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curious2
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2013 Jan 10, 3:25am
My first thought regarding Detroit is that the listed prices may be misleading due to undisclosed liens, especially tax liens. Is there a site to check what the total purchase cost would be, i.e. price + liens?
ElenaMo313
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2013 Jan 10, 10:10am
My first thought regarding Detroit is that the listed prices may be misleading due to undisclosed liens, especially tax liens. Is there a site to check what the total purchase cost would be, i.e. price + liens?
Hey curious2--the best folks to ask would be the Register of Deeds department (http://www.co.wayne.mi.us/deeds.htm). Most times, they can give you all the info you need on a property. It may be best to call them during business hours for particularly challenging properties.
I visited Detroit 3 years ago. As much as I think many of us want Detroit to become one of those rags to riches stories, the city was in pretty rough shape when I went there. Seemed like just about 50% of the houses were totally boarded up, abandoned, falling apart, or in some cases burned. Detroit has lost a lot of its manufacturing base and as a result a lot of population and hence why vast chunks of it are totally unpopulated.It was outright crazy to in some cases see HUGE old houses that would easily sell for well over a million bucks here in Cali sitting totally abandoned with smashed windows. Almost surreal. Like one giant ghost town ( or in this case, an entire city)
That said... I have a friend who has a friend who bought 3 houses in Detroit: One for $100, the other for around $200, and the last one, the one he lives in- for $300. The other two are literally falling down but he uses their yards as gardens. Not that I would do this myself.
Either way, I wish Detroit well. Hopefully it will have a bright future.
curious2
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2013 Jan 10, 4:05am
I have a friend who has a friend who bought 3 houses in Detroit: One for $100, the other for around $200, and the last one, the one he lives in- for $300.
What did they truly cost? Not just the list price, but also any liens and code remediation?
No clue. As I have zero interest in buying Detroit real estate I didn't pursue it further.
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I have been lurking Patrick.net for quite some time, but felt compelled to actually join and post since coming across several articles about investing in Detroit housing.
There were a few good nuggets of advice, like telling people to really spend time in the areas they are interested in investing in. Personally, I am thinking of using Metro Property Group (http://mymetroproperty.com) to help me find a decent house in a decent neighborhood. And there are lots of services and realtors out there that can help you transition.
But to tell someone, whether from out of town, state or the country, not to invest in Detroit because of sensationalized news or “second-hand information” is ridiculous. There are many areas within the city where you can buy cheaply in clean, safe, tight-knit neighborhoods. I personally like the following:
West Village
Midtown (Cass Corridor and near the New Center Area)
Rosedale Park
Grandmont (very tight neighbors--I even know of a European couple who recently moved into the area and feel welcomed…they're even new to the country, so they didn't know what to expect)
Corktown (Bagley)
These areas may still be deemed “up-and-coming” but are pretty well established with active neighborhood block clubs. And most often, neighborhoods around these areas get better as well, once development rolls in. Many of the areas I named are clean, quiet and safe--just do your research (outside of sensationalized media outlets, of course).
What are your thoughts?
#housing