They Can't Give Them Away

So dad sent me this link this morning: Detroit House Auction Flops for Urban Wasteland. Basically, they can't give houses away in Detroit. A few amazing statements...

• Total vacant land in Detroit now occupies an area almost the size of Boston, according to a Detroit Free Press estimate.

• Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days. (And most of those homes were from 2006, before the auto companies were at their lowest point!).
  

• Detroit has a $300 million deficit.
  
  
• Homes in Boston-Edison were going for $15K...or less!

The Boston-Edison District is full of beautiful mansions, once owned by historic Detroit leaders. Very depressing is that homes now are selling for practically nothing. For about $250K, you can buy one of the most expensively listed homes in the neighborhood:

LARGE BOSTON-EDISON HOME IN GREAT AREA. HUGE BEDROOMS, LARGE LIVING ROOM, DINING ROOM, FAMILY ROOM. HUGE FINISHED BASEMENT, SUPER LARGE DECK. GREAT 3RD FLOOR RETREAT INCLUDES OFFICE, BEDROOM AND BATH. COULD BE USED AS IN-LAW SUITE. SUBJECT TO SHORT SALE.

Yup, twice the size and half the price of what we have. Six bedrooms. A short sale...

For only $225K, you can get this:

A PICTURESQUE TREE LINED STREET IN THE BOSTON-EDISON DISTRICT PROVIDES THE SETTING FOR THIS 1919 GEORGIAN. FOYER W A GRAND STAIRCASE, LR WITH NAT FRPL AND DOORS TO A PRIVATE PORCH. KIT REBUILT IN 2008 CHERRY CABINETS, GRANITE, SLATE, BOCSH, DACOR, GROHE, RECESSED AND HAOLGEN LIGHTING, MBR WITH NAT FRPL AND TOTALLY REBUILT BATH WITH JETTED TUB AND WALK IN SHOWER. THIRD FLOOR WITH 2 ADDL BDRMS, FULL BATH. SIDE YARD W POND,WATERFALL,DECKS,PATIO...

It is gorgeous, and pictures show the beautiful kitchen and yard and the face that it has been maintained well. It would go for $1.5 million or more here. Easily.

I am not going to bother recounting the listings for places only $50K, $70K. They need a little improvement, but you could put $100K worth of work into them, and they'd be stellar. Hell, I'd buy a place and send the kids to Liggett or whatever. It would be a bargain. Even with higher heating bills!

But this is all so sad. And with more people fleeing the city, it's only getting worse.