Edp

I'm a:	Home Seller
Location:	Detroit 48101

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I am going to be in dearborn for the next 5 years and I was wondering if anyone had advice on where to buy

Asked Wed Apr 9 2008, 21:47 by Rkr24 - Dearborn - Home Buying - 10 answers

Edp answered:

The answer is do NOT buy anything! If you look at historical records adjusted for inflation, you'll lose more money in a Michigan home than you'll make in appreciation, on average. This is emphasized when compared to national averages. If you don't believe me Google Real Estate articles in the New York Times or other major sites. Keep your money in your pocket and find real estate outside of the Midwest. - Fri May 2 2008, 04:03

I'm thinking about purchasing a foreclosure in the Grandmont-Rosedale neighborhood. What kind of area is it?

Asked Mon Jan 21 2008, 14:06 by Suzanne - Grandmont-Rosedale - Foreclosure - 5 answers

Edp answered:

This is a very nice mid to upper middle class neighborhood of Detroit. Homeowners are attentive to their properties, educated, and on average white collar.

If your going to rehab a house you probably want to put security at the top of your concerns because the surrounding neighborhoods are not as "nice" as this one.

We are in the process of selling our home. If you interested give me shoot me an email via Trulia. Its in good condition and we just want to get out of it. - Thu Feb 28 2008, 14:28

is 95K for 3880 s.f detroit home needing 50K of work a good price the property sold for 425K 4 years ago?

Asked Fri Oct 5 2007, 23:01 by Chris - Detroit - Foreclosure - 8 answers

Edp answered:

Dude, I hope you understand MI real estate taxes. Because the taxes will be uncapped when you buy it. You may well end up with a tax bill much higher than $9000.

Plus the Detroit school system is toilet bowling. Who are you going find that wants to move to Detroit and get to buy that size house in Detroit and can also get a mortgage for a six figure house with a declining economic market?

Plus when your redoing the house its imperative that you have security round the clock or the ne'erdowells will rob you blind after you put repairs into the house. (unless you plan to live there).

If you want to make money in Detroit take that money and buy a couple of lofts and rent them out to GM execs etc.

Hope this helps,

Long term Detroit Homeowner Jonesing to Get Out of Dodge - Wed Dec 5 2007, 16:26

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