House up for auction – starting bid $500

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Image by cofeego

..no that is not a joke – these are foreclosed properties that are being bid on the auction block in Wayne county in downtown Detroit.  I guess it is a good thing – after all these properties are being bought by investors who have the money and can buy it dirt cheap.

On the other hand, I cannot help feel sad – sad that the city that was the birthplace of motown music and the motor city is now come to this, where the companies that stood for an industry had to declare bankruptcy and the world descends like vultures to pick apart the pieces while those who live here have no choice but to stand back and watch helplessly.

I know this is a capitalist economy, where money is king, and emotions have no place in business, after all isn’t that what the city is trying to do – sell of the pieces so that they can survive? This is also the result of bad management, greedy and corrupt politicians who misused the power and the system to live a lavish lifestyle and forgot to care about the very people who voted them into power.

But, how can you expect a community that is falling apart become a community again if you don’t give them a chance? How can a few people who are trying to make their neighborhood a better place compete with investors who have millions of dollars in their pocket? If investors are buying property, does that mean that the value of that parcel of land is going to go up? Somehow – I find that hard to believe.

But such is life – unless there is an angel investor who will take the property and make something of it – that will not be an eyesore – those lots of abandoned buildings will continue to be just that.

Sad, but true – whatever goes up – must come down.  Question is can it go any lower?

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