A two bedroom home goes for 12,000 dollars. "But" the same type of home across 8 mile (In Eastpointe) goes for 135,000 dollars. Why?
2007-06-18 10:48:55 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Hey Erudite, That's how it goes in the real estate business. I can sale you a house for $3,000.00 or $120,000 on the same street near Woodard / 7 Mile Rd. ( Detroit )
It's like any business Supply and Demand dictates a value of a product.
Have fun!
www.CurbSideInfo.com
2007-06-18 16:35:13 · answer #1 · answered by realestatemichigan 3 · 1⤊ 0⤋
I think in real estate its because of location, location and location. It may be an area that is not too safe or rundown because its in downtown Detroit. They are trying to revive it, but its taking time.
2007-06-18 17:51:41 · answer #2 · answered by Stareyes 5 · 1⤊ 0⤋
Location, location, location. (If you didn't catch that, it's location). Of course, condition of the property is also a factor. However, if the sales prices are $12,000 and you toss $50K into the property to get it into shape, my guess is you will have a market value of $65,000. Why ? Location.
2007-06-18 18:01:25 · answer #3 · answered by acermill 7 · 1⤊ 1⤋
Did you ever see the movie 8 mile? Its on the wrong side of the tracks.
2007-06-18 17:53:27 · answer #4 · answered by takeashot30 4 · 1⤊ 1⤋
A lot of thing go into that price, is it forclosed on, the area, the condishion, the high taxes of dertoit, ect..
If you need I work in the Dertoit area.
2007-06-18 17:52:56 · answer #5 · answered by s_uperdave 3 · 1⤊ 0⤋
Look around. Who wants to live in Detroit? The houses are cheap because no one wants to live there.
2007-06-18 17:53:39 · answer #6 · answered by Truth is elusive 7 · 1⤊ 1⤋
no home that is sound structurally and up to code will sell for $12,000. Unless its some kind of rare foreclosure deal.
2007-06-18 17:53:01 · answer #7 · answered by Anonymous · 0⤊ 2⤋