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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (79545)	6/15/2007 8:18:32 AM
From: Think4Yourself	Read Replies (1) \| Respond to of 306849

re: These neighborhoods don't support the prices the small no-name builders are trying to get for their unbuilt palaces--never have and won't until ALL the tiny little very old homes get torn down. Who wants to pay $1.5 million for something wedged between--and towering above-- two 1950s one-level hovels on quarter-acre lots? I have seen the same situation, downsized, in Detroit city. Real Estate investors building $100K homes with crack houses and boarded up homes on the same street. There is also a new condo complex on Woodward (a main drag) just north of Comerica Park. It would be a good location if the area wasn't a ghetto. Suspect the buyers feel like prisoners after dark. I wouldn't feel safe going outside at night, even armed.