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| Home Front Economy |
| Detroit's Average Home Price is under $19,000 |
| 2009-03-05 |
| There are 15 candidates for the Feb. 24 special mayoral election necessitated by the conviction of Kwame Kilpatrick for trying to cover up an affair with a former top aide. "There are some good candidates -- I've never seen a field as broad and deep," said Steve Tobocman, who represents a Detroit district in the state legislature. "That being said, I don't think there's a concrete vision on how to deal with the real challenges." For example About 44,000 of the 67,000 homes that have gone into foreclosure since 2005 remain empty, and it costs about $10,000 to demolish each vacant house, according to Planning and Development Department director Doug Diggs. Overall, the residential real estate market is catastrophic, with the Detroit Board of Realtors now pegging the average price of a home in the city at $18,513. Some owners can't find buyers at any price. Recent Mayors January 1, 1974-January 3, 1994 Coleman Young- D January 3, 1994-January 4, 2002 Dennis Archer- D January 4, 2002-September 18, 2008 Kwame Kilpatrick - D |
| Posted by:mhw |
| #16 Prices in Detroit are then too high. True value is negative, i.e. cost of demolition & paperwork. Much of Detroit is bulldozer-ready. Wait until they pay you enough to justify the cost of demolition with something left over. |
| Posted by: Anguper Hupomosing9418 2009-03-05 23:28 |
| #15 A stim project as an alternative storage site to Yucca? :) |
| Posted by: Procopius2k 2009-03-05 19:56 |
| #14 Ummm, I pay a land tax every year, the county gets it. |
| Posted by: Redneck Jim 2009-03-05 19:55 |
| #13 Like i've said before. Time for a land value tax. |
| Posted by: Bright Pebbles the flatulent 2009-03-05 19:10 |
| #12 It'd give the unemployed who still live there something to do. You're missing the point. Most of these folks don't want to do anything. Like other indigents around the country, they probably get housing, cash and food stamp benefits worth about $800 each. |
| Posted by: Zhang Fei 2009-03-05 18:21 |
| #11 i wouldn't live there if tey where free |
| Posted by: rabid whitetail 2009-03-05 14:28 |
| #10 "Planning and Development Department director Doug Diggs" YJCMTSU! |
| Posted by: no mo uro 2009-03-05 13:44 |
| #9 No demand for the houses or the land Tipper, and there could be back-taxes to be paid as well. No one wants to live there. Selling property near Chernobyl would prove more lucrative than Detroit. |
| Posted by: Besoeker 2009-03-05 13:08 |
| #8 Besoeker, are you saying they should remove all those empty structures and start planting sweet potatoes in Detroit? Might be a good idea. When a city stops working, condemn it, disincorporate it, tear it down and convert it to farm land. It'd give the unemployed who still live there something to do. New Orleans might be another good candidate for that kind of a program. |
| Posted by: Ebbang Uluque6305 2009-03-05 13:03 |
| #7 The intrinsic value is whatever your life insurance policy pays out. Be sure to get the double indemnity clause for unnatural death. |
| Posted by: ed 2009-03-05 13:02 |
| #6 $10,000 to demolish each vacant house Just browsing through Detroit real estate. Surely the underlying land values have to be multiples of these prices, or am I missing something from a down under perspective? |
| Posted by: tipper 2009-03-05 12:57 |
| #5 Are they counting empty lots and ruins? |
| Posted by: Mitch H. 2009-03-05 11:54 |
| #4 As Broadhead6 mentioned, Dennis Archer was a decent guy, quite unlike his predecessor Coleman Young. He doesn't deserved to be lumped in together with those other two crooks. |
| Posted by: SteveS 2009-03-05 11:53 |
| #3 no worries Detroit. Give Obama a few more months and 19,000 will be right in line with the National Average. |
| Posted by: airandee 2009-03-05 11:19 |
| #2 Urban sprawl not working? Consider an alternative. |
| Posted by: Besoeker 2009-03-05 10:26 |
| #1 Archer actually tried to do good. The bigger problem is the inept and corrupt detroit city council. Almost every major shit-bag city in this country is democrat led. |
| Posted by: Andy Ulusoque aka Broadhead6 2009-03-05 10:18 |