Here's the Bronx (circa 1980):
Here's Detroit, today:
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.
Sunday, July 21, 2013
15 Houses in Detroit You Can Buy for Less Than $500
Don't ever think that a combination of central bank stop and go money printing combined with suffocating government regulations can't push us back into the Stone Age. Detroit today reminds me in many ways of the Bronx in the 1980s. The details of the government destruction causing interventions are a little bit different, but the results are the same.
Here's the Bronx (circa 1980):
Here's Detroit, today:
3 beds, 2 baths, home size 1,300 sq. ft., lot size 4350
Here's the Bronx (circa 1980):
Here's Detroit, today:
3 beds, 2 baths, home size 1,300 sq. ft., lot size 4350
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Wow...why even sell at these prices? I guess to get out from under the property taxes...but what could the property tax be on a house that is valued at 39$??
ReplyDeleteIt would seem that at some point in time these lots would be worth at least a couple of grand even if the city manages to get its act together only somewhat.
Buy low, sell less low.