I find myself drawn to a place I have never been.. Detroit.

[SoCalDem]

There are such lovely homes there..historical homes.. and they are DIRT cheap.

I am not sure I could convince my husband to move there, but I think I want to buy a house there/..just in case..

This house is "calling" me:)

http://www.frontdoor.com/For_Sale/listing/882-1001203381/63-Virginia-Park-St-New-Center-Detroit-MI-48202

$58,000
$278/mo. (assumes 20% down at 6%) mortgage calculator

* Added to FrontDoor: 2/24/2010

Details:
6 beds
5 Full Baths
Single Family
4,500 sq ft
12
No Pets
1905

ABSOLUTELY GORGEOUS AND EXTREMELY SPACIOUS HOME! FEATURES INCLUDE AN IN-LAW LIVING QUARTERS ON THE THIRD FLOOR, 6 BEDROOMS, FULL BASEMENT, FIREPLACES GALORE, AND IS LOCATED ON A BRICK PAVER STREET DEFINITELY A MUST SEE BEAUTIFUL HOME THAT IS PRICED TO SELL!

the taxes are quite high because of its location, but perhaps it could be rented out for enough to cover them and re-pay my outlay....and then someday maybe we could move there:)


I'm hoping a DUer could weigh in on the neighborhood..

This one is spectacular, but there are also MANY wonderful places that are tremendous bargains..Two & Three-flats.. Big beautiful houses...some with multi-year tenants in-place already..

I'm a bit afraid of being an out-of-state landlady though..

[elleng]

1. Just think of how many beautiful, old, large homes are likely available now!

(Sold ours last year, and living in an apartment of another one now.) (Exurb of DC)

[Hannah Bell]

6. just think! isn't it great!

[mmonk]

2. Yep. I've seen housing listed there

that is a lot cheaper than rural homes 30 miles out from my city. It is pretty sad what has happened to the area. I'm a real estate broker in Raleigh, NC. I've watched the real estate there in Detroit and in the Cleveland area through the housing crash and have been amazed.

[mmonk]

3. The links to that property no longer work.

It may temporarily be off the market.

[SoCalDem]

8. Here's the main link I followed

http://www.realestatebook.com/homes/Detroit-MI-USA/#/homes/New-Center-Detroit-MI-USA/PRICE-LOW-sort/

[Nailzberg]

4. Ahh, Detroit. Actually a shame the city is in such decline because it could be a great city

A local could tell you better, cause my only Detroit experience was a four-month assignment for work a couple years ago. Like any city, good parts and bad parts. They get a bad rep for crime there, but that is mostly confined to poorer areas, where poverty prevents people from getting out, so there is a high concentration of desperate people. And driving through Detroit you see a lot of vacant buildings, burned out store fronts, decaying houses. But keep in mind at one time Detroit's population was about 2 million. With the decline of the auto industry, its now something like 6 or 700K. So of course you'll have apartments that once housed hundreds of families sitting vacant. In a lot of nicer areas of Detroit, crime is pretty low; If I recall correctly, Detroit is below the national average for crime. I was there to film a documentary about crime in Detroit, so of course I saw lots and lots of it, cause that's what we were out looking for, but those areas looked nothing like the one that house is in.

Weather is a big check in the minus category. I say this as a displaced Chicagoan living in LA. The winters around the Great Lakes region are brutal. And you think how bad could it be, but it chills you to the bone, no matter how many layers you put on in the morning. Wind just whips across the lakes and flatland, and delivers sub-zero temps regularly. But buildings are better insulated and heated than typical LA construction, so unless you work outdoors you can manage. And get used to no sun. That can be a huge depressant when you come from Southern California.

The other big minus factor is jobs. There aren't a lot in Detroit.

Another thing that bugged me, there were no supermarkets. Three different parts of LA, and I've always lived walking distance to a grocer. In Detroit, I had to drive miles, because the grocery chains have left the city. I think I went 15 miles for a Trader Joe's.

Overall, I had a great time in Detroit. I could walk from my apartment to the people mover, had Joe Louis Arena a block away, plenty of nightlife, and great autumn days. And good people. I definitely could see myself living there if the right job came along.

[SoCalDem]

10. We lived a mile from Lake Michigan for 8 winters, so we can handle weather

but i think my husband is now a californian..after 30 years here..

I LOVE historic homes, and around here, they are impossible for "un-rich" people to find..

I am worried that many of these old dears in Detroit will end up at the end of a wrecking ball.. i think Detroit could rebound, but in the meantime, the history needs to be preserved..

[Carni]

30. Do you know what neighborhood that is in?

I can't tell? (and it makes a big difference)

Some of the neighborhoods are pretty safe and well maintained by community type groups, but unfortunately once you get out of those pockets -- you can drive two streets over and think you've entered into some burned out, war torn, no man's land (seriously)

I would suggest visiting and finding someone to really take you around the city and surrounding areas if you are interested in investing there!

[Barack_America]

24. The lack of grocery stores in the city was crippling.

And a huge, huge issue actually.

Fortunately, there are now at least two full on grocery stores in the city, I believe.

[Carni]

31. Yeah definitely

That is a big problem and they gouge price wise because they've got a captive audience!

[Hannah Bell]

5. it's my belief that detroit is being ethnically cleansed in preparation for its next boom.

deliberately.

it's my belief that if you looked at ownership patterns you'd find some big money there.

[Barack_America]

16. Excuse me? What evidence do you have for this theory of yours?

[sufrommich]

18. Oh for fuck sake, what a ridiculous claim to make. How is

Detroit being "ethnically cleansed"?

[Bluebear]

7. They're dirt cheap for a reason.

It's my home town, but it's the last place I would invest in real estate. :(

[Javaman]

15. To me, the value of real estate is changing...

It's not about location, per say, anymore, it's about the land itself.

I see, in the not to distant future, depressed urban areas demoing houses that don't sell and reusing the land as farm land.

If I had a few bucks, I would buy that land in a heart beat, move or demo the houses, get a ag exemption and start a farm.

Urban farming is coming in a big way.

[KittyWampus]

17. My dream is that we begin to do that AND start closing highways that cut through

and use some of them for trolly lines or some such.

[Barack_America]

22. That's pretty much how I would love to invest my money.

That or invest it in a "Bailey Park" type situation in Detroit. Buy up entire neighborhoods of abandoned homes and resell them to working folks at affordable prices to screw the banks. Right now the banks go in with cash, so they get all the livable homes at these foreclosure auctions, that they turn around and demand their ridiculous interest rates and fees for.

[amborin]

52. better to demo newer tract houses than the nicer historical ones, however

otherwise, agreed

return to native habitat

[hfojvt]

25. my retired parents could move there though

it's not like they depend on the local economy for their livelihood. Their income would also bring money into the area.

[notadmblnd]

9. it's a few blocks north of W. Grand Blvd near Woodward close to the New Center area

After I first started working in Detroit (I worked in the New Center area for over 15 years, 1987 IIRC) my car broke down and I found myself stranded at the corner of Euclid and Woodward in the middle of a hot summer night. I sat waiting for a tow truck for quite a while and got to observe the neighborhood surrounding the area. While the homes off Woodward in that area appear to be good neighborhoods, there is an awful of street people out at night on the main drag which is Woodward. For as long as I sat there waiting for help, no one ever accosted me. There were curious people and a couple who even offered to help. I will admit, I was on edge and stayed in my car and kept alert until help came but I got out safely. Now, I don't know how bad the area has gotten since then, while Archer was mayor the main drag even improved. They tore down some old abandoned buildings like pron theaters and the like, and built a few new strip malls, but the surrounding area in that neighborhood may be very bad by now.

Whatever you don't buy it unseen, houses in Michigan fall prey to mold quickly if they're left empty. I looked at a lot of home's last year that were foreclosures. One I was interested in had some mold that was managable when I looked at it the first time by the time I went for a second look a few weeks later, the mold in the basement had moved up the walls onto the first floor when it had only been waist high when I was there originally. The only way to get rid of the mold is to tear out all organic material (drywall, beams, etc.) that it's growing on.

[sandyj999]

11. There is no way I would purchase any home in Detroit and be an out of state landlord.

There are beautiful old homes but if you step a couple of blocks out of the area you could well be in an unsafe area. There is a lovely area in Detroit that has beautiful homes such as this one but if you venture a short distance away it looks like a war zone. I would think very carefully before you enter into this transaction. I have lived in the Detroit area all my life and have seen a once beautiful city go seriously downhill. Yes there are beautiful areas in the city especially on the riverfront but that is not the real Detroit. We used to go there very often years ago but no longer do that because it is just too depressing. I don't mean to come across as negative but I am honest.

[handmade34]

41. agree

I bought a house (and 5 acres) west of Detroit last year. I think "urban homesteading" is an excellent idea, especially if there is a group of buyers of the same bent. I would not be an absentee landlord with property in Detroit though.

[Vinca]

12. The prices are so cheap I was thinking it might become a giant

retirement village for aging boomers. The key, of course, would be getting enough people to invest in the idea to make a difference. That's a gorgeous house, but what's with the "no pets?"

[SoCalDem]

13. for people who might be allergic? letting them know that no pets lived there

that would be my guess..

I think aging retirees should cluster in a few neighborhoods and bring them back to life..

Lets get the hell out of those overpriced parched AZ, CA & FL neighborhoods..

and

aren't there studies that show that cold weather makes you live longer? :evilgrin:

just pay a young 'un to mow the grass & shovel the snow:)

[Javaman]

14. 4500 feet? that's like 3+ of my current house.

How does one not only afford the property taxes, but how about the heat and a/c bills?

What is the water tax in that area?

Frankly, as nice a home as this appears, it's a giant money sucker. For 58k I would buy several of them, (if I could actually afford it) move them or demo them for materials, plow the field and start a farm. It's going to happen eventually anyway, might as well start now.

If you are against demo, then buy 3 of them and turn them into boarding houses for the poor. Or coops. Turn the lawns into gardens.

We as nation have to start dealing with how we live and how we build our communities from now on.

Detroit, especially, is a prime location to start this process. Since that area has been his probably the hardest during this recession/depression, I see that area as having such incredible potential to be a model for future redevelopment.

[Subdivisions]

50. An excellent opportunity to become a model re-localization effort

in the face of declining crude oil production.

[Barack_America]

19. Yikes! You're revealing my master plan to the entire internet!

Seriously, one of those old homes will be mine after I finish my training and move home.

Detroit's one of the few places in the world where I could afford such craftsmanship, and it's a community that I want to contribute to, so it's a win-win situation.

[Hassin Bin Sober]

34. This Old House magazine just did a piece on "Best Old House Neighborhoods"

One of their picks was "The Villages" in Detroit. They talked about how the neighbors are trying to keep this historic neighborhood together by maintaining the vacant foreclosures.

Oh heck why don't I just link it:


http://www.thisoldhouse.com/toh/photos/0,,20343206_20738681,00.html


Best Place for Bargains
The Villages, Detroit, Michigan

Yeah, times are tough in Detroit. Still, we can't overlook its bargain-hunter's bounty of architectural riches—just one reason we're betting on the city's survival. Although the Motor City's economy is in tatters, the people who live in The Villages, a collection of six historic neighborhoods three miles east of downtown, remain upbeat. "There's a richness in this neighborhood," says resident Kathy Beltaire. "The houses are beautiful and the streets are walkable, but the people here are the best part—they really care." These days, nice-as-can-be multigenerational families who have lived here for decades continue to welcome first-time buyers who appreciate intricate woodwork, front porches, and spacious urban yards. If you can nail down a job in this city's tough economy, your money goes a long way here.

[Barack_America]

36. Well, I knew I couldn't be the only one to have thought of it!

;)

I used to live in West Village. Loved it. Cannot wait to move back for good!

[KittyWampus]

20. saw an amazing Detroit house on tv show HouseHunters last night. Probably good candidates for coops-

Historical neighborhoods are important to retaining real estate values. Best way to keep them economically viable is changing zoning to allow for coops or condos.

[Barack_America]

23. It kills me to see those beautiful old homes hacked up though.

[SoCalDem]

37. hee hee.. That's what made me Google .. I did not find THAT one, but this gem popped up

It's not as "grand", but gorgeous as well..

Can you believe that the guy chose that sterile hotel room with the $1000 a month "fee"?what an idiot..

[KittyWampus]

39. His Korean wife choose it. LOL!

we know who wears the pants in that home. ;)

[SoCalDem]

42. more like denim undies..can you believe she walked the streets dressed like that?

:)

[Tracer]

21. I just took a "drive" down that street on Google Street View.

The entire street looks lovely, but directly behind that house, it looks like a street full of old apartment blocks.

[hunter]

26. I loved living in the Midwest.

We owned our house outright. We bought it like a used car, with cash. We wrote a check and it was ours. And it would stay ours so long as we paid the taxes, no matter our fortunes or misfortunes.

But we are back in California paying a mortgage again. My wife and I are both California natives and most of our family is here. Mexican American California is where we feel most at home.

[Yavin4]

27. There's A Reason Why It's So Cheap and It May Have Nothing To Do With the House Itself

Detroit is a city with rapidly dwindling city resources. You may have a house, but the services that you take for granted may no longer be offered.

[Hassin Bin Sober]

35. Pish posh. Ever see Omega Man?

[TwilightGardener]

28. What a beautiful, stately home. Don't rent it, it'll get wrecked.

[Lorien]

29. No pets?

That's odd. But it is a beautiful place!

[TwilightGardener]

32. I think it just means that the previous owners didn't have pets--supposed to be

a selling point.

[ThomWV]

33. Would you really move to a place just to live in a pretty house?

[SoCalDem]

38. I am ready to get out of Calif..and as someone who has no small kids

no worry about school districts.. I haven't worked in ages, so no need to commute.. I basically spend most of my time at home, so why not find a nice home somewhere:)

[distantearlywarning]

40. Another Idea.

Detroit isn't doing very well economically right now, which is one reason the housing stock is so cheap.

But there is another city which has similar amazing old housing stock, isn't much more expensive (at least for the time being, but that might change soon...), but which is one of the only places in the US holding steady right now, both in terms of employment opportunities and housing prices. That's Pittsburgh, PA, last year rated one of the best cities in the world to live in by the Economist and Forbes magazines (although nobody ever believes that who hasn't been here recently). Pittsburgh is also literally the ONLY metro area in the US where housing prices are predicted to rise in 2010.

My husband and I bought a gorgeous 1925 carriage house here 3 years ago for under 100K - original hardwood floors, molding, the works. It is now worth nearly 150K due to rising housing prices in our area of the city and the work we've put into it. In general, we love the city and feel that it is a very underrated place to live and a bit of a "secret" place in the US right now, and we currently have a tremendous standard of living in terms of our income vs. what the money buys here. We are planning on selling the house next year and buying another, bigger Victorian in a nearby neighborhood to fix up, because we love it here so much.

Anyway, it was just an idea. You might want to go to a Pittsburgh real estate site and just see what you can get here for the money! e.g., www.prudentialpreferred.com (I'm not a real estate agent or anything - this particular site just happens to be easy to navigate).

[Paper Roses]

43. This house would be a million dollars here.

What a beautiful place to live. I feel so much sadness for towns like Detroit that, through no fault of their own, face this kind of catastrophe.

[etherealtruth]

51. Though housing prices have fallen all over southeastern Michigan

... that house is still a million dollars in some of the surrounding suburbs.

Sadly, city services in Detroit are abysmal, the state of public education is so bad I truly believe it is criminal and poverty is overwhelming.

[Arugula Latte]

44. Have you heard about how many vacant lots in Detroit are being turned into farms?

So fascinating ... This industrial city is going back to agriculture.

[onethatcares]

45. that is amazing. especially with the weather changes coming our way

urban farming, what a great idea. Here in sunny St. Petersburg Floriduh, they won't let community gardens be planted on vacant land because they want to charge a permit fee, then someone has to take responsibility for anything that "might" happen on the land.

Wish I could grow maters, I just can't :shrug:

[nonconformist]

46. I was born and raised in the Detroit suburbs

Spent a lot of time in Detroit over the years as well.

Detroit has FANTASTIC architecture and wonderful old homes that need a lot (and I mean A LOT) of TLC. It would be a huge undertaking but for the right person, rewarding.

That said, and this is the truth, there are neighborhoods in Detroit that are flat-out dangerous. Fixing up homes in those areas would be a real battle. A family member recently started a business in the Detroit metro area that goes in and maintains foreclosed homes for the bank in the interim. They go in, do basic maintenance and some updating/cosmetic work (plumbing fixtures, drywall, you name it). They've had a real problem in some areas. They fix it up, then the house is broken into almost immediately and stripped of all the new materials and trashed again.

What's the answer? I don't know. Detroit breaks my heart.

[etherealtruth]

54. "Detroit breaks my heart"

It is heartbreaking

[Bryn]

47. What if it's haunted?

:)

That house is so beautiful and huge! Too good to be true for that price. Wow!

[SoCalDem]

48. I suspect that the low price is to start a bidding war

That low price will get the attention of people, and if it's as nice inside as it looks outside, there will be multiple offers.. If it was up to me, and the price would end up $58K, I'd send a wire transfer & start packing... but my husband.. well that's another story.. he's pretty much "planted" here :(

[Lorien]

49. I wonder how much it would cost to move such a home?

Down here in Floriduh several stately old mansions from up North have been moved in pieces to swanky towns like Winter Park and reassembled. Some of the structures are quite magnificent. I'd love to buy a big old home, move it and give the land to the neighbors for urban farming. It would be a massive recycling project for sure-but better than allowing such beautiful craftsmanship to decay and be lost forever.

[amborin]

53. it's sold!

[SoCalDem]

56. How much did it sell for?..go on.. make me cry !

:cry:

[SoCalDem]

57. Here's the zillow listing on it.. it was $551K in 2006

http://www.zillow.com/homedetails/63-Virginia-Park-St-Detroit-MI-48202/88127101_zpid/

[deaniac21]

55. There is a reason for the price.