No argument, but my statement was shorthand for "supply exceeds demand for good reason", since "supply exceeds demand" is usually the same as "prices are low".
Now, it could be that there's just too few people in Detroit for the property, but from other stories, it would appear that these low cost houses may come without wiring or piping, that having been stolen to sell as scrap or the like, and other forms of vandalism seem likely, too. I'm not saying that there aren't some that are worth it; I'm considering buying a house or two at these prices, myself. :)
I think the bigger issue is crime. No price is a good deal if you get shot. And you can't rent out a house for any decent amount if the tenants could just buy the house next door for $7500 (and then get shot for it).
I've heard similar things happened in East Boston during the '91 real estate bust. It had been a recently gentrifying area, but when the economy fell, the yuppies moved out, property values fell, and the crime moved in. That made house prices fall farther, so that by the end of the bust, condos that had been selling for $200k were going for $40k.
No argument, but my statement was shorthand for "supply exceeds demand for good reason", since "supply exceeds demand" is usually the same as "prices are low".
Now, it could be that there's just too few people in Detroit for the property, but from other stories, it would appear that these low cost houses may come without wiring or piping, that having been stolen to sell as scrap or the like, and other forms of vandalism seem likely, too. I'm not saying that there aren't some that are worth it; I'm considering buying a house or two at these prices, myself. :)