Re: Detroit suburb banks on bungalow-for-a-buck offer
The same article can be read here:
http://www.goupstate.com/article/20100212/ARTICLES/100219847The house looks like it was nice at one time. It is/was located in suburban Detroit, which is somewhat immune to the problems that plague the city proper. However, the suburbs aren't exactly thriving either, given the fact that our economy still relies almost solely on the auto industry.
I live in the city proper, in an older neighborhood that was considered "too upscale" for bungalows when it was developed. However, nearby there are many nice bungalows that can be purchased for as little as $4k (and up to maybe $80k). Unfortunately, many of these are in questionable neighborhoods, and Detroit in general varies widely from block to block. While one block might be beautiful & safe, the next might have a dozen vacant homes and/or vacant lots with rampant crime.
I personally have looked into purchasing 2 bungalows: one in an fairly nice neighborhood with Oak woodwork, and a second with mahogany woodwork in a questionable neighborhood. The house with oak woodwork got stripped of the original casement window hardware, radiators, bathroom fixtures, and new vinyl windows a couple of days before closing. Backed out of the deal and the house is back on the market. The second house has original everything, right down to the thermostat on the wall! However, I don't feel safe in that neighborhood, so it would have to be moved to a better area, or it will be surrounded by urban prairie within a decade. Unfortunately, it's going to cost far more to move the house than it's actually worth. I sometimes think it would be a good idea to move all the nice houses from the bad neighborhoods into a good neighborhood, but in reality it's just not economically feasible.