No, not $48,000 a piece- that’s the total price for all of them.
Who knows how good a deal it is, I’ve seen some scary properties in some of these towns. You’ve got to admit though, that’s pretty cheap. From the Dayton, OH Craigslist:
A Samll [Sic] REO package available with properties in the following locations:
Cleveland – 7
Columbus – 4
Dayton – 3
Springfield – 1
Mansfield – 1That’s $3,000 / Property!!
I wonder what these properties will be going for next year?
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a few weeks ago i went to realtor.com just for the heck of it and searched “detroit-$1 to $500.” don’t recall how many properties came up, but it was a bunch!!!
I’ve only been to Ohio once, to the
CracktownYoungstown area. Any price paid for a home would be too much. I just remember being struck by how there weren’t any gas stations – it was almost as if the town itself knew you should not get out of your car. The main street was basically: bail bond store, dollar store, paycheck advance store, adult video store, repeat (priorities, right?). A large part of the town appeared to be a scrap yard.I’m sure there are nice areas of Ohio, but sorry, I’m no longer interested in finding them =)
Igor says enraged. I think he’s overreacting a bit.
Surely at some point as the prices fall, buyers will be tempted back into the market?
linenoise,
are you sure you weren’t in south phoenix? lol
Random9,
Of course there will be a return to the market, we all need shelter and shelter is on the second line of our hierarchy of needs.
There will be some great deals shake out of this mess for those who are employed and able to buy, as market forces temporarily trump actual replacement costs; by a lot!
Some areas however will not recover in our lifetime as the job base that supports housing at any level will continue to decline. Detroit comes to mind.
Linenoise-
I spent six years in Ohio. I liked how affordable the housing was, and the cost of living. I liked knowing everyone on the street and how pretty it was in the summer. It was however, a little too cold for an old Arizona girl like me.
I didn’t see an ice scraper until I was 18 years old, and if I didn’t see another one for the rest of my life, I’m OK with that. : )
MtnMike-
I’m not sure about Detroit. If we ever come to the conclusion that we need to produce products in this country to make a living, some of the old manufacturing towns may make a bit of a comeback.
It’s some of the sunbelt towns that may never be the same.