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Tagged: michael kelly

Economy
3:34 pm
Thu February 3, 2011

Report: How land speculators in Detroit make a buck

Credit Bob Jagendorf / Flickr
An old deli in Detroit. Buy cheap, sell high is the land speculator's motto.
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"If you walked up to him on the street, you wouldn't know that he was a land baron. He's a guy in blue jeans walking around looking like he's working on somebody's building."

- Detroit city attorney Avery Williams talking about Detroit land speculator Michael Kelly.

Christine MacDonald of the Detroit News has a story on how land speculators make money in the city of Detroit.

MacDonald profiles one of the more prolific speculators, Michael Kelly.

The business model for a successful land speculator in Detroit is simple - buy a lot of land for a little money, then sit on the property until it sells for more than you paid for it.

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