Recently, we bid on an auction house in the Jefferson Chalmers neighborhood. We were committed to a bid of $6,700 for the property, but it was a veritable feeding frenzy until the property finally sold for $67,000.
A city doesn’t rebuild until the locals buy in. At least that’s the theory.
It’s been quite a journey for Detroit real estate since the beginning of the 21st century.
Interested in buying a fixer-upper? If so, there are things I recommend for rehabbing a property to make it a sound, long-term investment.