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Buying Property in Detroit wise speculation for the future...

Discussion in 'General Discussion' started by franks71vw, Jul 31, 2013.


  1. franks71vw

    franks71vw Monkey+++

  2. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Let see, absentee landlord .. what could happen.
    Even if you stopped into the property every week, it's a losing battle.
    You do the work to renovate the property during the day, thieves steal the copper wire/plumbing and siding at night. You put up a chain link fence to keep the thieves out, they steal the fence too.

    If I were only kidding.

    I did renovation on the outskirts of the D for a few years back in the 90's. I'm going to say it's even worse now.

    I'll hazard a guess that property taxes are going to go up now that they are bankrupt and will be looking for more on the revenue side .. and you know where that is going to come from. Plus there is city income tax.

    Yep, I'm not going to be one of their investment patsi ... erm, angels.
     
    Brokor likes this.
  3. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    The bottom is not in sight and the Local Gov will gladly kill the Goose for more property taxes and what a waste land!
     
  4. Mountainman

    Mountainman Großes Mitglied Site Supporter+++

    Agree with Visu. Don't even think about it unless your plan is to buy, renovate and then collect insurance money when it is destroyed. Pretty sure the insurance company will figure it out so forget it.
     
    stg58 and gunbunny like this.
  5. ghrit

    ghrit Bad company Administrator Founding Member

    I have a friend, an architect, that bought two houses more or less next to each other about ten years ago. Rehabbed one and is living in it. Work on the other one is on hold, he was losing the upgrades faster than he could sustain and gain. Haven't heard from him in a while, not so sure he didn't bail out. I'd say buying in D now (or for that matter, anywhere south of 8 mile) is a bad idea.
     
  6. stg58

    stg58 Monkey+++ Founding Member

    There have been proposals to clear large tracts for various uses like parks, office space, wind/solar farms and agricultural land.

    One only can imagine the stuff that is buried under basements, porches and backyards of large American cities let alone all the abandoned sites in Detroit.

    If they clear the the utilities, houses, foundations and roads they may find Jimmy Hoffa.
     
    Mountainman likes this.
  7. ghrit

    ghrit Bad company Administrator Founding Member

    All that beggars the question, who's going to pay for it? I fear it will be us.
     
  8. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    There are a number of 'Desirable' areas of the 'D' but the properties aren't going to be gotten for a dollar, back taxes due nor a song. Granted they are way cheaper than comparables from Kommifornication but do you still want to have a Detroit zipcode?

    Yes, there will be investment along with it's winners and losers.

    You just have to ask yourself, when you are at the gambling table, do you know who the mark is? If not, my advice is to walk away.
     
    franks71vw and JABECmfg like this.
  9. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    We had this discussion the other week. We could probably buy a whole block for cheap. I would definitely invest in a very strong tall fence. But it would be a cheap investment, though I don't see Detroit coming back for a long, long time. Probably would look for property with access to water because I am sure the water system will tank soon.
     
    franks71vw likes this.
  10. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Potable water in Detroit outside of the water system would be problematic. Years of industrial run off, soil lead levels, and frequent sewage 'over flows'. Additionally there laws preventing drilling your own water supply well.

    Plus, I've seen where a business put up an 8 foot chain link fence around their property. It disappeared twice. They even sawed the cemented vertical posts at ground level. At least they have slowed down on stealing manhole covers (thanks to special locking bolts and welding)
     
    Motomom34 likes this.
  11. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    I hope it stays with the city and county.
    There will be a big uproar if it trickles out to the rest of the state to foot the bill, but if it goes to the feds to make Detroit whole, you probably won't hear very many from Michigan complain as we get to share the pain with y'all! ;)
     
  12. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    Packard Auto Plant detroit_photos_04_jul2013. detroit_photos_07_jul2013  Michigan Central Station. Now!
     
    stg58 and franks71vw like this.
  13. franks71vw

    franks71vw Monkey+++

    Its crazy to think an American City can be as such.... big dissapointment but it was expected... Maybe buy a few crack houses together and level them off and have the vancant lot....
     
  14. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    Gas cost is what it is primarily due to 46 blends in 50 States, and no new refineries in more than 30 years. No one wants one in their back yard, and they are all running at near capacity.
    So someone should buy up several large lots, level whatever is there (or use it), and build a couple of refineries. It would clearly be a step up from what is there now. It would help the local economy, provide jobs, would be hard to steal, and would the national fuel costs, and hence, the economy in general. And since we have some of the largest oil deposits on the planet, we need to be pumping / drilling our own.
    When the pipeline was proposed and installed, there were protests that it would hurt the elk population. It didn't happen, in fact, the elk used it for shelter, and the herds increased. We need to stop fearing focus groups and special interest groups. We need to fuel ourselves. (Energy independence.)
    Let's use that wasteland for the benefit of all.
     
  15. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    Fence stealing is wrong, that offense would be met with a shotgun. I guess that saying- they steal everything that isn't nailed down, doesn't apply in Detroit.

    HK- are those really images of Detroit? I can't believe that is an American city. That looks like something from across the pond.

    Kellory- Thank goodness we have your thinking ahead.
     
    kellory likes this.
  16. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    Yes they are. There are a series of such. I will try and find them and post the site, The auto plant is the old Packard Plant. Long dead but a viable place to send work instead of across the ocean. The other is the old train station !
     
  17. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    Motomom34 likes this.
  18. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    The architecture that was put into those building is amazing. It breaks my heart to see them in decay. I would suggest that the Historical Society try to save those building but the Historical Society is probably bankrupt also. Plus most of the people with money abandon the city.
     
    gunbunny and HK_User like this.
  19. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    Motomom34 likes this.
  20. Motomom34

    Motomom34 Moderator Moderator Site Supporter++

    I don't know what I think of this UNESCO. I had never heard of that. Very interesting.
     
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