Quote:
Originally Posted by montréaliste
There is definitely a "there goes the neighborhood" speculative behavior in the wholesale abandonment of Detroit through the years you mentioned. That order of speculative values undermined is counterbalanced by the normality of prices for real estate in the outlying metro areas excepting those like Pontiac, Ecorse and parts of Warren where the confidence is bound to market depreciation. The mental game you suggest here is really pernicious in american cities and the racial division is increased in spite of the so-called policies of entitlement that visible minorities have been party to.
The reversal of Detroit's fortunes lies in the collaborative effort of the region, it will not come without the scale being tipped back to some kind of reinvestment of suburban players and appreciation of their core city.
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On the Brightside for Detroit is the fact that when bear speculative markets get really low in value…..they become bargains and many new investors become confident that they can profit at those price points. As these people start to invest and prosper confidence is slowly restored and others see an opportunity to profit and the self-fulfilling prophecy starts to work in reverse via the herd mentality.
I think Detroit is certainly at that inflexion point of confidence to reverse its fortune. The point I want to reiterate, though, is that Detroit's rise and fall is most profoundly a function of the mental speculation of more well to do demographics that leads to a change in their behavior which in turns manifest their fears or hopes into reality. Without this change in their behavior and actions, the rise or fall of markets and communities would not manifest, barring resource deprivation.
From a global perspective, Africa remains impoverished essentially because the global demographic with means demonstrate little confidence in Africans. While on the other hand, demonstrating high confidence in Asia and Asians, which translates to billions and trillions in direct foreign investment, which self-fulfills the rise of Asia. There are many stable governments in Africa.....but they just do not get the confidence and investment from the Global North or West.