Friday, June 30, 2006

Purchase Agreement for a Loft

I sucked it up and signed a Purchase Agreement for a loft in Downtown Detroit. It's amazing how I spent months looking at houses in the suburbs and decided to buy a property that is not even built yet. I made my purchase based on floor plan blue print. I just had a terrible feeling that is all just a ruse and the shell where my loft is to be built is, and shall remain, a shell for years to come. If I do get robbed and this place never is built I think I am going to just squat in the building until they tear it down. Did I just impulse buy a loft?

Thursday, June 08, 2006

Investing in Detroit

I am fairly certain I am going to end up buying a loft in downtown Detroit. I have always wanted to live in a big city and since a real big city would involve a total uprooting of my life I am going to buy in the D. The area I am looking in has all kinds of renovation going on. Nearly every building is undergoing a transformation to become some type of housing and I find that encouraging. The thing that makes me nervous, outside the clown show City Council and the gangsta mayor, is what happens once all these units are filled? Once the developers get their return I am concerned they are out the door. The downtown Detroit area is cool to visit but to sustain a population they will need to open things like grocery stores, dry cleaners, and such. I wonder if these things are in the works. Does anybody have any knowledge about situations like this? I wonder if I am setting myself up for a disaster. Well, I do have on thing going for me. No matter how bad the city gets or how low my property value drops I will not have to EVER cut my grass.