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Thread: Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governorís E

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    Default Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governorís E

    The more I read about Detroit, the more stunned I become. Who is buying up these homes and what are they going to do with them? Rent them out? To who? Flip them? Who will buy them? With thousands of homeless, no jobs, it is mind boggling to me.

    Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governor’s Emergency Manager
    Author: Randa Morris October 24, 2014 2:42 pm

    As the looting of Detroit continues, another 1/5 of the city’s residents are slated to become homeless, under right wing governor Rick Snyder’s Emergency Manager.

    On October 8th, Detroit’s appointed Emergency Manager, Kevin Orr, along with the city’s conspicuous mayor, Mike Duggan (read how Duggan was *elected here) and Wayne County Treasurer, Raymond Wohtowicz, announced another mass sell off of Detroit property, via public auction.

    One lucky, undisclosed bidder, will soon become of the owner of more than 6,300 properties, at least 1,000 of which are considered valuable, in what is being promoted as a ‘blight bundle.’

    To understand exactly how much of Detroit is being sold to the highest bidder, look at the map below. Light blue shading indicates properties that have already been sold, while dark blue dots indicate properties that are being sold now. The red dots you see are all properties that are included in single bid, huge ‘blight bundle’ that includes more than 6,300 properties.
    Addicting Info – Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governor’s Emergency Manager

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    Default Re: Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governor

    Here is one person that is investing ( or buying ) Detroit properties.

    Dan Gilbert owns more than 9 million square feet of Detroit, and thinks he can develop good business out of every inch.

    The Quicken Loans chairman and Cleveland Cavaliers owner has invested $1.3 billion buying and renovating buildings in Detroit's scarred downtown business district. That adds up to more than 60 properties in a city whose decades-long decline recently culminated in the largest municipal bankruptcy in U.S. history.

    "We've made a significant investment in downtown Detroit," Gilbert told CNBC's " On the Money ." The billionaire has moved more than 12,000 workers into historic buildings he's purchased at low prices.
    http://finance.yahoo.com/news/detroi...190451872.html

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    Default Re: Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governor

    Quote Originally Posted by fxstc07 View Post
    Here is one person that is investing ( or buying ) Detroit properties.


    http://finance.yahoo.com/news/detroi...190451872.html
    I would think to revitalize an old downtown area is a good thing. I have lived in or near many cities that have done just that. My question would be is there going to be people with money to spend in those new businesses considering there is a mass exodus from Detroit? Albuquerque did a great job of revitalizing several years ago but with no jobs, well some businesses are failing now. With all these people losing their homes, and my understanding is that there are no jobs, what are they going to do with all these empty homes? So someone is buying them up but for what purpose?

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    Default Re: Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governor

    This developer drops his bid, after being declared the winner ?
    A non-refundable deposit of $320,000. is left on the table.

    - A developer has pulled out of a deal to acquire more than 6,300 Detroit-area properties in a county tax foreclosure auction a week after being declared the winning bidder, a county official said on Wednesday.
    Eco Solutions bid nearly $3.2 million in the October auction for the 6,365 properties grouped as a "blight bundle" by Wayne County and put down a nonrefundable 10 percent deposit.
    Developer withdraws bid on 6,300 Detroit-area blighted properties

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    Default Re: Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governor

    Quote Originally Posted by fxstc07 View Post
    This developer drops his bid, after being declared the winner ?
    A non-refundable deposit of $320,000. is left on the table.


    Developer withdraws bid on 6,300 Detroit-area blighted properties
    Wow, that is interesting. Wonder what the deal is?

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    Default Re: Another 150,000 Detroit Residents Are About To Become Homeless Under GOP Governor

    This story contradicts the previous story. They will get their deposit back.
    Seems there is always more to the story then the first thing you read.
    Texas based Eco Solutions might have thought ( as the story implied ) that the Federal Government would clean up the mess they bought and they would just skim the cream off the top afterwards.

    Detroit developer Herb Strather today withdrew his auction bid for over 6,000 parcels of blighted Detroit land spread across the city.

    He and his Texas-based partner, Eco Solutions, offered $3.18 million for the bundle of properties last month in the Wayne County Treasurer's annual tax-foreclosure auction.

    But auction rules required the pair to submit a redevelopment plan for approval by Treasurer Raymond Wojtowicz for their bid to be accepted.

    Chief Deputy Treasurer David Szymanski said a major shortcoming of their plan was a proposal to have the city of Detroit use federal money to clean up the blight. The bill for such an effort could run into the tens of millions of dollars.

    "The whole idea here was whoever bought the bundle would have to demolish the properties at their expense," said Szymanski. "It doesn't make sense to make Detroit do the dirty work and then they get the cream of the crop" properties.

    Strather and the owner of Eco Solutions, John Page, will be refunded their 10% deposit on the properties -- $315,800 -- as well as their $25,000 auction registration deposit, the county said.
    Developer Strather rescinds deal to purchase property in Detroit from county
    ABFwife likes this.

 

 

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