Since you can buy a house in Detroit Michigan for $1, is it worth doing?
I was thinking of investing for the long term. Should I buy property in Detroit?
If you’re thinking of that, I’m thinking of selling you a bridge.
You can buy a house in Detroit for a dollar.
It is a plot of land in a city where most people have left, and the house has probably had everything of value down to the kitchen sink ripped out.
That’s a little extreme.
They have problems with people stealing cables for street lights there and even metal light poles for recycling. I promise you, those $1 houses have had the pipes ripped out.
The city is ripe for a Renaissance.
Rome came back from its collapse because it was a cultural and religious center as well as a port. Detroit was built on the auto industry, which is relocating to right to work states.
The houses might be worth it if they go up in value a little.
If your $1 house goes up to $50 because someone wants to buy all the land and turn it into a national park, fine. But you’re still on the hook for insane property taxes.
Detroit is in the middle of the Midwest, which is slowly recovering.
And Detroit has had bad management for decades, raising taxes and issuing new ones as the population fell. People can live in Michigan and stay away from Detroit.
There are people buying whole buildings for investment purposes.
Buying a large chunk of land near a transportation hub makes sense if they have security. Do you know how bad the crime is in Detroit?
There’s talk of a libertarian community sprouting up there, because it is centrally located and so cheap right now.
Ah, like Glen Beck’s libertarian city he wants to build in Texas?
At least Detroit has houses for a dollar.
And it has thousands of vacant lots for $200, and mansions for $100,000. The problem isn’t the location, it’s the management.
I thought you said it was the crime.
That, too. Robocop was set in Detroit, and people thought it was ridiculous then.
What do they think now?
That Robocop was incredibly prescient, and that the city now would make big bucks renting itself out as a setting for post-apocalyptic movies. No special effects required.