07-10-2008, 06:12 AM
John,
I know prices can go lower, in the end the city/county will just take them back and raze them. I visit Grosse Point/Wood/Farm/etc outside Detroit a few times a year. What is the use of the buying a house in an area where there are no jobs? Who are you going to rent it to? My good friend is an senior officer withe the MI State Patrol, he says many would prefer to raze the houses and turn them into a nature preserve than the crime that a 3K house brings. The have been a few vigilante burnings of these houses, hows that for what the neighborhood thinks. I have been in these houses, and you get what you pay for.
I bought a house for $1 and but then had to move it to another lot that the city sold me for $25k(I did put a lot into refurbishing the house and foundation and such). This was in SoCal in a historic district, plus I got a Mills Act tax break and it wasn't that long ago.
I know prices can go lower, in the end the city/county will just take them back and raze them. I visit Grosse Point/Wood/Farm/etc outside Detroit a few times a year. What is the use of the buying a house in an area where there are no jobs? Who are you going to rent it to? My good friend is an senior officer withe the MI State Patrol, he says many would prefer to raze the houses and turn them into a nature preserve than the crime that a 3K house brings. The have been a few vigilante burnings of these houses, hows that for what the neighborhood thinks. I have been in these houses, and you get what you pay for.
I bought a house for $1 and but then had to move it to another lot that the city sold me for $25k(I did put a lot into refurbishing the house and foundation and such). This was in SoCal in a historic district, plus I got a Mills Act tax break and it wasn't that long ago.