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Old 02-26-2009, 07:40 PM   #1
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Real Estate in the Detroit Metro area

A few nights ago, on world news they were talking about houses for sale for $1. I thought yea, right, so for grins I went on an online real estate website and OMG, not that I'm about to live in downtown Detroit, but there are houses for sale for $50. Even 20 miles from downtown, unreal prices....I mean unreal. I knew the economy was bad, but houses for $1, $25, $100?

I know jobs are just nowhere in the area, but wow, this is crazy!
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Old 02-26-2009, 07:54 PM   #2
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That's really, really sad. Detroit was once the Mecca of the world's automotive industry. I hate hearing this.

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Old 02-26-2009, 08:28 PM   #3
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Originally Posted by Silvertwinkie View Post
A few nights ago, on world news they were talking about houses for sale for $1. I thought yea, right, so for grins I went on an online real estate website and OMG, not that I'm about to live in downtown Detroit, but there are houses for sale for $50. Even 20 miles from downtown, unreal prices....I mean unreal. I knew the economy was bad, but houses for $1, $25, $100?

I know jobs are just nowhere in the area, but wow, this is crazy!
Metro Detroit's suburbs are among the most affluent in the nation. Oakland County is the 4th richest county in the country, border's Wayne County, Detroit is in Wayne Country.

The median income in Bloomfield Hills , Michigan for a household in the city was $170,790, and the median income for a family was over $200,000.

Oakland County, Michigan - Wikipedia, the free encyclopedia
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Old 02-26-2009, 09:07 PM   #4
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Well we got our work camping to do this summer in Wisconsin. GM/Delphi did get the bankruptcy judge to say they could take away the retirees health care and life insurance benefits a couple of days ago. 33 years, then took the job away, and now the benefits...those premiums are more then the pension! Can't even sell to get out.
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Old 02-26-2009, 09:11 PM   #5
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Metro Detroit's suburbs are among the most affluent in the nation. Oakland County is the 4th richest county in the country, border's Wayne County, Detroit is in Wayne Country.

The median income in Bloomfield Hills , Michigan for a household in the city was $170,790, and the median income for a family was over $200,000.

Oakland County, Michigan - Wikipedia, the free encyclopedia
Though all this may be true, I can get a 4 bedroom 3 bath ranch house in Bloomfield Hills for $100k. I can't get an outhouse around Chicago for that price......

As for the Delphi thing, I am so sorry the whole thing is just surreal and heartbreaking to see as Brian pointed out.

I did as much as I could....my vehicles all have tons of Delphi parts in them.
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Old 02-26-2009, 09:25 PM   #6
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Though all this may be true, I can get a 4 bedroom 3 bath ranch house in Bloomfield Hills for $100k. I can't get an outhouse around Chicago for that price......

As for the Delphi thing, I am so sorry the whole thing is just surreal and heartbreaking to see as Brian pointed out.

I did as much as I could....my vehicles all have tons of Delphi parts in them.
I found one for you, what a deal
Homes For Sale - Real Estate Listings | CENTURY 21 Property Details
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Old 02-26-2009, 09:32 PM   #7
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Ahh, yea, not quite the same neighborhood(s) as Bloomfield Hills

Getting similar areas to Bloomfield Hills, I could not afford the siding on a corner of those house around here. Do a search in Wilmette, Winnetka, Lake Forest, Highland Park, Glencoe and Kenilworth...those would be comparable.
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Old 02-26-2009, 09:34 PM   #8
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I was looking at Detroit on Google Earth the other day and it looks like right outside the downtown core is just a wasteland of vacant lots.

I don't understand the ridiculously low prices on homes, I would think if you'll take $100 for it, you might as well wait until things pick up again. Is it really that bad up there that things are just not going to pick up again?

It's amazing how different conditions can be in different parts of the country. I think the NW has not felt the effects like other parts of the country have - at least not yet.
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Old 02-26-2009, 09:39 PM   #9
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I was looking at Detroit on Google Earth the other day and it looks like right outside the downtown core is just a wasteland of vacant lots.

I don't understand the ridiculously low prices on homes, I would think if you'll take $100 for it, you might as well wait until things pick up again. Is it really that bad up there that things are just not going to pick up again?

It's amazing how different conditions can be in different parts of the country. I think the NW has not felt the effects like other parts of the country have - at least not yet.
This is basically ground zero for the auto industry. They have been hemorrhaging jobs faster than a sailor in a port of call with a fist full of fifties.

Most I've seen are bank owned.
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Old 02-26-2009, 09:41 PM   #10
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Originally Posted by Stefrobrts View Post
I was looking at Detroit on Google Earth the other day and it looks like right outside the downtown core is just a wasteland of vacant lots.

I don't understand the ridiculously low prices on homes, I would think if you'll take $100 for it, you might as well wait until things pick up again. Is it really that bad up there that things are just not going to pick up again?

It's amazing how different conditions can be in different parts of the country. I think the NW has not felt the effects like other parts of the country have - at least not yet.
Downtown Detroit been like that for years, its hard to believe but its better now then it was 20 years ago. Michigan will make a comeback, out with the old in with the new. This is just a start.

A123Systems Announces Plan to Build U.S.-based Lithium Ion Battery Mass Production Facilities | Business Wire | Find Articles at BNET
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Old 03-09-2009, 12:32 PM   #11
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More news on the Detroit real estate market:

Outside buyers drawn to Detroit's foreclosed homes - Yahoo! News
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Old 03-09-2009, 02:08 PM   #12
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Michigan is a hard state to live and work in. I have lived here all my life, and I am scared to even think about buying a house here. Im scared because if I lose my job (Knock on wood) and cant find another one, you are stuck with a house in a place where you cant make an income. Michigan is hurting BAD!
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Old 03-09-2009, 02:53 PM   #13
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Laura,

I know that Michigan is hurting, but real estate should hold up well in your town. The whole country is going to Hell.
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Old 03-09-2009, 03:05 PM   #14
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