This buyer just caught a falling knife.
My bet is that the house drops another 50 or 60 cents before we hit bottom. It’s a sucker’s rally.

This buyer just caught a falling knife.
My bet is that the house drops another 50 or 60 cents before we hit bottom. It’s a sucker’s rally.

I was looking into the whole Detroit thing this weekend. Fascinating stuff – big commercial buildings empty, plants and wildlife taking back whole neighborhoods. There are something like 3,500+ properties listed for $10k and under, and that’s just the listed properties. Who knows how many are actually out there.

I think the properties that sell for $1 are worth less than that. I’m sure the buyers are thinking they can wait it out and the abandonded neighborhoods will come back, but the Detroit population just keeps dropping. I wouldn’t want to pay those carrying costs year after year. Maybe once I actually SAW a steady comeback, I’d pounce.

I was looking into the whole Detroit thing this weekend. Fascinating stuff – big commercial buildings empty, plants and wildlife taking back whole neighborhoods. There are something like 3,500+ properties listed for $10k and under, and that’s just the listed properties. Who knows how many are actually out there.

I think the properties that sell for $1 are worth less than that. I’m sure the buyers are thinking they can wait it out and the abandonded neighborhoods will come back, but the Detroit population just keeps dropping. I wouldn’t want to pay those carrying costs year after year. Maybe once I actually SAW a steady comeback, I’d pounce.

I was looking into the whole Detroit thing this weekend. Fascinating stuff – big commercial buildings empty, plants and wildlife taking back whole neighborhoods. There are something like 3,500+ properties listed for $10k and under, and that’s just the listed properties. Who knows how many are actually out there.

I think the properties that sell for $1 are worth less than that. I’m sure the buyers are thinking they can wait it out and the abandonded neighborhoods will come back, but the Detroit population just keeps dropping. I wouldn’t want to pay those carrying costs year after year. Maybe once I actually SAW a steady comeback, I’d pounce.

Actually, if you read the full article, the bank credited the buyer closing costs, paid $3500 in RE commissions, paid utilities, and some other stuff to the tune of $10,000 to close the deal.

Frankly, I’ve been in that area and $1 isn’t worth the liability of owning the property. The buyer can’t live in it, needs to spend thousands to fix it, can’t fix it because it’ll be stripped over night and can’t spend the night…

Actually, if you read the full article, the bank credited the buyer closing costs, paid $3500 in RE commissions, paid utilities, and some other stuff to the tune of $10,000 to close the deal.

Frankly, I’ve been in that area and $1 isn’t worth the liability of owning the property. The buyer can’t live in it, needs to spend thousands to fix it, can’t fix it because it’ll be stripped over night and can’t spend the night…