Well, now that we don't want to talk about living under a bridge with $20K/yr - heck, not even in an RV for that matter - let's talk about something else then. I hate to see a good and hot thread going cold.
The info plex posted about Bloomfield Hills is really interesting. The Wiki link claims that "the median income for a family is over $200,000. In 2000, it was estimated that 49% of residential property in Bloomfield Hills has a value of over $1,000,000." That is very impressive. So, why is the town home referenced listed for only $99.5K? The fact that it has been on the market for 1yr does not bother me that much. RE market is really slow nowadays. And in addition, this unit commands a much higher price than the comps provided by Zillow. Even if this unit is nicer and deserves that price, that would explain why it would take longer to sell.
Also I did not see on the Zillow map what youbet has noted. That is, there are not that many houses for sale around this unit. Note that the blue marks with dollar amounts attached do not denote that the houses are for sale. They are simply Zillow's own estimates of what the houses are worth.
I recently read an article in Time, which said that there were neighborhoods around Detroit that had experienced a revival due to immigrants moving in. I found the story interesting and upbeat, but I of course know little about Michigan, leave alone the Detroit area. But the info provided by plex about Bloomfield Hills really tickles my curiosity. It seems like these town homes should cost more. If and when I drive my RV through the area, may just take a detour there to see for myself what it is about.
The price of $80K to $100K for a 1000 sq.ft. condo or town home is in line with what my daughter is looking to buy in Phoenix, and in a nice area. Not every location is as expensive as Seattle and San Diego (even after the crash!). Yes, one has to suffer the winter cold like in Michigan, or the summer heat as in the AZ low desert. But one should not assume that just because the condos cost 1/2 that in more expensive places that one would see drug pushers standing at each street corner, or that the local schools are underfunded.
this discussion has a ton of useful information in it, although people seem to easily annoy each other.
Ah, that's just how cranky retirees, or should I say geezers, act.