Frank Fisher…, Other/Just Looking in Detroit, MI

GOOD GRIEF!!!!! THESE PRICES ARE RIDICULOUS! These started of as million dollar homes, and they're selling for under 50 thousand? WHY???

Asked by Frank Fisher-love, Detroit, MI Fri Sep 28, 2012

This question was asked from http://www.trulia.com/homes/Michigan/Detroit/sold/1001141465…

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3
This property is not on the market, it is just Trulia's estimate of value, which really dos not make sense.. I dont see anything listed there at this time.
1 vote Thank Flag Link Sat Sep 29, 2012
Frank,

It's not a matter of what the properties sold for in the past, it's all dependent on what a buyer is willing to pay NOW.
0 votes Thank Flag Link Sun Sep 30, 2012
LOL!! Apparently that's not very much! What a shame, they look like such nice homes, gated community, just a shame...
Flag Sun Sep 30, 2012
Why? Supply and demand. Still, you're talking about 2 bedroom condos in Detroit. I kind of doubt they "started off as million dollar homes." Looks more like a few hundred thousand dollars.

Still, it's the marketplace that's saying, "We don't want to live there." I'm making no judgments about the value or the quality of life. But there's obviously almost no demand today--September 2012--for such properties.
0 votes Thank Flag Link Sat Sep 29, 2012
Thanks for the response, but even though they're listed as "condos" these are 3, 4 and 5 bedroom homes, most of them over 4,000 square feet...When they were being built, about 6 years ago, they were scheduled to be in the high 6 figures.. It's a gated community, it just puzzles me that they would be so inexpensive. I'm sure it cost WAY more than that just to build them!
Flag Sat Sep 29, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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