It is sad what happened to Detroit. As you say, there are a lot of old mansions down there from the days when the city was flooded with money. For a wake up call on how low your house values could drop, check out realtor.com sometime and see what you can buy for 35K or less. Select Detroit, 35K, and houses with more than 2000 sq feet. It is utterly shocking. Most of y’all probably know it costs at least $90 per square foot to build new. So these old Detroit mansions with 2000+ square foot would run at least $180K new in any normal part of the country. They're selling for pennies on the dollar. Some of the old wood work and moldings’ can’t be replicated for any reasonable amount of money. Instead of rebuilding a city below sea level, Bush should have just made people move to Detroit; there are a ton of nice old houses. The only problem is crime!!!!
Detroit’s wows go back the riots, or so I’m told. There was a massive white flight out of the city following the Riots and the money went with them. That was followed by decades of Detroit politicians that exemplified pure arrogance. A good example why we need term limits on all politicians!