Living Car Free - Urban real estate

Mass foreclosures like that are sooo 1930's. When a borrower falls behind on mortgage payments, the loan servicer should send in a crisis response team to find the defaulter a higher paying job.
I am going to assume that was a tongue firmly planted in cheek suggestion:rolleyes:
I am expecting to see many more foreclosures in the near future. It happens when you have sub prime mortgages as well as decent paying jobs being replaced by lower paying service jobs. As far as the 1930's are concerned I was interested to note many parallels in the current economic strata compared to the late 20's just before the stock market crash. The current US economy is nothing but a shell game and can be sustained in it's current form for so long with out some type of major adjustment.

Aaron:)

Correction. Michigan has the third highest default rate in 2007, with just over 4% of mortgages in default. Texas is number two and the unfortunate winner is Mississippi with an almost 5% default rate.

Ohio is the third highest. http://www.bloomberg.com/apps/news?pid=20601109&sid=agJcJoWYtKEM&refer=home Cleveland also has the dubious honor of being the poorest city in America. Two big reasons no one wants to live there.

Tim

Heh, I figured if I tried to call you out, you'd probably live downtown. Don't forget the pizza guy who was killed out in Hamilton, the whole Marcus Feisel thing, the cop that was shot in Addyston last summer, the "blue-eyed ******" or any of the other crimes that occurred out in the "safe" suburbs. There is crap all over, but the local media really likes to focus on downtown for some reason. (likely because of its reputation it's an easy target, and the usual suspects happen to have the wrong color of skin :rolleyes: :mad: :( )

I used to live in the Prospect Hill area, but I moved out to Eastgate to be closer to work. (I shortened my bike ride from 2 hrs to 1 hour!) I really miss downtown and truly hope it can prosper. Public opinion needs to change drastically first, however. I suspect it is similar in Detroit and many other cities too.

What we agree on is that downtown should prosper, but public opinion won't change until city council is changed, the mayor is changed, and downtown is safe. Cincinnati could be a wonderful downtown area, but it starts with safety, and right now with a weak, stupid, self serving city council, and scared to death of lawsuits, afraid to kick some gang as# police dept, it can't happen.

Talking about Detroit foreclosures, I'm told there is a lead story on Detroit in the Wall Street Journal today.

And I predict downtown Detroit will rise again. It will perhaps be the last of the major American cities to have a renaissance.


Many are rooting for that to happen, but it isn't a safe bet. Compuware razed hudsons and relocated downtown, but much of the workforce is in the burbs. There aren't many execs that work in the Ren cen living in detroit. Crime, the school system, etc. are major deterents. Aside from Boston Edison, Indian village, etc. the concept of a mansion doesn't exist. They are some of the few places in the country where a 'Grand Manson' can be obtained for 300k to 800k, and that means security service, guard dogs, private school, etc. In the recent past (1990 or so to recent), the waterfront development, the ren cen, compuware, and the superbowl were somewhat touted as the saving grace, but none seemed to build enough momentum. Never say never, but all the money is in the NW area or towards AA. You can get a 2 mill home in grosse point for 600k-900k right now.

somone pointed out that prices are what someone is willing to pay. Since downtown Austin is a hip and happening place, don't expect any deals. Being ahead of the curve is somewhat a function of luck and good fortune in many places, and if you didn't already own property there 10-15 years ago, there aren't as many deals any more.

The concept of a real city doesn't exist in much of America so the need to live downtown isn't a universal need. The allure of living on 'land' in the burbs isn't as popular any longer, but the average American still wants a 3 car garage, home in the burbs... Gas prices won't change things much; however, tax abatement plans for employers, growth caps, simple living attitudes, etc. will likely have more of a positive impact, but aren't very popular.

Mass foreclosures like that are sooo 1930's. When a borrower falls behind on mortgage payments, the loan servicer should send in a crisis response team to find the defaulter a higher paying job.


I am going to assume that was a tongue firmly planted in cheek suggestion:rolleyes:

Dead serious. Direct attack on the root problem. You think of something better.

While we're at it, let's ask the trade surplus nations to recycle about a trillion of their surplus dollars into low interest 200-year bonds for building advanced rail and public transit infrastructure in the US.

Many are rooting for that to happen, but it isn't a safe bet. .

I think a Detroit renaissance is inevitable. You can't have thousands of acres of undervalued prime real estate located smack in the centre of a large urban region and on a waterfront to boot too long, before developers, businesses, politicians and families start to recognize its potential and reclaim it. Sure there are huge problems at this moment, but in a year, or a decade, or a generation, the place will be transformed.

Born in Grand Rapids. Now in Windsor. Close enough that I could commute to my previous job in the RenCen faster than any of the other people I worked with (that include crossing the international border on the tunnel bus) - griping about the long commute was pretty very common, back in the 80's. Now I'm about 4.5 miles from the downtown core of Windsor and can see the Detroit skyline every day just across the river.


I believe that Windsor has been the auto capitol of North America for the past few years (building more autos than any other city, that is.) I read that auto plants in Windsor are closing. Are things getting bad there?


Off topic-- I love Windsor! We used to visit often when I lived in the D. We often walked across the Ambassador Bridge and visited a little pub that was practically under the bridge (look out for trolls!). Sometimes we took the tunnel bus too.

Can you take your bike on the tunnel bus? Can you ride it across the bridge?

I remember one time in the early 1970s I hitchhiked across the border at Windsor. The Canadian "pigs" (nothing personal, that's what we called them back then) made me take the frame of my backpack apart. they also made me dump out the packets of sugar, flour and soap powder I had packed for my camping trip. :mad: :mad:

Did not know they let pedestarians walk across the Ambassador Bridge. One benefit used to be getting Canadian beer once in Windsor. And I am more of a hockey fan rather than basketball , as you see on Detroit TV. My very favorite way to get to Canada would be to cross over on the ferry at Marine City, Mich to Ontario. Bet it would be an easy ride from there to Windsor. ( ps. Windsor has a huge cycling club, no? Last time drove out to Pt Pelee cyclists were all over the road.

Did not know they let pedestarians walk across the Ambassador Bridge. One benefit used to be getting Canadian beer once in Windsor. And I am more of a hockey fan rather than basketball , as you see on Detroit TV. My very favorite way to get to Canada would be to cross over on the ferry at Marine City, Mich to Ontario. Bet it would be an easy ride from there to Windsor. ( ps. Windsor has a huge cycling club, no? Last time drove out to Pt Pelee cyclists were all over the road.
Well I'm an old fogey reminiscing about the 1970s! My dad and his buddy used to birwatch at Point Pelee every May and dragged us kids along.

Ever go to Harsen's Island? A little car ferry used to be the only way to get there.

I wish I had my bike along last time I was up along the St. Clair River. My Dad used to go to Point Pelee for smelt dipping. Some how always avoided Hansens' Island. A reason to go there.

Ohio is the third highest. http://www.bloomberg.com/apps/news?pid=20601109&sid=agJcJoWYtKEM&refer=home Cleveland also has the dubious honor of being the poorest city in America. Two big reasons no one wants to live there.

Tim

You win! Depends on which month you're quoting stats from though - I was year to date, not month by month. But, I concede this one to you. Ohio is far worse than Michigan.

I believe that Windsor has been the auto capitol of North America for the past few years (building more autos than any other city, that is.) I read that auto plants in Windsor are closing. Are things getting bad there?


Off topic-- I love Windsor! We used to visit often when I lived in the D. We often walked across the Ambassador Bridge and visited a little pub that was practically under the bridge (look out for trolls!). Sometimes we took the tunnel bus too.

Can you take your bike on the tunnel bus? Can you ride it across the bridge?

I remember one time in the early 1970s I hitchhiked across the border at Windsor. The Canadian "pigs" (nothing personal, that's what we called them back then) made me take the frame of my backpack apart. they also made me dump out the packets of sugar, flour and soap powder I had packed for my camping trip. :mad: :mad:

They used to let you walk across the bridge long, long ago. Not anymore. You can't ride a bike across either. I ran across once in 2000 during an international 10k run but 9/11 ended that afaik. I've never tried to take a bike on the tunnel bus. I'll have to look into that.

I bet you went to the Dominion House. It closed a couple of years ago but reopened again with new owners.

Windsor is suffering many of the same economic woes as Michigan. Many, many manufacturing jobs have been lost here. Lots of houses for sale and empty commercial properties all over. The only complete vehicles we manufacture are the Chrysler minivans and the Pacifica. Lots of parts suppliers, large and small but they're feeling the pinch too. Ford just closed their foundry here this week. It has been in operation since the 1930's. Not economic to continue to manufacture castings in-house. Ford also closed an engine assembly operation here too. General Motors appears to be letting their transmission plant die. No new work at the end of the current production schedule. Chrysler closed their full size van plant and almost immediately tore it down. They had even added on a new paint operation at a cost of 40-60 million, never set up the machinery in it and then tore it down only a couple of years after it was built.
Rather than the automotive caital of Canada what Windsor really was, was the North American capital for mould and tool and die manufacturing. Unfortunately that industry is dying here. Because of the cdn dollar, almost $0.93 yesterday, work is going to lower cost facilities around the world and the shops here are closing.

I guess Windsor and Lansing are soulmates. Long range hope for this part of the world--it's probably going to be a great place to be as the globe gets warmer. Good climate, lots of fresh water. The sun belt and the tropical countries will be knocking down our doors in 50 years.

You win! Depends on which month you're quoting stats from though - I was year to date, not month by month. But, I concede this one to you. Ohio is far worse than Michigan.

One of the few times I wish I was wrong.


Tim

The number of plant closings in Mich., it's hard to believe Ohio would be worse? Anyone have statistics on job loses for the Mid West states?