Wednesday, August 13, 2008

Can I borrow a buck?

All I need is a dollar. Really. If you can spare me a $20 until payday, that'd be even better. That way, instead of one house in Detroit, I could buy 20.

Right, so I'm being (only slightly) facetious. Twenty houses might cost me a
little more than $20. However, if you search the Detroit real estate listings these days, you'd be surprised at how much house you can get for your money. If you don't believe me, check out today's Detroit News.

Not that you would be able to inhabit your house, or houses, once you bought it. But that's besides the point: I remember recently reading about the homes in Brightmoor, a Detroit neighborhood where, back in the day, you put something like $500 down and were then responsible for a small monthly payment, no doubt for years on end.

I recently saw a house in Brightmoor listed for $500. Total. Which makes Detroit one of the few places in the world, no doubt, where house prices are lower than they were in the early part of the 20th century.

Not sure how to follow that thought up.

1 comment:

Allan said...

A friend of mine just bought a 3 bedroom house for investment purposes for $3500. It needs new paint and new carpet and it's ready for occupancy! It is in a solid neighborhood...I still can't believe it!