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

To: RockyBalboa who wrote (196872)	4/19/2009 8:36:42 AM
From: Think4Yourself	Read Replies (2) \| Respond to of 306849

I have always wondered about the people who buy those homes. I have actually seen thousands of those homes, been through the neighborhoods, and even talked to the remaining residents. I wouldn't pay a nickel for any of them and the reasons are obvious, at least to me. 1. You can't live in the neighborhood unless your life means nothing to you. There are no neighbors to watch your place, there may be drug users in nearby homes, and the police usually aren't going to come if you call. Every time you come home you will be wondering if your stuff will be there or if someone is in the house waiting for you. 2. Any money you spend on the homes is money down the toilet. You are simply helping someone out with their drug habit, or giving one of your neighbors free fixtures. 3. The taxes aren't going away but good luck getting property related services when you need them, like a fire truck when the house across the street is on fire. 4. The neighborhood is not going to "come back" in your life time. There is ZERO chance of that when houses get to this point, unless it's the only one like it in the area. You are going to need to find a greater fool when you sell. At that point you will probably realize there are no greater fools. You were at the top. I suppose if you could buy up full blocks of property you could build a gated community, and have seen that happen. You need to get ALL the properties. One holdout and you're boned. They look sort of like prisons (ringed by fence, one way in/out), and I wouldn't be willing to live in the ones I have seen built in Detroit. There is squalor all around and it's not safe to go outside the fence, especially at night. So what ARE the buyers thinking? Maybe it's "Wow, for $3000 I can't go wrong." Like heck they can't. They would be far better off spending that $3000 on lottery tickets.