Friday, August 2, 2013

Chinese Investors buying up Detroit Properties

Downtown Detroit has long been one of the nation's worst housing markets. Home values have plummeted. Vacancies abound. And foreclosure numbers are through the roof. Not that that's surprising; who'd want to live in a neighborhood with soaring unemployment and the highest rate of violent crime in the U.S.? 
The bad news for Detroiters is that the city's bankruptcy will likely only deepen the decay of its downtown housing market. 
That might deter most prospective home buyers. But some look at Detroit's hard times and see profit.
Specifically, bargain-hunting Chinese investors. Since the bankruptcy was announced on July 18, talk of snapping up Detroit housing for a pittance has picked up on Sina Weibo, reports Sina Finance. And it appears to be translating into real interest; Caroline Chen, a real estate broker in Troy, Michigan, says she's received "tons of calls" from people in mainland China. 
"I have people calling and saying, 'I'm serious -- I wanna buy 100, 200 properties,'" she tells Quartz, noting that one of her colleagues recently sold 30 properties to a Chinese buyer. "They say 'We don't need to see them. Just pick the good ones.'"
Read the rest of the story HERE.

If you like what you see, please "Like" us on Facebook either here or here.
Please follow us on Twitter here.


1 comment:

Sharon Bush said...

Good brief and this post helped me alot in my project. Gratefulness you seeking your information. Thanks for it...