhalf]

I read this article a couple of years ago about Brits who were getting suckered into buying depressed real estate in Detroit and places like Camden. They were expecting to see them increase in value but were losing their shirts.

[Mr I]

I read this article a couple of years ago about Brits who were getting suckered into buying real estate in Detroit and places like Camden. They were losing their shirts.

I certainly heard about people buying speculatively in detroit. I suspect that it probably represented good value initially for those who knew the market but then word gets out and a bunch of ' agents' launch ' helpful services for brits buying cheap property in detroit lol

[Scrumhalf]

Just be careful. It is hard enough assessing the value of depressed property when you live locally. There are covenants and zoning and a dozen other "small print" restrictions that a shyster may not be forthcoming with, and you don't want to be stuck with something you can't move.

[Mr I]

Zoning? Is this tax?

[lipripper]

Zoning is part tax rate, but more of what/ how you can use the land..example...If its zoned residential....you can't put a business on it...

[redback]

Zoning is how the local government/council has zoned the land for use.
Eg over here you have res a, b, c, d
Res A is for houses only. Res b duplex and townhouses and c and meaning buildings up to certain heights. 7 stories etc

[redback]

Just be careful. It is hard enough assessing the value of depressed property when you live locally. There are covenants and zoning and a dozen other "small print" restrictions that a shyster may not be forthcoming with, and you don't want to be stuck with something you can't move.

Over here it is a legal obligation by the agent to disclose all that information on signing a contract. If you don't your asking for trouble. Agents obviously have access to all records of vendors and sold prices etc but with a little bit of homework most buyers can get hold of this information. Most buyers who are spending hundreds of thousands are fairly educated on the market they buy into. Not sure how things work over there tho