8234 Normile St., $39 3 beds, 2 baths, home size 1,300 sq. ft., lot size 4350
13545 Fleming St, $70 3 beds, 1 bath, home size 830 sq ft., lot size 3,000 sq ft.
18710 Caldwell, $100 3 beds, 1 bath, home size 930 sq ft , 3900 sq. ft. lot size
8419 Thaddeus $300 1 Bed, 1 bath, house size 600 sq. ft., lot size 3,000 sq. ft.
9938 Iris St.$280 2 beds, 1 bath, home size 700 sq. ft., lot size 4,300 sq. ft.
Most of these are on good sized allotments
What's with the random asking prices? If the situation wasn't so tragic they would be hilarious..
Im assuming these homes would be flat out liabilities for the owners.. does anyone have a rough idea of what the annual holding costs / taxes might be on these places? (as well as the expected rent? assuming you could get someone to pay rent)
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
1) At this point, the city of Detroit owes money to more than 100,000 creditors.
2) Detroit is facing $20 billion in debt and unfunded liabilities. That breaks down to more than $25,000 per resident.
3) Back in 1960, the city of Detroit actually had the highest per-capita income in the entire nation.
4) In 1950, there were about 296,000 manufacturing jobs in Detroit. Today, there are less than 27,000.
5) Between December 2000 and December 2010, 48 percent of the manufacturing jobs in the state of Michigan were lost.
6) There are lots of houses available for sale in Detroit right now for $500 or less.
7) At this point, there are approximately 78,000 abandoned homes in the city.
8) About one-third of Detroit's 140 square miles is either vacant or derelict.
9) An astounding 47 percent of the residents of the city of Detroit are functionally illiterate.
10) Less than half of the residents of Detroit over the age of 16 are working at this point.
11) If you can believe it, 60 percent of all children in the city of Detroit are living in poverty.
12) Detroit was once the fourth-largest city in the United States, but over the past 60 years the population of Detroit has fallen by 63 percent.
13) The city of Detroit is now very heavily dependent on the tax revenue it pulls in from the casinos in the city. Right now, Detroit is bringing in about 11 million dollars a month in tax revenue from the casinos.
14) There are 70 "Superfund" hazardous waste sites in Detroit.
15) 40 percent of the street lights do not work.
16) Only about a third of the ambulances are running.
17) Some ambulances in the city of Detroit have been used for so long that they have more than 250,000 miles on them.
18) Two-thirds of the parks in the city of Detroit have been permanently closed down since 2008.
19) The size of the police force in Detroit has been cut by about 40 percent over the past decade.
20) When you call the police in Detroit, it takes them an average of 58 minutes to respond.
21) Due to budget cutbacks, most police stations in Detroit are now closed to the public for 16 hours a day.
22) The violent crime rate in Detroit is five times higher than the national average.
23) The murder rate in Detroit is 11 times higher than it is in New York City.
24) Today, police solve less than 10 percent of the crimes that are committed in Detroit.
25) Crime has gotten so bad in Detroit that even the police are telling people to "enter Detroit at your own risk".
What's with the random asking prices? If the situation wasn't so tragic they would be hilarious..
Im assuming these homes would be flat out liabilities for the owners.. does anyone have a rough idea of what the annual holding costs / taxes might be on these places? (as well as the expected rent? assuming you could get someone to pay rent)
Mel the city of Detroit peaked in 1950 and it has lost half of it's population since then, leaving mainly the most financially disadvantaged residents to survive.
You need to read this. Unfortunately it's just not Detroit, there are other cities that are also decaying, hence the low cost housing in those areas.
Quote:
Detroit's Collapse Reveals the Awful Dystopia that the United States Is Becoming The Motor City's problems -- deindustrialization, robotification, long-term unemployment, racial division -- are America's problems. July 19, 2013 Link Here
The big question is whether Detroit’s bankruptcy and likely further decline is a fluke or whether it tells us something about the dystopia that the United States is becoming. It seems to me that the city’s problems are the difficulties of the country as a whole, especially the issues of deindustrialization, robotification, structural unemployment, the rise of the 1% in gated communities, and the racial divide. The mayor has called on families living in the largely depopulated west of the city to come in toward the center, so that they can be taken care of. It struck me as post-apocalyptic. Sometimes the abandoned neighborhoods accidentally catch fire, and 30 buildings will abruptly go up in smoke.
Detroit had nearly 2 million inhabitants in its heyday, in the 1950s. When I moved to southeast Michigan in 1984, the city still had over a million. I remember that at the time of the 1990 census, its leaders were eager to keep the status of a million-person city, since there were extra Federal monies for an urban area of that size, and they counted absolutely everyone they could find. They just barely pulled it off. But in 2000 the city fell below a million. In 2010 it was 714,000 or so. Google thinks it is now 706,000. There is no reason to believe that it won’t shrink on down to almost nothing.
The foremost historian of modern Detroit, Thomas J. Sugrue, has explained the city’s decline. First of all, Detroit grew from 400,000 to 1.84 million from 1910-1950 primarily because of the auto industry and the other industries that fed it (machine tools, spare parts, services, etc.) From 1950 until now, two big things happened to ruin the city with regard to industry. The first was robotification. The automation of many processes in the factories led to fewer workers being needed, and produced unemployment. (It was a trick industrial capitalism played on the African-Americans who flocked to Detroit in the 1940s to escape being sharecroppers in Georgia and elsewhere in the deep South, that by the time they got settled the jobs were beginning to disappear). Then, the auto industry began locating elsewhere, along with its support industries, to save money on labor or production costs or to escape regulation.
Any expressed market opinion is my own and is not to be taken as financial advice
That was a very interesting read Peter. While people here debate whether population growth equates to higher prices I think we can all agree that a decline in population is almost always accompanied with falling prices. I was a little puzzled by some of the Detroit rents on realtor.com - some of them were well above the asking prices for the homes in the article but i guess we would have to see the situation for ourselves to truly appreciate why this is the case. Either way if they were a viable investment im sure some big money would have snapped up half the city by now. Im guessing squatters could be a real problem in some parts also..
One night this week the lady of a house in Detroit come home to one helluva surprise.
There was a one heck of a party in her pad, but she never got the invite!
Three men had helped themselves to her gin and food.
They cooked up crab legs, shrimp and they even had a turkey in the oven, can you believe it?
And while they were fixing their feast they she says they were high as a kite.
The lady of the house screamed and they all ran out the house. Then she called the law.
According to the Detroit Police report the victim says her house was a hot mess.
A bunch of her stuff was stolen, including some very "sentimental" things.
Some of the men sitting at her dining room her table looked familiar.
She told detectives that two of them live right next door.
I spoke with the sister of the one of the men who was hanging out at the house. She says it was not his fault.
Curtrina: "Somebody was squatting in that house, the guy that was in there was squatting already, so he was inviting people over, because he was living there."
RJ,a relative, offers this: "If you a home owner or renting a property or whatever. You don't leave your home for 3 or 4 months."
The women tells Fox 2 she was there last Tuesday and everything was intact.
RJ: "It's Detroit, Michigan... this is the hungry capital of the world and we will squat in your house."
Curtrina: "It was like a chill spot."
Wait, wait, wait...What?
Curtrina: "It was like a chill spot. Somebody going to invite you over to smoke some weed and we right next door."
I don't know what you think about this situation, but the people we interviewed implied that they think the homeowner is to blame, that she should know better than to leave her house for too long.
RJ: "Stay on your property before your copper come up missing."
RJ told me that he would never do that, but other people would. Two men were placed under arrest the night the homeowner came home. One man ran away.
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