Buying a property in Detroit a few years ago seemed like a steal for overseas investors. As little as a few thousand dollars would get them a house in a city that had hit rock bottom and could only see better times. The promise turned into a nightmare, however, for many. Real estate brokers say stories of properties vandalized, ransacked, left untended and un-rentable have sapped the interest from overseas buyers. Darin McLeskey, co-founder of Denovo Real Estate, said “The bottom has fallen out of the speculative market.” McLesky added he had received a lot of “cries for help” from investors.
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