Bargain mansions in Palmer Woods

**p69rrh51** · January-23-13, 11:23 AM

Originally Posted by davewindsor

Post #14. P69... said that the mansion that sold for $700K would cost between $10m-$15m to build and therefore it's a bargain. Calling it a bargain is implying that it should have sold for at least $10m [[his grossly over estimated replacement cost).

My contention is that it sold for $700K because that's what it's worth, not because it was a bargain. U dig?

Cluelessinwindsor its the insurance replacement on the house, and yes if that particular house was built to its original specs it would cost between 10-15 million dollars! Since you are are such a clueless moron show me how you would build that house for under $700k with the EXACT MATERIALS originally used? I doubt you know what a pencil is let alone how to add up the figures!

**bailey** · January-23-13, 11:31 AM

Originally Posted by davewindsor

Post #14. P69... said that the mansion that sold for $700K would cost between $10m-$15m to build and therefore it's a bargain. Calling it a bargain is implying that it should have sold for at least $10m [[his grossly over estimated replacement cost).

My contention is that it sold for $700K because that's what it's worth, not because it was a bargain. U dig?

How do you "replace" items that are no longer made or reproduce processes that are no longer taught or replace homes built by famous/important figures long dead? is 10 -15MM inflated? that is up to the actuaries.

But to your greater point, a "bargain" is in the eye of the beholder. If all things are equal, then the like vintage and like sized homes in Palmer Woods ARE a bargain versus those elsewhere. THAT is the point for the people living there and living in them, being in Detroit is NOT a value killer. To them it IS a bargain. Why are you not grasping this?

**davewindsor** · January-23-13, 11:34 AM

Originally Posted by p69rrh51

Cluelessinwindsor its the insurance replacement on the house, and yes if that particular house was built to its original specs it would cost between 10-15 million dollars! Since you are are such a clueless moron show me how you would build that house for under $700k with the EXACT MATERIALS originally used? I doubt you know what a pencil is let alone how to add up the figures!

An insurance company would never pay $10-15m if it burned down. The adjustor would end up settling the matter for a lot less.

I've been in the rehab business for over 17 years so I'm not even gonna answer such a moronic response from someone who sounds so clueless.

**davewindsor** · January-23-13, 11:38 AM

Originally Posted by bailey

How do you "replace" items that are no longer made or reproduce processes that are no longer taught or replace homes built by famous/important figures long dead? is 10 -15MM inflated? that is up to the actuaries.

But to your greater point, a "bargain" is in the eye of the beholder. If all things are equal, then the like vintage and like sized homes in Palmer Woods ARE a bargain versus those elsewhere. THAT is the point for the people living there and living in them, being in Detroit is NOT a value killer. To them it IS a bargain. Why are you not grasping this?

They are here because they like the house and it makes sense for them and they are carrying out their purpose in life, not because it's a bargain priced house. If people moved to cities because of bargain priced houses, there wouldn't be such an exodus out of Detroit with over a hundred thousand boarded up houses. Why are you NOT grasping this?!

**p69rrh51** · January-23-13, 11:40 AM

Originally Posted by davewindsor

An insurance company would never pay $10-15m if it burned down. The adjustor would end up settling the matter for a lot less.

I've been in the rehab business for over 17 years so I'm not even gonna answer such a moronic response from someone who sounds so clueless.

Actually in Detroit they won't write any policy. If you have been in rehab for so long you should know the figures then. What can't back up your big mouth? Time put me in my place or go away!

**noise** · January-23-13, 11:52 AM

Originally Posted by p69rrh51

Interesting how much money has your real estate made in the 4-5 years? Anyone who buys real estate thinking they are going to make money is just plain stupid. Yes there are those who make some money flipping properties quickly but from a long term investment real estate is a joke in REAL money terms. But then if you want to live in a hovel be my guest I will be quite comfortable in my palace! Last you cannot take it with you so you might as well enjoy it while you are here. I am on to more interesting discussions and will miss the last word you will have to put bore us with.

He's not boring me anymore than you are. You could probably make your unimportant point of view without the hostility. I know you're big on telling everyone that you know more than they do, but it would better serve you to prove it. Or at least do it artfully.

**davewindsor** · January-23-13, 11:52 AM

Originally Posted by p69rrh51

Actually in Detroit they won't write any policy. If you have been in rehab for so long you should know the figures then. What can't back up your big mouth? Time put me in my place or go away!

I could break it down, but you're not worth it so all you get is a ballpark figure.

**davewindsor** · January-23-13, 11:55 AM

Originally Posted by noise

He's not boring me anymore than you are. You could probably make your unimportant point of view without the hostility. I know you're big on telling everyone that you know more than they do, but it would better serve you to prove it. Or at least do it artfully.

If it's boring you, why read it? I not gonna dignify your answer with a further response.

**p69rrh51** · January-23-13, 11:58 AM

Originally Posted by davewindsor

They are here because they like the house and it makes sense for them and they are carrying out their purpose in life, not because it's a bargain priced house. If people moved to cities because of bargain priced houses, there wouldn't be such an exodus out of Detroit with over a hundred thousand boarded up houses. Why are you NOT grasping this?!

Not all of Detroit is under mass exodus! Since you are clueless and have not looked there are very few homes for sale/abandoned in most of the historic districts and most of the the abandoned homes are in Boston-Edison. PW and IV do not have any boarded up homes and there is no exodus from those two districts, in fact many homes have been purchased sight unseen lately. Oh and last I have been involved in rehabbing homes for over 35 years and find your cluelessness mind boggling.

**noise** · January-23-13, 12:01 PM

Originally Posted by davewindsor

If it's boring you, why read it? I not gonna dignify your answer with a further response.

I was replying to p69rrh51, which is why I quoted him. I was actually defending your posts, making your reply amusing. Furthermore, I never said it was boring me.

But with that said, I'll let this clash of the intellectual titans continue unabated.

**p69rrh51** · January-23-13, 12:03 PM

Originally Posted by noise

I was replying to p69rrh51, which is why I quoted him. I was actually defending your posts, making your reply amusing. Furthermore, I never said it was boring me.

Noise you are correct but every so often you have to vent, but its interesting that he did not have a clue about it!

**davewindsor** · January-23-13, 12:10 PM

Originally Posted by p69rrh51

Not all of Detroit is under mass exodus! Since you are clueless and have not looked there are very few homes for sale/abandoned in most of the historic districts and most of the the abandoned homes are in Boston-Edison. PW and IV do not have any boarded up homes and there is no exodus from those two districts, in fact many homes have been purchased sight unseen lately. Oh and last I have been involved in rehabbing homes for over 35 years and find your cluelessness mind boggling.

You haven't seen one while Serpico just posted a picture he took of a boarded up home in Palmer Woods in post 44, so it sounds like you're absolutely clueless. Sight unseen. Sure. $700K homes are selling like hotcakes in Detroit sight unseen. Right... Just like over half the apartment buildings in the Palmer Park historic district aren't boarded up because Detroit never lost two thirds of it's population in the past half century. You're clueless.

And you've been involved in rehabbing homes for over 35 years? How? By buying a single share in an REIT so you can say that?

**p69rrh51** · January-23-13, 12:22 PM

Originally Posted by davewindsor

You haven't seen one while Serpico just posted a picture he took of a boarded up home in Palmer Woods in post 44, so it sounds like you're absolutely clueless. Sight unseen. Sure. $700K homes are selling like hotcakes in Detroit sight unseen. Right... Just like over half the apartment buildings in the Palmer Park historic district aren't boarded up because Detroit never lost two thirds of it's population in the past half century. You're clueless.

And you've been involved in rehabbing homes for over 35 years? How? By buying a single share in an REIT so you can say that?

That home was not boarded up because it was abandoned its boarded up because it was in a fire and the insurance company is trying to sell it. Get your facts straight!
No REIT here just hard work!

**davewindsor** · January-23-13, 12:26 PM

Originally Posted by p69rrh51

That home was not boarded up because it was abandoned its boarded up because it was in a fire and the insurance company is trying to sell it. Get your facts straight!

Ya, just like they are trying to sell the other hundred thousand boarded up and burned out houses in this city. You've got a small pocket of good houses surrounded by a warzone. Real value there.

**p69rrh51** · January-23-13, 12:31 PM

Originally Posted by davewindsor

Ya, just like they are trying to sell the other hundred thousand boarded up and burned out houses in this city. You've got a small pocket of good houses surrounded by a warzone. Real value there.

Well the prices keep going up in PW! Most likely that home will be razed[[even though it was designed and built by William Kuni its not one of the better homes in PW). And what warzone, to the east is open land to the north are cemeteries, to the south is a park/Detroit Golf Club, and to the west is another well kept neighborhood. If you look at the crimes per thousand in PW its comparable to most suburbs.

**bailey** · January-23-13, 01:10 PM

Originally Posted by davewindsor

Ya, just like they are trying to sell the other hundred thousand boarded up and burned out houses in this city. You've got a small pocket of good houses surrounded by a warzone. Real value there.

To the people that live there... yes, there is real value there whether you see it or not. Which is what makes it a "bargain" for them.

**p69rrh51** · January-23-13, 01:14 PM

Originally Posted by bailey

To the people that live there... yes, there is real value there whether you see it or not. Which is what makes it a "bargain" for them.

When its all said and done that is the jist of the original article!!

**Danny** · January-23-13, 02:16 PM

Beautiful mansions in Palmer Woods reduce to cheap 'ready to squat' drug dens and low-income folks!

**Strathcona** · January-23-13, 03:31 PM

I wish I didn't read this thread. It is making me anxious and uncomfortable hearing the thoughts of some of the individuals on this board.

**Honky Tonk** · January-23-13, 03:32 PM

Originally Posted by Strathcona

I wish I didn't read this thread. It is making me anxious and uncomfortable hearing the thoughts of some of the individuals on this board.

You know, we can hear your thoughts too.

**davewindsor** · January-23-13, 05:31 PM

Originally Posted by p69rrh51

And what warzone, to the east is open land to the north are cemeteries, to the south is a park/Detroit Golf Club, and to the west is another well kept neighborhood. If you look at the crimes per thousand in PW its comparable to most suburbs.

WOW! And you have the nerve to call me clueless. Do you bother to read some of the other threads on this forum?? To the east, you have an area south of the Michigan State fairgrounds known as Little Beruit. Several weeks ago, there was a thread were a woman grew up there and said it was the worst ghetto in the city. Lots of burned out houses, crack dealers and hookers constantly running in and out of there. Just look on google maps. http://wikimapia.org/19012569/State-Fair-Northend. To the south, you have the Detroit Golf Club and Palmer Park and to the south of that is the Palmer Park Historic district which have half the apartment buildings boarded up [[as I stated earlier). Some of them are still standing after being burned out. Crack heads and homeless people just love going in and out of them. Going towards the University district is pretty bad. There were threads on here about a common tradition down there called pump and dump where a group of hoods would steal your rims and wheels in under a minute from a parked car beside your house and there was a news report of a guy posted on here who bought a house and was moving out because his new car was pumped and dumped in the same month. I can go on and on about news reports on here.

As for Palmer Woods itself. Everybody in that neighbourhood has to pay a $495 association fee to pay a security guard to ride around the neighbourhood all day to keep the crime rate down. Yet, the violent crime rate in Palmer Woods is still double the Michigan average. What suburb are you comparing it to? A trailer park in Warren? "The estimated Palmer Woods violent crime rate is 60% lower than the Detroit average and and the Detroit violent crime rate is 491% higher than the Michigan average."
http://www.areavibes.com/detroit-mi/palmer+woods/crime/

There are so many threads on here. You must be clueless. I'm not even gonna bother posting about more threads on here about Detroit's crime problems. It's a waste of my time. Just read them yourself.

Originally Posted by bailey

To the people that live there... yes, there is real value there whether you see it or not. Which is what makes it a "bargain" for them.

Just because you "value" something doesn't make it a "bargain". Some people "value" seeing a live baseball game at Comerica Park and overpaying for a ticket from a scalper. It doesn't make it a bargain. Value is your appreciation for something. These houses are not a bargain.

**bailey** · January-23-13, 05:42 PM

Originally Posted by davewindsor

Just because you "value" something doesn't make it a "bargain". Some people "value" seeing a live baseball game at Comerica Park and overpaying for a ticket from a scalper. It doesn't make it a bargain. Value is your appreciation for something. These houses are not a bargain.

Jesus fucking christ... for the last time, it doesn't matter what you think they are "worth", the people that are drawn to these homes and neighborhoods "value" this type of home's characteristics and they can get the homes in Detroit for less money than they could in any of the suburbs around here with homes of similar vintage and pedigree...ergo, IT'S A BARGAIN TO THEM.

The same way it would be a "bargain" for the guy in your example to pay 100 bucks less than he was willing to for the tickets. Is it more than face value? yes. Is it more than you would pay? clearly...because you are apparently a miserly old crotch. but, holy shit, why is this a difficult concept for you to grasp? what is a "bargain" and what has "value" is subjective. That is the sole and only point here.

what a waste of a thread.

**davewindsor** · January-23-13, 05:45 PM

Originally Posted by bailey

Jesus fucking christ... for the last time, it doesn't matter what you think they are "worth", the people that are drawn to these home and neighborhoods "value" this type of home's characteristics and they can get the homes in Detroit for less money than they likely can be had in any of the suburbs with homes of similar vintage...ergo, IT'S A BARGAIN TO THEM.

The same way it would be a "bargain" for the guy in your example to pay 100 bucks less than he was willing to for the tickets. Is it more than you would pay? clearly...because you are are apparently miserly old crotch. but, holy shit, why is this a difficult concept for you to grasp? what is a "bargain" and what has "value" is subjective. That is the sole and only point here.

what a waste of a thread.

It's still not a bargain. You may pay less for housing because the land is cheaper, but you're disposable income is also less after paying higher taxes, insurance, deducting your loss from theft, settling for a lower salary than a more prosperous city, etc.

**bailey** · January-23-13, 05:51 PM

Originally Posted by davewindsor

It's still not a bargain. You may pay less for housing because the land is cheaper, but you're disposable income is also less after paying higher taxes, insurance, deducting your loss from theft, settling for a lower salary than a more prosperous city, etc.

omfg. "subjective" ... go look it up, attempt to understand how it would be used in this context. I'm done responding to your willful and aggressive ignorance.

**davewindsor** · January-23-13, 05:55 PM

Originally Posted by bailey

omfg. "subjective" ... go look it up, attempt to understand how it would be used in this context. I'm done responding to your willful and aggressive ignorance.

OMG if you pay market price for something sold on the "open market", it's not a bargain. You're taking "subjective" to a delusional level.