...along with other buildings. Pretty soon Dan will own as much of Cleveland as Detroit. Okay, not quite, but he is heavily invested there.
https://ca.news.yahoo.com/amphtml/be...230839356.html
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...along with other buildings. Pretty soon Dan will own as much of Cleveland as Detroit. Okay, not quite, but he is heavily invested there.
https://ca.news.yahoo.com/amphtml/be...230839356.html
It’s cheap to buy because nobody is tripping over themselves to move to Cleveland there is still money to be made in an oasis or creating one.
Take that same amount of investment and it will only get you one or two buildings in places like Miami or Cali or NYC.
30m for 95 residential units in Miami,he bought 1/2 of the city of Detroit for less then that at the time,Cleveland or most rust belt cities are the same.
Philadelphia has its problems but you are not going to be buying like he was in Detroit or Cleveland.
Toronto,Montreal or Ontario seems like a house costs more then skyscrapers in Detroit were.
Penobscot sold for 5 million that’s less then a penthouse suite.
But when you look at places like Philadelphia,you can go from run down duck n cover ghettos to multi million dollar residential in a matter of blocks so given enough time,it becomes plausible,he is not going to lose.
In Detroit he bought at the right time and thanks to the taxpayers he bought for $1 per building.
But then again I remember when you could do the same in Minneapolis.
Dan Gilbert has the magic touch. He single handedly brought downtown Detroit back to life and brought life to a deserted downtown Windsor when he bought the Old Fish Market and turned it into the Canadian HQ of Rocket Mortgage.
He did what the taxpayers paid him and are paying to do.
In theory they hired him and his reward is in increased value to the properties,it could have easily went the other way like it has for decades in the past.
I do not think anybody single-handedly brought Detroit back or made the progress,there are also many taxpayers doing their part,there was investors that took risk in the city long before him.
Who is to say had anyone of them been given a $200m + slush fund they could not have achieved the same results?
It really does not take a magic touch,just excess to a really big pile of cash.
Detroit's Greektown isn't the only place that is having crime issues...
Gunman at large after shooting 9 people in Cleveland's historic Warehouse District [[msn.com)
Moral of the story - Don't be anywhere near these places at closing time. Better yet, after about 10:00 pm.Quote:
Originally Posted by Gistok
It used to be high crimes rates were a deterrent to places like Cleveland and Detroit which drove down prices,but anymore crime is everywhere,even in once crime free small town U.S.A,so the shift is changing as to how it is prioritized.Quote:
Originally Posted by Gistok
The saying - Nothing good happens after dark - has been around long before you or I.Quote:
Originally Posted by 401don
I remember when they used to start the nightly news with - It’s 10pm do you know where your children are?
I live close to a casino and people get jacked in their highly secured parking garage day or night,or they are watched and followed home and jacked if they win.
Strangely enough the casino provides escorts to your car if you win but people do not ask for it and get jacked.