The Dark Side of Buying Properties For Speculative Purposes

**emu steve** · November-03-15, 06:22 AM

Or trying to turn a quick buck buying foreclosed properties...

http://www.freep.com/story/news/loca...roit/73600778/

and I quote the article:

Tradin Places' owner Wendy Briggs acknowledged she has "some blighted properties" in Detroit -- the result of an ill-advised attempt to buy more than 400 properties at the foreclosure auction and sell them at a profit.
"I bit off more than I could chew in Detroit," Briggs told the Free Press. "It's been an incredible, horrible ride for me."

**Richard** · November-03-15, 10:22 AM

Seems like somebody was watching to many get rich in real estate late night t.v.

400 properties and did not realize they were in over their head ? Due diligence much?

The other name that is synonymous with demolition by neglect just keeps popping up,over and over.

**Hypestyles** · November-03-15, 10:54 AM

At least some of these folks are being identified and contacted. So many of these folks are just plain anonymous. It’s a horrible legacy being left for neighborhood residents, who don’t have the power to seize and either repurpose or demolish these properties on their own.

**Shai_Hulud** · November-03-15, 11:48 AM

Who's going to buy the Mammoth shopping center on Greenfield? Who's going to redevelop Lee Plaza? I have very little sympathy for these speculators. They were looking to find a sucker and they did.

**Detroitdave** · November-03-15, 01:17 PM

Originally Posted by Shai_Hulud

Who's going to buy the Mammoth shopping center on Greenfield? Who's going to redevelop Lee Plaza? I have very little sympathy for these speculators. They were looking to find a sucker and they did.

The Lee Plaza is already spoken for and I think they are closing soon. So something should be happening at Lee Plaza soon .

**hybridy** · November-03-15, 02:32 PM

Originally Posted by Detroitdave

The Lee Plaza is already spoken for and I think they are closing soon. So something should be happening at Lee Plaza soon .

frankly...why? its not near to anything and prohibitively expensive to rehab without hefty subsidies...

**softailrider** · November-03-15, 03:10 PM

Originally Posted by hybridy

frankly...why? its not near to anything and prohibitively expensive to rehab without hefty subsidies...

Near the hospital. Maybe they'll rent to MD's.

**Bham1982** · November-03-15, 03:42 PM

Originally Posted by hybridy

frankly...why? its not near to anything and prohibitively expensive to rehab without hefty subsidies...

That never stopped anyone before. Even Lee Plaza can be renovated if you use 100k in taxpayer money per unit, and have the public absorb the subsequent developer losses.

Then everyone can brag how Detroit is being further revitalized. Heck, you don't even need tenants. Probably easier for everyone to just renovate the building, have a ribbon-cutting, and then seal the building up again.

**Zacha341** · November-03-15, 05:00 PM

^^^ It's not CLOSE enough to the hospital [[Henry Ford), and it's in a somewhat rough area [[Linwood, Ferry Pk, east of Grandriver and Joy Road, 48208-48206).

Not close enough to Midtown to benefit from that growth. Right now it's just too expensive to tear down. That's why Lee Plaza remains standing.

Originally Posted by softailrider

Near the hospital. Maybe they'll rent to MD's.

**Zacha341** · November-03-15, 05:10 PM

Per the article: "I bit off more than I could chew in Detroit," Briggs told the Free Press. "It's been an incredible, horrible ride for me."...

Really? Sounds like someone fell for the back-end, quick-get-rich scam and it fell thru. Fast!

Some of these folk were are the front-end handing out the sub-prime mortgage scams which in part is the reason so many homes and properties are abandoned and blighted.