The only neigbohoods I could possibly live in are: Sherwood Forrest, Palmer Woods, the University District, Rosedale Park, which has some really good deals at the moment, and if you like the east side, Indian Village.
I live in Farmington Hills, MI which is in the surburbs. I fled Detroit when my car was broken into twice.
Love where I live now.
The economy had abig role in prices plummetting in Detroit. however, we have seen a turn around and proeprty values are definitely on the rise. If you are an investor this is certaily a great time to buy. We have some great deals.
If you have any interest please call me or email me and I can hel you find homes in various areas of Detroit.
Properties are low in the D but I have seen a definite spike in prices, Areas are the big thing in the D, I spend hours driving through streets and streets, checking them out, making sure that the area is not dying out, I do 6 or 8 streets around the street I buying in. I dont buy houses for investors, but I start with the investor making sure its all above board, I Sight the properties firstly,I video the properties, I do Management and Rehabbing of the properties, I have a 6 man crew now. And super "security" Also most bank owned I deal with need about 15k spent on them before you start, Thats why you need to pick the right Area to get your money back in the future, Get a bad area and Forget It, youve done your money.
But I love the D its easy to like, but you do need to leave one day, So Buy in the "Right Area" and one day you will be able to sell.
Get on to Detoit News and do your home work see what having, Fox News, and Data.com forum.
PS; US Banks are not like the Aussie banks where they are made to up keep the property , its a shame there are some really nice house, if we could pick them up and place them in Melboure you could make a forture.
Only a foolish person would post a poor picture of a property :-).
Properties in our market are cheap because of the effects of the financial crisis occurring over the past few years and the extremely high number of homes being sold on the market as foreclosures or short sales.
Homes may also be cheap because it is in need of repair. This is a much trickier scenario.
The picture ALWAYS looks awesome, but it never tells the whole story when evaluating a property.
If you're looking to purchase a property, you will always want the following:
1. A report of properties sold within the past 6 months, less than 1/2 mile away from the home you're considering.
This ensures you don't overpay for a home. It will also tell you if there is very little interest in an area if you see the sales are very low.
2. Time and date-stamped pictures of the interior and exterior of the property. Also, get photos of the homes next door, across the street and general shots of the block.
3. A report of the leases sold within the past 6 months and less than a 1/2 mile away from the property. This gives you an idea of how much the market rent is for that area.
4. An independent contractor's estimate of repairs (they should not be affiliated with the seller in any way).
There's no such thing as something for nothing. A cheap acquisition price usually means that there needs to be some work put in on some other aspect of the purchase.
Get the whole picture first from a few different sources so that you can ensure you're purchasing a sound investment.
what is the address of the home so I can look it up for you. But overall, prices have come down a lot in this area because when the auto industry had hard times lately, many people lost their jobs and property values plummeted.
Email me the address of teh home and I can answer your question a bit better.