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.
