Detroit Real Estate

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Ortega

Vyemm Raider
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2,501
Ok, so maybe I'm crazy, but I'm posting this here because I'm quote curious. 3000-6000 SQ. Ft. lots are selling for $1.00 - $200.00 in Detroit (shitty house included, so bulldozing/disposal fees likely a cost later on). Yes, I'm aware it's a bankrupt shit hole, but if it were to turn around in twenty of thirty years you could be sitting on a real jackpot. Fuck I don't think you can buy desert out in the middle of Nevada for cheaper.

Looking forward to everyone else's thoughts.
 

Asshat wormie

2023 Asshat Award Winner
<Gold Donor>
16,820
30,963
Ok, so maybe I'm crazy, but I'm posting this here because I'm quote curious. 3000-6000 SQ. Ft. lots are selling for $1.00 - $200.00 in Detroit (shitty house included, so bulldozing/disposal fees likely a cost later on). Yes, I'm aware it's a bankrupt shit hole, but if it were to turn around in twenty of thirty years you could be sitting on a real jackpot. Fuck I don't think you can buy desert out in the middle of Nevada for cheaper.

Looking forward to everyone else's thoughts.
Bulldozing shit requires permits which costs money. Property taxes are more than 1 dollar. Keep those two things in mind before assuming that the house is worth $1-$200.
 

Kedwyn

Silver Squire
3,915
80
Liability.

If you do it make sure it stands by itself in a Corp or llc. I expect the taxes and demolition costs would make it a poor investment.

They can't find suckers to buy this crap for a reason. Location location location.

You'd be better off taking that money and playing the pink sheets.
 

Soriak_sl

shitlord
783
0
Yeah, you're going to end up paying a lot more than $1 for the POS. On top of what has already been said, you might also wonder if the government is going to use eminent domain to take your property -- either to "downsize" the city or because a friend of the major wants to build a supermarket.
 

Tuco

I got Tuco'd!
<Gold Donor>
45,320
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Yeah, you're going to end up paying a lot more than $1 for the POS. On top of what has already been said, you might also wonder if the government is going to use eminent domain to take your property -- either to "downsize" the city or because a friend of the major wants to build a supermarket.
Would the govt invoking eminent domain to buy your property be like winning the lottery? I'm assuming they'd give you a greater than purchase value price for it.

Frankly they need to accelerate the cities' consolidation process and just start bulldozing homes and let nature take its course. The city is literally bankrupt so it can't spend that money but big daddy Lansing or DC should step in and do it.
 

mkopec

<Gold Donor>
25,350
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Bulldozing shit requires permits which costs money. Property taxes are more than 1 dollar. Keep those two things in mind before assuming that the house is worth $1-$200.
Bulldozing? All you need is to pay a few brothers to set some "devils night fires" and youre all set. No permits needed.
 

Gadrel_sl

shitlord
465
3
Would the govt invoking eminent domain to buy your property be like winning the lottery? I'm assuming they'd give you a greater than purchase value price for it.

Frankly they need to accelerate the cities' consolidation process and just start bulldozing homes and let nature take its course. The city is literally bankrupt so it can't spend that money but big daddy Lansing or DC should step in and do it.
Not necessarily. The Fifth Amendment requires compensation in eminent domain cases to be "just compensation." Courts usually construe this as the fair market value which, if you recently purchased the property, will be your purchase price. Unless the market value has plummeted in the interim, in which case you get less.
 

Tmac

Adventurer
<Gold Donor>
9,207
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Would the govt invoking eminent domain to buy your property be like winning the lottery? I'm assuming they'd give you a greater than purchase value price for it.

Frankly they need to accelerate the cities' consolidation process and just start bulldozing homes and let nature take its course. The city is literally bankrupt so it can't spend that money but big daddy Lansing or DC should step in and do it.
The government gives you "fair market value". They set the price and then pay you that price. The only place this train of thought actually works is in Congress.

Congressmen get the inside scoop on a new highway/interstate being built in the next 3 years. They buy up thousands of acres along the stretch for $500 per acre. Then they turn around and sale it back to their friends for $10,000 per acre. (true story)

If you're not afforded the privilege of being a corrupt politician, your chances to lose on the deal are almost guaranteed.
 

Izo

Tranny Chaser
18,349
20,961
Haha, one of those look like something out of Diablo. Priceless
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BrutulTM

Good, bad, I'm the guy with the gun.
<Silver Donator>
14,366
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If they were smart they would drop all the back taxes on buildings if people fix them up and inhabit them. It's a lot more desirable for the city if the building were repaired even if they don't get the theoretical back taxes than if it just stays abandoned because the back taxes make it unfeasible to purchase.
 

Tmac

Adventurer
<Gold Donor>
9,207
15,649
If they were smart they would drop all the back taxes on buildings if people fix them up and inhabit them. It's a lot more desirable for the city if the building were repaired even if they don't get the theoretical back taxes than if it just stays abandoned because the back taxes make it unfeasible to purchase.
Wise business decisions and government don't mix.

Their solutions always involve a bailout of some sort, they've just recently gotten careless enough to label them as such.
 

Gadrel_sl

shitlord
465
3
If by a lot you mean, "generations of too fucking many" then, yeah, there are American Inventors in Detroit.