Posted by jdemaris on March 01, 2008 at 07:05:14 from (67.142.130.48):
In Reply to: Re: Real estate. posted by MarkB_MI on March 01, 2008 at 06:02:22:
I keeping hearing about Michigan free-fall, and still have trouble finding any land bargains up north. Show me some decent land that's drastically gone down in value or asking-price anywhere in Northern MI - top tip of the lower peninsula or anwhere in the UP. I've made many offers on rural land and there's been very little dickering. There are still many cash buyers, including early-retired auto workers with wads of money in their pockets. I just made a $75,000 cash offer on some land in the potato farming area of Posen (Presque Isle Co.). I offered $75K, and asking price was $79K. The seller acted insulted and blew me off. It later sold for $82K in a bidding war between two other people - both ex GM auto workers.
Most of the foreclosures I've seen happened because people bought what they could not afford.
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