Bankrupt Detroit’s thousands of empty buildings are being flogged at rock-bottom prices — and Chinese investors are answering the siren call of unbeatable deals, reports NBC News.
With family homes regularly selling for around $10,000, Detroit is now the number-four destination for Chinese housing investors in the U.S.
As I have said before, Detroit is for everyone, but for rugged pioneers, there is opportunity in the city.
Chinese interest picked up steam, according to NBC, after a Chinese TV report claimed that homes in Detroit could be bought for the price of a pair of shoes.
Sometimes things are cheap for a good reason, not that they're undervalued....
ReplyDeleteNormally, I'd applaud the Chinese & pioneering spirit. But this is more speculation than growth. The Chinese people are limited by government regulation from many other investments. Just like they over invested in china real estate, causing the nearly empty ghost cities Real estate is one of the few investments China allows.
ReplyDeleteIn short, this is speculation , which just hyperinflates the value of a commodity. Perhaps speculation is what is left, when sound investment opportunities become harder to find.
If this was a story about Chinese students, then we'd hear about how hard working they are.
ReplyDeleteThis is sort of speculation if far closer to the truth of what is actually going on.
I get that currently the broke Detroit city government can't do much to stop people but it's not like government is going away or will be in that state forever if things get better. If the investments pay off Detroit government will come roaring back with all the regulations and taxes it had before still officially on the books and then they'll strangle the success.
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