Again. When I've actually spoken to people that have lived in Detriot regardless of race they like the place. Granted those people were all highly educated so I don't know what the poors think. I would be much more intrested in people explaining to me why so many people like the place vs just repeating an uninformed stereotype.
Hell if there were large sell offs of property at around $100 a piece I would be looking at buying quite a bit. The future intrinsic value of this land is worth much more than that and if it takes 20 years to realize a 80+ multiple on my investment then so be it. The return would be worth the wait.
Houses have been selling for $100 a pop in Detriot for years. The market resembles the pink sheets. Plenty of low price trades but no real bargains.
I'm sure there are people who'd take a house in Detroit... people currently renting in Detroit and not looking to leave the city. Provided the costs down the line - municipal taxes, minimum repairs to keep the house from falling down - don't exceed their rent.
As, in Detroit, they probably will.
That's the real problem.