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Going, going, still going: Detroit family home still for sale after 519 days despite
http://www.dailymail.co.uk ^ | july 30, 2013 | Anthony Bond

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 ...


TOPICS: Culture/Society; News/Current Events; US: Michigan
KEYWORDS: detroit
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Full title: Going, going, still going: Detroit family home still for sale after 519 days despite being on the market for just $1
1 posted on 07/30/2013 2:47:33 PM PDT by lowbridge
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To: lowbridge
Who wants to buy and renovate this 'Multi Family home featuring 2 units, hardwood floors, basement, and much more!' for $1?


2 posted on 07/30/2013 2:50:01 PM PDT by SeekAndFind
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To: lowbridge
Would that be $1.00 with no back taxes?

Or, $1.00 plus back taxes and/or the responsibility to knock it all down?

3 posted on 07/30/2013 2:50:46 PM PDT by Slyfox (Without the Right to Life, all other rights are meaningless.)
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To: SeekAndFind

Obvious “tear down”


4 posted on 07/30/2013 2:50:50 PM PDT by stephenjohnbanker (K I L L T H E B I L L !!)
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To: lowbridge

free kindling


5 posted on 07/30/2013 2:51:37 PM PDT by showme_the_Glory (ILLEGAL: prohibited by law. ALIEN: Owing political allegiance to another country or government)
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To: SeekAndFind

As soon as you renovate, “they” will come...


6 posted on 07/30/2013 2:51:45 PM PDT by varyouga
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To: lowbridge

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.


7 posted on 07/30/2013 2:51:59 PM PDT by MeganC (A gun is like a parachute. If you need one, and don't have one, you'll never need one again.)
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To: varyouga

....and mug you : )


8 posted on 07/30/2013 2:52:17 PM PDT by stephenjohnbanker (K I L L T H E B I L L !!)
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To: lowbridge

Where is Habitat For Humanity when they are really needed?


9 posted on 07/30/2013 2:52:53 PM PDT by tennmountainman
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To: lowbridge

The place is obviously about to fall down...


10 posted on 07/30/2013 2:53:26 PM PDT by clee1 (We use 43 muscles to frown, 17 to smile, and 2 to pull a trigger. I'm lazy and I'm tired of smiling.)
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To: clee1

The termites are holding hands . . . . for now


11 posted on 07/30/2013 2:54:06 PM PDT by freedomlover
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To: lowbridge

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!


12 posted on 07/30/2013 2:54:19 PM PDT by avenir (I'm pessimistic about man, but I'm optimistic about GOD!)
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To: MeganC

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.


13 posted on 07/30/2013 2:56:39 PM PDT by Tenacious 1 (If the government told us to expect rain, I'd schedule an outdoor wedding.)
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To: varyouga

Who be da neighbahs?


14 posted on 07/30/2013 2:56:49 PM PDT by MarineDad (Wherever mosques and JDAM's meet, civilization benefits greatly!)
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To: avenir
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!

Seriously! It's all just so... UNFAIR!!!

;-)

15 posted on 07/30/2013 2:57:51 PM PDT by workerbee (The President of the United States is DOMESTIC ENEMY #1)
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To: stephenjohnbanker

How was THAT ever worth a $1,000,000.?
LOL.


16 posted on 07/30/2013 2:58:28 PM PDT by onyx (Please Support Free Republic - Donate Monthly! If you want on Sarah Palin's Ping List, Let Me know!)
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To: lowbridge
Now this one - my keen professional eye detects that there may have been some sort of an issue upstairs:

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?

17 posted on 07/30/2013 2:58:41 PM PDT by Billthedrill
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To: stephenjohnbanker

“Obvious ‘tear down’”

Call “Salvage Dawgs” first, make a few dollar$


18 posted on 07/30/2013 3:00:39 PM PDT by GOPsterinMA (Time to musk up.)
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To: onyx

: )


19 posted on 07/30/2013 3:01:00 PM PDT by stephenjohnbanker (K I L L T H E B I L L !!)
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To: lowbridge

I’m surprised the ad doesn’t describe it as “Handyman’s Dream!”


20 posted on 07/30/2013 3:01:11 PM PDT by henkster (The 0bama regime isn't a train wreck, it's a B 17 raid on the rail yard.)
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To: GOPsterinMA
I don't expect that there is any salvage left in the house except a few hundred cockroaches and some broken meth pipes...and an incredible amount of trash.
21 posted on 07/30/2013 3:07:16 PM PDT by crazyhorse691 (Obama is just the symptom of what is destroying the U.S.)
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To: SeekAndFind

That’s a great two-family “fixer-upper”, alright. NOT.


22 posted on 07/30/2013 3:08:10 PM PDT by carriage_hill (Guns kill people, pencils misspell words, cars drive drunk & spoons make you fat.)
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To: MeganC

Those taxes are largely the reason scrappers haven’t come in and solved the blight problem of Detroit.

There is a guy near me who does large scale salvage. He drools over some of the old red brick and copper roofs in Detroit. He checked into it and the city said he was welcome to them but he had to take possession of the properties and assume responsibility for the taxes.


23 posted on 07/30/2013 3:08:37 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: SeekAndFind

The taxes are probably brutal


24 posted on 07/30/2013 3:09:37 PM PDT by GeronL
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To: Billthedrill

2nd floor meth lab?


25 posted on 07/30/2013 3:09:39 PM PDT by carriage_hill (Guns kill people, pencils misspell words, cars drive drunk & spoons make you fat.)
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To: Slyfox

You have to knock it down. The city cannot afford to do it.


26 posted on 07/30/2013 3:10:08 PM PDT by GeronL
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To: SeekAndFind

Much much more- as in a basement crack furnace and meth lab complete with chemicals.


27 posted on 07/30/2013 3:11:28 PM PDT by GenXteacher (You have chosen dishonor to avoid war; you shall have war also.)
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To: cripplecreek

The area is massive and I thought that offering metal detecting tours would be awesome. It would be a revenue stream the city could utilize. I would go on a trip like that for the opportunity to hunt abandoned yards, and if they leveled the homes it would be even better.

There are other issues with the idea but I think it would be workable.

There has to be lots of valuable coins and relics from the turn of the century buried there.


28 posted on 07/30/2013 3:16:11 PM PDT by pennyfarmer (Your socialist beat our liberal AGAIN.)
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To: Tenacious 1

It’s barely worth a dollar when you consider that your life is constantly in danger and you have to pay all the repair bills to get it into habitable shape.

It is no bargain at all if you have to pay any back taxes, utility bills, liens, etc.


29 posted on 07/30/2013 3:17:30 PM PDT by PATRIOT1876 (The only crimes that are 100% preventable are crimes committed by illegal aliens)
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To: pennyfarmer
Interesting thought. I know various colleges around the state are constantly conducting archeological digs at Fort Wayne. There's some serious history buried under Detroit.

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30 posted on 07/30/2013 3:23:41 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: PATRIOT1876

So sad. I was born in Detroit (although my family left in the early 60s).


31 posted on 07/30/2013 3:24:05 PM PDT by freepertoo
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To: Billthedrill

I’d buy that for a dolla

The garbage can in front is totally worth it...


32 posted on 07/30/2013 3:25:33 PM PDT by varyouga
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To: Tenacious 1

People have not left detroit. People are REFUGEES from detroit.

Now with a cleansing bankruptcy, the few left should also evacuate.

With the bankruptcy, those back taxes could be negotiated.

I don’t think detroit can be saved. It has to be de-chartered and then chartered as New Detroit without all the liability OR pensions OR bonds.


33 posted on 07/30/2013 3:30:36 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: SeekAndFind

bkmk


34 posted on 07/30/2013 3:32:52 PM PDT by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: MeganC

That’s why you should hire someone to conduct a TITLE SEARCH before you buy a property.


35 posted on 07/30/2013 3:34:56 PM PDT by Tea Party Terrorist (Those who work for a living are now outnumbered by those who vote for a living.)
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To: lowbridge

Someone will figure out how to make Detroit into an opportunity.


36 posted on 07/30/2013 3:36:42 PM PDT by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: lowbridge
 photo LIB2_zps71f7cfe0.jpg
37 posted on 07/30/2013 3:44:41 PM PDT by baddog 219
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To: SeekAndFind

It obviously was a beautiful house in it’s day.

All it took was Time, and Liberalism.


38 posted on 07/30/2013 3:49:51 PM PDT by Balding_Eagle (When America falls, darkness will cover the face of the earth for a thousand years.)
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To: SeekAndFind

I will bet it just reeks of urine and feces as does most of everything else in Detroit and that includes city hall. PASS


39 posted on 07/30/2013 3:52:42 PM PDT by HANG THE EXPENSE (Life's tough.It's tougher when you're stupid.)
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To: MeganC

Still a smart man.


40 posted on 07/30/2013 3:53:46 PM PDT by HANG THE EXPENSE (Life's tough.It's tougher when you're stupid.)
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To: PoloSec
Canadians, Chinese, and big guys like JP Morgan, Quicken Loans, and Ernst & Young are doing a lot of investing. What needs to happen is getting rid of excessive taxation and regulation so the little guys can get a piece. Its the only large city in the country that doesn't allow food vendors downtown.

Detroit is a major port city and the second busiest freight crossing on the continent. There is no "good" reason things shouldn't be booming.

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Canada is paying to build a second bridge and that will ease the trade bottleneck.

Image Hosted by ImageShack.us
41 posted on 07/30/2013 3:53:54 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: SeekAndFind
1915. Might still be of some salvage value. The copper pipes, cast iron radiators, maybe even some of the trim and/or flooring. Heck, a brass doorknob and you've repaid your investment 25 times!

Then again, you'd be shot down like a dog on your way to the bank ... assuming the bank hadn't been robbed.

42 posted on 07/30/2013 4:05:06 PM PDT by IronJack (=)
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To: lowbridge

Detroit homes for bargains—the old bait and switch routine.
Cheap on the front end but way expensive on the back end. The city is just salivating to levy their taxes on the new homeowners who got ‘the bargain deals’. Plenty left to pay the tax extorters with right?... NOT......


43 posted on 07/30/2013 4:11:27 PM PDT by tflabo (Truth or Tyranny)
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To: baddog 219

The Day After Tomorrow


44 posted on 07/30/2013 4:12:15 PM PDT by unixfox
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To: SeekAndFind
Retro Salvage...

All the Brick and Hardwoods.

My guess is the studding, joyces, and maybe even covering on the studs is old wood...

Man recycling some of these could be the ticket, but you need machines and crews that know how to salvage this stuff and you need a place to ship it too out of the area...

45 posted on 07/30/2013 4:16:10 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks.....th)
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To: lowbridge
Full title: Going, going, still going: Detroit family home still for sale after 519 days

The spirit of Coleman Young still going, going too for Mo-Town--as in Mogadishu west.

46 posted on 07/30/2013 4:16:46 PM PDT by tflabo (Truth or Tyranny)
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To: tennmountainman

with hfh the people who will live in the house have to do some of the work rebuilding it. that’s why they aren’t there.

it’s not habitat for handouts.


47 posted on 07/30/2013 4:30:31 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: lowbridge

Bringing the house up to code by removing asbestos: $10,000, lead paint removal: $5,000, replacing stripped out wiring and plumbing: $25,000: replacing heating and cooling system: $20,000, structural repairs: $20,000.

Now the $150,000-$200,000 renovation can start. Value of the house when finished: $1.


48 posted on 07/30/2013 4:42:58 PM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough)
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To: crazyhorse691

Most likely, but you never know.


49 posted on 07/30/2013 4:51:14 PM PDT by GOPsterinMA (Time to musk up.)
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To: MeganC
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.

The way I see it...

* These houses have "defaulted" on their Mortgage but more Importantly on their taxes.
* Therefore, are they not the Cities then?
* Then are not all 78,000 homes an "Asset" of the Cities?
* In bankruptcy, perhaps they need to be bundled in bunches absent of all the taxes post the Chapter 9 and sell them to those that will fix and or re-cycle them.

50 posted on 07/30/2013 4:54:12 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks.....th)
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