China's Newest City: We Call it 'Detroit'

[mikeg19]

Obviously investors are a great thing, especially international. The problem is that there are rumblings about brokers in Detroit being contacted and are being told "I'm looking for 100, 200, 300 properties." Save for maybe a few international investors, these guys are looking for property to sit on and make a few bucks. I doubt someone looking to acquire 100 scattered properties is interested in rehab. That's the scary part of this IMO...

[WaCoTS]

I doubt someone looking to acquire 100 scattered properties is interested in rehab. That's the scary part of this IMO...

yeah, im thinking theyre just doing this as an "investment"...
http://www.nbcnews.com/id/29162036/#.UqesUhyYN1Y
^^old article, but it shows that this has been going on for awhile, all across the US to take advantage of our depressed economy.

get ready for the new era of detroit real estate speculation. if you thought it was bad for the past ten, 20 yrs, guess what. we live in someone's hedge fund now.

the last thing we need right now is more properties held captive by absentee owners, waiting for their value to go up.

the value will never go up if half the fucking city is held by overseas goombas who will never fix up or even see the properties! would be nice if some of them are rented/leased out. because you can fine the property owners for blight, but if said owner is a Chinese millionaire, wtf does he care about a couple tickets?

now, if they want to actually move in here, and live, and set up chinese communities, thats a totally different story. legal immigrants have always been one of the main strengths of this nation, because they arent lazy spoiled & jaded like us 4th, or even 10th-generation natives.

time will tell how this plays out, but its lookin pretty surreal to me.