Detroit has been hammered by economic woes since Toyota invented the Corolla. It only got worse after the meltdown of 2008. There are myriad initiatives to bring back the bankrupt, failing city–Detroit has great history and an enthusiastic, innovative young population. But the urban blight too often seems irreversible.
But somebody–or some company–must think the stark environs of urban Detroit are undervalued. According Bloomberg Business Week, an unidentified bidder purchased 6,000 foreclosed properties in Detroit–houses in the worst condition in the most woebegone areas. The minimum purchase price was $500 per property, which the buyer met by paying $3.2 million for all 6,000 properties. What’s next? Detroit can’t wait to find out.