Buying an old building- urban economics

[reddog289]

I told my "Oldest Daughter" one time."If you 2 girls were outta school , I'd live in Detroit". But from the discription of the Virginia Park Mansion, It could be my house in the burbs.

[Ocean2026]

thanks -the responses have been informed and logical. My mind is quite open and the situation would have to be perfect. I'm used to big city crime but statistically Detroit is really the worst and it may be more than I'd feel comfortable with. Of course reading about the two college kids shot and killed at Wayne St last night [[ a better than avg area), is not very appealing but if I could just blow it off as a rare incident it would be easier. Remember my decision would also -at least in part -be based on whether my friend is accepted to the U Michigan phd program-she's lived all over the world but not Detroit.

Like anything else monetary its a risk-reward situation. That Book building once went for over a million and it wasn't long ago. If it really needs that much work then it would have to sell for less.

Part of my premise is that by late summer or fall - Detroit prices will have dropped ever further and that those making any offers at all on these houses will be few and far between. At some point - people like me may move into Detroit because of the cheap housing [[ the tax system needs to be adjusted though) ----Crazy people like me.

Thanks for all the responses!

[Prodigal_Son]

You could blow it off as an rare incident or you could research that it happened well off campus to two Wayne State students. Have you visited Detroit outside of Google? Just asking....

-Vin

A bit harsh, perhaps. But I think most Detroiters would agree with me when I say that most people who get seriously injured or killed by crime in the city either a) were involved in crime themselves, or b) have close friends/relatives that are involved in crime. There aren't many random shootings, whatever the national magazines or television programs say.

[Ocean2026]

I only visited once - it was years ago during a summer. Didn't wander too much as I didn't have an interest in old buildings. Saw Tiger Stadium - almost went to a game and the bridge -river area.

The murders last night are anecdotal evidence- it could happen everywhere. From the story [[for what that's worth) they were doing nothing wrong -just a failed robbery. The combination of published stats and the stories do have an effect. In the threads about neighborhoods, safe/unsafe areas I hear defenses like "I visited there and it was ok, the only places I was ever mugged were X and Y safer areas" Once again a couple of years ago I wandered the worst areas of Buffalo and Pittsburgh- after being warned by locals to stay away. My experiences were positive people who may have started off a bit hostile "Can I help you?" usually were ok with answering questions about the building or block I was looking at.

Anyway meanwhile I gather information and try to provide insight and perspective on what might be a good ideas for Detroit.