Skip to comments.Going, going, still going: Detroit family home still for sale after 519 days despite
Posted on 07/30/2013 2:47:33 PM PDT by lowbridge
It may not look particularly attractive, but as just $1 this family home is a complete bargain.
However, despite being on the market for the drop-down price since February last year, the Detroit property is astonishingly still for sale.
It is one of a number of run-down properties lying in the suburbs of Michigan's largest city, which earlier this month filed for bankruptcy, crippled by enormous debts.
Built in 1915, the property on Saint-Clair Street has been listed for sale since May 2011.
After initially being placed on the market for $900, its price was dramatically reduced to just $1 in February last year.
A description of the property on the Zillow website describes it as a 'Multi Family home featuring 2 units, hardwood floors, basement, and much more!'
(Excerpt) Read more at dailymail.co.uk ...
Or, $1.00 plus back taxes and/or the responsibility to knock it all down?
Obvious “tear down”
As soon as you renovate, “they” will come...
What’s not mentioned here is that if anyone buys that home for $1 then they’re immediately on the hook for all of the past due property taxes. And all of those past due property taxes have to br brought current before permits for restoration will be issued.
Why do I know this?
A Canadian friend of mine from Windosr bought a home in Detroit for $1800 thinking it was an awesome deal. When he went to get permits to renew the home he was told that the more than $150,000 in past due tax and utility bills on the property had to be paid first.
He told them to keep the house and wrote off the $1800 to experience.
....and mug you : )
Where is Habitat For Humanity when they are really needed?
The place is obviously about to fall down...
The termites are holding hands . . . . for now
Why do $1 houses always have to be located in post apocalyptic nightmare locations? Wake me when I can get a buck house in Vail!
You hit the nail on the head.
Ironically, that $18B in debt includes the default tax liabilities as assets (not written off). They will never collect those taxes.
Those $1 properties are actually liabilities. To make an asset out of them you have to 1) settle the liens 2) Pay any fines assessed by city (see #1) 3) demolish the house 4) Clean up the property 5) sell the land with clean title for more than #1 - #4 cost you. 6) Pay tax on the profit.
Until the City forgives the debts and liabilities, those houses are expensive junk piles.
Who be da neighbahs?
Seriously! It's all just so... UNFAIR!!!
How was THAT ever worth a $1,000,000.?
A buck for a burnt-out hulk isn't a good deal. And a buck for a burnt-out hulk PLUS back taxes? Gosh, I wonder where the demand went?
“Obvious ‘tear down’”
Call “Salvage Dawgs” first, make a few dollar$
I’m surprised the ad doesn’t describe it as “Handyman’s Dream!”