Detroit files for Bankruptcy

[CedarMeter]

Gene Simmons should buy it.

[Reaper]

Total garbage that all the retired city workers will probably lose their pensions.

"Thanks for working for us for all those years but we're keeping the paintings instead. Enjoy your carboard box."

[burn_this_city]

A judge declared Detroit's bankruptcy application to be unconstitutional.

http://money.cnn.com/2013/07/19/news...der/index.html

[valo403]

Originally Posted by burn_this_city

A judge declared Detroit's bankruptcy application to be unconstitutional.

http://money.cnn.com/2013/07/19/news...der/index.html

Circuit court judge, on a bankruptcy matter where it hasn't been established that the court even had jurisdiction as bankruptcy is a federal matter. There will be some legal battles, but this isn't going to be one of them.

[valo403]

Detroit needs a fundraiser. Have Kid Rock and Bob Seger play for a couple days on 10 story speakers you could hear for miles around? Man.

-@DadBoner

[polak]

Originally Posted by valo403

Detroit needs a fundraiser. Have Kid Rock and Bob Seger play for a couple days on 10 story speakers you could hear for miles around? Man.

-@DadBoner

Eminem could probably end this bankruptcy talk with one show.

[WhiteTiger]

Originally Posted by polak

Eminem could probably end this bankruptcy talk with one show.

Yeah, there are quite a few folks who'd probably pay to get him to shut up. ;p

[Jacks]

Originally Posted by CaptainCrunch

Or build a wall around it and put every prisoner in the States in Detoit.

Just don't let the Presdient's plane fly anywhere near the place.

I must be the only one old enough to get that reference.

[cracher]

Originally Posted by Stay Golden

I
Detroit Zoo it is just north of Downtown one the oldest Zoos in the US and the animal habitats are really well done it is well worth seeing honestly we thought it was better than the Calgary Zoo.

Glad to hear this. I haven't followed the story for a while (moved away from Detroit burbs in 2006). There were some horrific stories circulating about how the lack of funding was taking its toll on animal care there.. Almost like your standard Guzoo story but on a much larger scale. Very happy to hear that it's no longer the case.

[CedarMeter]

Originally Posted by Jacks

I must be the only one old enough to get that reference.

I get it.. Good old Snake Plissken. Kill the Duke, baby!!

[valo403]

A tie in to the hockey theme of this site, the Wings new arena project is unlikely to be impacted as the funds allocated are not from the city's general fund.

Full story here: http://www.crainsdetroit.com/article...-rail-projects

[DuffMan]

Houses starting at $100

http://www.businessinsider.com/cheap...es-2011-6?op=1

http://www.trulia.com/MI/Detroit/#/f...troit%2CMI/3_p

[JonDuke]

[dissentowner]

If you believe the city will bounce back some of these might be an interesting investment.
http://www.buzzfeed.com/summeranne/detroit-cheap-houses

[psicodude]

Originally Posted by DuffMan

Houses starting at $100

http://www.businessinsider.com/cheap...es-2011-6?op=1

http://www.trulia.com/MI/Detroit/#/f...troit%2CMI/3_p

That is crazy. I did a search on trulia for houses under $20k, and there were 1218 results!

Look at this place: http://www.trulia.com/property/31247...troit-MI-48221 That would go for $400k in pretty much any area of Calgary.

[valo403]

Originally Posted by psicodude

That is crazy. I did a search on trulia for houses under $20k, and there were 1218 results!

Look at this place: http://www.trulia.com/property/31247...troit-MI-48221 That would go for $400k in pretty much any area of Calgary.

I'm going to try to remember to follow up and see what that place goes for at auction. That's actually a pretty decent neighborhood, and not even by lowered Detroit standards. Pretty close to UDM, so there's some long term investment in the area, and a couple miles from Ferndale, which is one of the growing areas for young professionals in the metro area.

[valo403]

Originally Posted by dissentowner

If you believe the city will bounce back some of these might be an interesting investment.
http://www.buzzfeed.com/summeranne/detroit-cheap-houses

The big problem a lot of people seem to be pointing out with buying in Detroit in the hopes it will bounce back is that there are a ton of houses available, and a ton of land, so even in a great bounce back there isn't going to be that supply/demand crunch to push prices up enough to make the risk worth it.

[bizaro86]

Originally Posted by valo403

The big problem a lot of people seem to be pointing out with buying in Detroit in the hopes it will bounce back is that there are a ton of houses available, and a ton of land, so even in a great bounce back there isn't going to be that supply/demand crunch to push prices up enough to make the risk worth it.

It staying down for longer and more houses getting demolished is actually better for a RE investor there, in my opinion. Then even if there's a ton of land available houses could sell for close to replacement cost of building before new supply started to come on the market. There's no way you could build a 3000 sq foot house for anywhere close to that price, so that could appreciate significantly before someone thought it was worth building new. The market has to soak up the huge vacanct supply before any price increases can happen, but if they start getting in-migration again that's possible.

[Rathji]

Originally Posted by bizaro86

It staying down for longer and more houses getting demolished is actually better for a RE investor there, in my opinion. Then even if there's a ton of land available houses could sell for close to replacement cost of building before new supply started to come on the market. There's no way you could build a 3000 sq foot house for anywhere close to that price, so that could appreciate significantly before someone thought it was worth building new. The market has to soak up the huge vacanct supply before any price increases can happen, but if they start getting in-migration again that's possible.

Sell my house, take my equity and purchase one of those houses, pay for move, take a pay cut at work and arrange to work remotely only.

Live like a king in Detroit where no one else can get a job.

[sclitheroe]

I read a blog post recently (and I can't find the link, sorry) that said if you purchased one of these distressed sale price homes and begin renovations, you essentially have to have a guard on site at all times - install new wiring/fixtures/sink/toilets, etc, and they will be stolen overnight the day they are installed. Leave building supplies at the home, and they won't be there in the morning.

Pretty grim situation for everyone involved.

Edit: here is the link
http://www.businessinsider.com/buyin...detroit-2013-7