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 US?
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, 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.??
China has the most expensive housing on the planet. Plus, capital controls make it difficult to invest large sums in overseas stocks or property. That?s why when a CCTV broadcast aired in March?after the emergency takeover was announced?saying that for the price of a pair of leather shoes, you could buy two Detroit houses, Chinese investors got excited.
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