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  • Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81

    http://news.yahoo.com/s/nm/20070319/ts_nm/usa_subprime_detroit_dc

    I’m about to head out, but I thought some late nighters would like this for a read.

    any opinions?

    cheers

    Profile photo of L.A AussieL.A Aussie
    Member
    @l.a-aussie
    Join Date: 2006
    Post Count: 1,488

    Wow; that is scary. Where is it going to stop?

    Even if you bought one you may not get a renter (that can pay the rent).
    I suppose at those prices the holding costs would be minimal and you could afford to be very choosy about the tenants.
    I think you would need to be very brave to invest there with the hope of things to improve in the future.

    A friend of mine moved back to Monroeville in Pittsburgh from L.A a few months ago (he already regrets it – minus temps all the time).

    The story is similar but not as bad there; house prices are going slowly backwards. At least houses are still going for over $100k there.

    Cheers,
    Marc.
    [email protected]

    “we get sent lemons; it’s up to us to make lemonade”

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81

    Its tempting, but maybe not so smart :)

    Yes its cheap, makes you wonder what will happen to our mining towns if (or when, if ever), the resource boom slows.

    Detroit is a big place I imagine, and a change in industry has bottomed RE values, I wonder how things will go in Victoria if we run out of water..

    Profile photo of AuzzieLadAuzzieLad
    Participant
    @auzzielad
    Join Date: 2003
    Post Count: 110

    [cap]

    Wow interesting article, good find & supply,

    Hmm can be viewed as a great opportunity for long term investing, certainly not for the short term > High unemployment, low morale, dimishing business cocktail for disaster or keen edge investor to hit while prices spiral down and hold for the up turn.[cigar]

    Interesting reading all the same

    Profile photo of pwinnepwinne
    Member
    @pwinne
    Join Date: 2006
    Post Count: 81

    Yep, one day it will climb (one can hope that Detroit will become center of the world for carbon credits [biggrin])

    Prices can be so unbelievably low that it would seem ludicrous to buy.

    I remember the days when the land beside the rural airport at Phillip Is. VIC was 5k a block and unsellable only 10 years ago.

    NOW… :)

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