Why Are Homes Selling For These (High) Prices?

I thought the city was in trouble. Who can afford $150,000 - $200,000 ?

http://www.trulia.com/property/10778...troit-MI-48202


Scroll down and see the surrounding area prices.

The homes are for sale. The ad doesn't state it sold for that price. Perhaps the location of this home is better than others homes listed.

Like I said, scroll down. It shows a number of listings SOLD for those prices.

I don't see the SOLD list, but this location and the quality construction are why the price is so high:

428 East Ferry -- Live Within Walking Distance Of Wsu, Ccs, Dia, Restaurants, Entertainment And Culture.

Meddle, have you ever heard of the "Mansions on Ferry Ave."? They range in size up to 15,000 sq. ft. just a block north of the DIA and the College for Creative Studies. Nice area...

This is mansion infill.... ;)

The condo in question has already been sitting on the market for 341 days.

This is in the very fine print and the bottom, the list price is "136% higher than the average sales price of $74,127 for Detroit."

the average sales price of a home in detroit right now is 10% of what they are quoting... around $7,500.......

Are buyers for that type of a house entitled to the 60000$ grant like the Gardenview Estates?
In any case it would be nice if someone had the sense to put a moratorium on new residential building in the city, inventory the quality unused vacant buildings, consolidate and appropriate funds according to merit for rehabilitation instead.

If a master plan of villages that the city and AIA are envisaging leads to this kind of renovation, it will be money well spent because disused buildings are going to decay, and are expensive to upkeep, so why give permits for new builders? Are the contractors heavily financed by the state?

The plan should concentrate on helping businesses setting up on the main thoroughfares, such as Woodward where the streetrail will provide increased circulation [[vitality). Increased security in these areas might be provided by an unarmed patrols to keep vigil and increased camera surveillance and be less expensive than police per se. I know the city has a lot on its hands but it should stop developments that diverts funding from rehab toward new stuff in this economy.

More energy needs to be spent on planning with help from the feds. If little investment is foreseen in the short to medium term, then now is the time to get going on what Detroit will be like in 30-50 years.

Thanks for those original ideas Canuck. That house is no where near Woodward and it's obviously lacking in maintenance. Let's tear it down.