I was just perusing a mortgage industry mag, since I've read my GRM several times and it's not time for a new one, and I was surprised to see how bad it was in Detroit.
It seems the median price home is now $9,100. That's less than a car! While not quite Challenge territory it isn't even an expensive car.
They talked of a $500,000 home now selling for $70,000 and a $1.2M home going for $200,000.
Thank your Union rep the next time you see him.
We're still seeing appreciation here in the DFW area and while intellectually I knew we were doing better than many parts up north I had no idea of the disparity.
Luke
Dork
12/3/08 11:55 p.m.
$9000!!? That's incredible. I assume that's for some small, dingy flat, but incredible non the less.
IT'S OVER NINE THOUUUSSAAAAAANNNNDDD
http://www.youtube.com/watch?v=TBtpyeLxVkI
-Dave
i'm in the detroit area, and things are FUBAR here.
a co-worker had a very nice house on a private all-sports lake, began trying to sell it while things were already on the down-slope. wife got a better job in a better state (intercompany transfer), so hubby stayed in the area and got the house ready to sell. hit the market at a reasonable $550k, after two years he had only received one offer, very recently, for $200k. they signed a deal at $290k.
Things haven't really changed much at all here. Five or six years ago the house across the street sold for $72k. In the last three months the house three houses down from me sold for 70k, the one seven houses down from me sold for 80k, and the one around the block sold for 95k. In my opinion, the one that sold for 72k five years ago is the nicest of the four, so using that logic, you could say that the prices are still going up in my neighborhood.
How long until an off-shoot of the Mormon church shows up and buys up a whole suburb? Can you say "new church compound"? I bet Detroit would be so happy with the revenue they wouldn't bother them much.
cwh
Dork
12/4/08 10:01 a.m.
Better the Mormons than the Scientologists. They like to buy entire cities.
wheres the $1 house link?
Now's the time for the city to buy up a few neighborhoods in the less than desirable district so they can raze them and build some new and great building, park, fair grounds, whatever to help revitalize the areas. They'll never get off so cheap again.
Probably everyone but one little old lady who's lived there for 50 years will want to go.
That's a good idea. I honestly can't remember the last time I heard anything positive about Detroit.
