This forum is basically for Italian real estate issues so excuse me... Last night, I watched a real estate documentary on the city of Detroit housing market. We all know it suffered economically as the big car manufacturing industry took a nose dive and many people lost their jobs. Well! A group of artists went into a suburb of Detroit and began purchasing foreclosure homes. Unbelievable, they were purchasing homes that were once worth 250,000 now selling at an average price of…..7,900 Dollars. Yes...Seven thousand nine hundred dollars!!! These artists all began renovating the homes they purchased in the Detroit suburbs. I have been to Detroit several times on business trips as it is only a 5 hour drive over the border from Toronto Canada. Like most major cities it has bad ugly sections and its good sections. The suburbs of Detroit are very pretty especially near the great lakes.
As a Broker & Land Developer, I believe they will be successful with their low risk investments. “Homes selling less than a used car” ! Developers are successful when they can create communities and not just build a pile of homes. In the video the buyer “Artist” explains his strategy which is the right approach in turning a slum neighborhood into a viable one. “Multi Cultural Community Concept” this works in America.
http://www.cnn.com/video/?iref=videoglobal
Looking at other research videos with respect to the Detroit housing market many of these homes required an inexpensive mild facelift “Botox” and not the high cost of plastic surgery. Americans for example who are Seniors, first time buyers, and the self employed who earn a living in the service sector or buyers who do not have to live in Detroit this is a great opportunity to purchase a home. Even if you were to get 550 dollars a month in rent for the whole house, the rental income would cover the carrying costs. In the nearby future and economic turnaround you would be sitting on an incredible and profitable real estate portfolio. Remember every slum neighborhood has its time to shine. Most of the expensive streets in my own city were once slum areas, today you need a million too purchase a property in the same area.
http://www.hud.gov/local/mi/library/commonquestions.cfm 
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