Revisiting Detroit: What is the TRUE situation?-Opinion Needed

[Ndy Onyido]

I know you will all say…..’not again!’. I know a lot have been written about Detroit; either on this site or elsewhere…I have read all the posts……..its went through the largest bankruptcy in the recent history; it’s a war zone, population is shrinking, it’s a single product economy-auto…Nothing else works there; it’s a ghetto etc…

While I agree with the gurus and RE wiz kids out there regarding above, I have a question? Is it really the situation now? Are things really stagnant in Detroit?

I read that it’s out of bankruptcy now and the city manager has handed over the city to the elected leaders?

Are we really reading the situation right? I know we all work by numbers, but will thing remain same forever?

I read from the papers that the Asians, specifically, China, are buying up the entire Detroit virtually for cents!

I know that these are savvy investors, is there something that we are all missing here?

Read these:

http://endoftheamericandream.com/archives/why-are-the-chinese-gobbling-up-real-estate-and-businesses-in-detroit

http://www.nbcnews.com/news/china/chinese-investors-snap-property-bankrupt-detroit-n253186

Few years down the line, we will all say, had I known, I would have invested in Detroit?

Is it really time to buy Detroit properties? How much time is required to wait out the recession?

Give me your candid opinions.

Thanks

Ndy