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Any Speculators - Who wants to make some long term cash? - 3/20/2007 6:07:45 AM

UtopianRanger

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http://news.yahoo.com/s/nm/20070319/ts_nm/usa_subprime_detroit_dc

Think what ya want folks..... but if I lived anywhere close to these depressed parts of Michigan, I'd be getn' down on some mighty cheap real estate. I PROMISE you....even if you can't rent the house out immediately, there's some serious long-term cash to be made here. It may not be the same ''Motown'' once thought of....but in four to seven years investors and grant money/new economic development aid will come in and the economy will get much better here. If you look around, there are other articles where really nice, older three bedroom one-and-half bath homes are being sold for under 20k.

- R

< Message edited by UtopianRanger -- 3/20/2007 6:10:09 AM >

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RE: Any Speculators - Who wants to make some long term ... - 3/20/2007 6:51:30 AM

Sanity

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Is it any coincidence that Detroit is an extremely Liberal city, tied to a steep Union heritage?

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RE: Any Speculators - Who wants to make some long term ... - 3/20/2007 7:12:13 AM

popeye1250

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Sanity, it's a little of that I'm sure. Lots of welfare up there.
Also this "wonderful " "global economy."
As for Unions I have no problem with working people making $60 per hour as long as lawyers are making $200 per hour. And there's a HELL of a lot of lawyers out there! Supply and demand?
It's good for the economy when people make a good week's pay! They buy houses, cars, furniture, appliances etc etc.
People who make $10 an hour don't buy much of anything.
That's definately NOT good for the economy!
One thing for sure, we need to start MAKING things in this country again!
I don't know if those places in Detroit are a good deal or not.
George Soros tried to tell us that Russia was a good long term investment a few years back as he lost billions there!
(The bigger fool theory?)
Maybe Russia is a good long term investment but I don't have another 100 years to wait to find out if it is.

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RE: Any Speculators - Who wants to make some long term ... - 3/20/2007 8:05:08 AM

sub4hire

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It would be good if Detroit makes a comeback which I am sure it would.
However there are cheap houses everywhere you look. Of course you have to go
older.
Even in California you can buy a house for 20 grand and actually be able to live in it.
It isn't going to be great, but you get what you pay for.

I think the only thing that would have me interested is the fact it is in a large city. My
investment might come back in time.

We've recently moved to Nebraska here. I've seen homes going as cheap as 8 grand to
own them out right...and as high as 5 million. All within a couple miles of the home I bought.

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RE: Any Speculators - Who wants to make some long term ... - 3/20/2007 9:57:59 PM

subfever

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I could be wrong, of course, but I don't believe we've seen the bottom yet. My personal opinion is that what we're now seeing is just the beginning of a downtrend.

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RE: Any Speculators - Who wants to make some long term ... - 3/20/2007 10:03:25 PM

dcnovice

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quote:

Is it any coincidence that Detroit is an extremely Liberal city, tied to a steep Union heritage?

It's nice to think we can count on Sanity to leave no cheap shot untaken.

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it's never enough to keep up.

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RE: Any Speculators - Who wants to make some long term ... - 3/20/2007 10:05:00 PM

subfever

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I would say that the problem is more likely tied to poor upper management of the auto industry. They kept pushing out crap while the Japanese were building autos of increasing quality.

quote:

ORIGINAL: Sanity

Is it any coincidence that Detroit is an extremely Liberal city, tied to a steep Union heritage?

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RE: Any Speculators - Who wants to make some long term ... - 3/20/2007 10:08:08 PM

dcnovice

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quote:

ORIGINAL: subfever

I would say that the problem is more likely tied to poor upper management of the auto industry. They kept pushing out crap while the Japanese were building autos of increasing quality.

quote:

ORIGINAL: Sanity

Is it any coincidence that Detroit is an extremely Liberal city, tied to a steep Union heritage?

Details, details. Bashing liberals is much more fun!

_____________________________

No matter how cynical you become,
it's never enough to keep up.

JANE WAGNER, THE SEARCH FOR SIGNS OF
INTELLIGENT LIFE IN THE UNIVERSE

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RE: Any Speculators - Who wants to make some long term ... - 3/21/2007 3:19:39 AM

UtopianRanger

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quote:

ORIGINAL: Sanity

Is it any coincidence that Detroit is an extremely Liberal city, tied to a steep Union heritage?

I'd definitely agree that overzealous demands on behalf of the unions played a part in the big three's collapse. But I see the same thing on the horizon regards Public employee unions. The American people in the private sector can't continue to be taxed at level at which to pay for state and federal retirement programs and have no retirement or benefits for themselves.

We have something in Oregon called PERS {Public Employees Retirement System} that's talked about every single day in our local news. It's bankrupting the state. Some of the employees that were involved in it from the get-go are paid nearly as much as when they were actually working. It doesn't make sense....how federal /state employees have better benefits than those who served in the military for twenty years.

quote:

I would say that the problem is more likely tied to poor upper management of the auto industry. They kept pushing out crap while the Japanese were building autos of increasing quality.

Definitely part of it, Subfever. But I'll tell ya what.....out here where I'm at, they're still purchasing the big trucks and SUV's like crazy.

quote:

I could be wrong, of course, but I don't believe we've seen the bottom yet. My personal opinion is that what we're now seeing is just the beginning of a downtrend.

I'd say it's very close to the bottom in Michigan, but nowhere near close to the bottom in places like Florida and Cali. I looked at a market analysis for Cali earlier today.....and there is roughly thirty-five percent more homes on the market right now than at the same time last year. That tells me lots of folks are in trouble.

quote:

Even in California you can buy a house for 20 grand and actually be able to live in it.
It isn't going to be great, but you get what you pay for.

HAR!! Not to pick on you Sub4hire.... but please tell me where in California you can purchase a home for 20k? I was in of all places, Redding, last week and picked up a real estate book.... there mighta been one or two homes in there for under 450k

Honestly....I'd bet a few bucks the homeless people in San Francisco’s Tenderloin want more than 20k for the cardboard boxes they sleep in.

quote:

We've recently moved to Nebraska here. I've seen homes going as cheap as 8 grand to
own them out right...and as high as 5 million. All within a couple miles of the home I bought.

A little flat for me, but I think Nebraska is a good bet for slow paced, good, clean living. I'd say you made a good choice there.

- R

< Message edited by UtopianRanger -- 3/21/2007 3:24:44 AM >

_____________________________

"If you are going to win any battle, you have to do one thing. You have to make the mind run the body. Never let the body tell the mind what to do... the body is never tired if the mind is not tired."

-General George S. Patton

(in reply to Sanity)

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RE: Any Speculators - Who wants to make some long term ... - 3/21/2007 3:55:57 AM

Sanity

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THAT'S a hypocritical cheap shot, dc. It's really funny that you would choose to attack me that way! Why isn't it legitimate to question the reasons for Detroit's demise. Why attack the person asking such a simple question so viciously... it must have hit pretty close to the mark! Does the truth hurt you that badly? If so, you might want to consider switching sides...

quote:

ORIGINAL: dcnovice

It's nice to think we can count on Sanity to leave no cheap shot untaken.

< Message edited by Sanity -- 3/21/2007 4:25:36 AM >

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RE: Any Speculators - Who wants to make some long term ... - 3/21/2007 6:18:38 AM

sub4hire

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quote:

ORIGINAL: UtopianRanger

HAR!! Not to pick on you Sub4hire.... but please tell me where in California you can purchase a home for 20k? I was in of all places, Redding, last week and picked up a real estate book.... there mighta been one or two homes in there for under 450k

quote:

We've recently moved to Nebraska here. I've seen homes going as cheap as 8 grand to
own them out right...and as high as 5 million. All within a couple miles of the home I bought.

A little flat for me, but I think Nebraska is a good bet for slow paced, good, clean living. I'd say you made a good choice there.

- R

NE is flat...and yes that is a huge issue for me. I love hiking...luckily the badlands of South Dakota are a mere 6 hour drive. Colorado is not too far either. I want to buy a weekend cabin there. So, I have my work cut out for me here as well.

Anyway, stay out of the North in California. They did a study...geez I want to say 15 years ago now. If you made 80 grand a year you would still be homeless in northern California. I'm sure there are homes there but few and far in between.
I have a friend who went out to Landers in California last year. He bought a 1300 square foot residence with 5 acres of land. 42,000.
Check out places like....29 palms. The desert communities. Even Palm Springs is dirty...the areas around it are what cost much more now.
Banning, Yucaipa. Victorville is going up. Even cities...right before my father died he wanted to buy an investment home in San Bernardino...it was well under 40 grand.
Problem is though, as you just stated. Those 5 year interest only loans are coming due. There are a lot of foreclosures and many more to come.
We are currently selling a home....if all goes well. We are in escrow right now. Our realtor told us the lenders are telling them there are new laws coming out that if you don't have 700's in your FICA score you are not going to get any real estate loans anymore. Nice idea after the fact.
There are hidden gems in almost every city, you just have to know where to look.

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RE: Any Speculators - Who wants to make some long term ... - 3/21/2007 6:45:27 AM

cjenny

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quote:

ORIGINAL: subfever

I would say that the problem is more likely tied to poor upper management of the auto industry. They kept pushing out crap while the Japanese were building autos of increasing quality.

quote:

ORIGINAL: Sanity

Is it any coincidence that Detroit is an extremely Liberal city, tied to a steep Union heritage?

The auto companies are inexorably tied into Michigans economy. Unfortunately when the auto industry hiccups then Michigan gets really bad indigestion.
There are NO nice places within Detroit city limits,(aside from a very few gated communities, very few) it isn't like most major cities. Sure real estate is dirt cheap atm but being able to sell what you buy is very dicey. Renting them out? Unless you live here or have a trustworthy management company it is a huge financial risk.
Honestly I dont think Detroit will ever recover, it has been sliding steadily downhill for a generation now. What Detroit has become is regrettably what people accept. There is little interest in revitalising even with the MoTown casinos.
The entire economy of Michigan is faltering, layoffs and buyouts have become the norm when once upon a time it was a job for life.

BTW, my home is for sale LOL. I live north of Detroit on 6 acres in rural Oakland County. Lemme know if you're interested!

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RE: Any Speculators - Who wants to make some long term ... - 3/21/2007 11:02:49 AM

popeye1250

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quote:

ORIGINAL: subfever

I would say that the problem is more likely tied to poor upper management of the auto industry. They kept pushing out crap while the Japanese were building autos of increasing quality.

Not anymore. American cars are just as good as any other now and considerably cheaper.
Engineering is the same world-wide now so any differences are miniscule.
I laugh at those Mercedes Benz commercials with the guy saying that "you can walk away from an accident because of this car."
My $23k Mercury Grand Marquis is 5 star crash rated just like the $100k Mercedes.
Hell , ANY car company can make a good car for $100k!

quote:

ORIGINAL: Sanity

Is it any coincidence that Detroit is an extremely Liberal city, tied to a steep Union heritage?