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Originally Posted by arg
True in most of Michigan, either classic old mansions, or new McMansions (smaller yards but bigger rooms). People in hot housing markets can't believe what a million bucks buys here. But our economy is in decline. Ford, based in Dearborn, will file for bankruptcy, and however they come out of it, white collar staffing will be severely trimmed, leading to a glut of mansions on the market. They're already planning steep pre-bankruptcy white collar layoffs. Seems to me a recessionary housing market like Dearborn's will ultimately lower the quality of life indices. Cheaper homes, but poorer services supported by the lowered tax base, and weakened businesses supported by discretionary income.
Overall, Michigan is losing people while gaining houses. That doesn't bode well for most residential real estate investment. With certain exceptions, of course...but I don't think a Dearborn mansion is one of them.
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It's quite sad to read the paper every day here in Detroit. The economy is so poor and the outlook so bleak. A lot of people that I know say the blue-collar union workers "had it coming to them" with all their union hand holding and rich benefits. But I feel bad for many people in that position. The fact is that many of the auto workers in this area are raised to think factory work is the only option in life. They are taught this from a very early age and most end up living the life. Many are given no other choice by their parents. Sort of like the strict military families.
When they are laid off, they don't really have anywhere to go. Most leave the state, but are mostly alone because their families all live here. It would be sad to be forced to leave everything you know in life and have the stress of having to start over somewhere foreign.
I hope this state begins to focus more on education so that kids can open their minds and explore the possibilities a bit more. That's the key to the future of Michigan.
marc