Skip to comments.Ainít it grand: Detroit selling homes for just $1,000
Posted on 05/02/2014 11:26:19 PM PDT by Olog-hai
The Motor City has a deal for youclassical homes with a starting price of just $1,000.
The online auction for abandoned, but sturdy homes is the latest plan by city leaders to fight blight and boost property values as Detroit crawls its way out of bankruptcy. [ ]
The city isnt hiding the fact that nearly all of the homes up for auction will require a lot of work to repair.
(Excerpt) Read more at foxnews.com ...
If I were younger, I’d think about it.
They auctioned off rowhouses in Baltimore in the ‘70s that are worth a fortune now.
At least you get great neighbors.
It could be a great opportunity to get a great home in a great neighborhood for a great value, Northway said.
Is it really a good neighborhood and if yes why are the homes abandoned?
Remember, “good” and “great” are not synonyms.
What Detroit doesn’t say is you would need to put $100,000 or more into renovating the property.
But what’s the neighborhood like? Dude - don’t bother if its a high crime neighborhood. It wouldn’t be worth to live in at any price.
If you like freezing your bum off, Detroit is the Resort From Hell.
Buy a few adjacent properties and knock down all the houses you own. Then build a nice house and a moat around the whole thing.
It’s also the “Arsenal of Dumbocracy”
winter is a real problem there. the land might be turned to maple orchards. don’t see it ever having the population it once did.
The catch 22 is probably the tax and water bill... like $1000 a month
Better to be nuked than elect liberals.
Even commies do better.
The City of Detroit should be paying people to buy houses there. Property taxes provide a stream of funds to city's coffers -- real estate is not just an asset to the owner, it's an asset to the gov't, too.
New democratic program?
Can you buy, put the pieces on a truck and reassemble elsewhere?
If you check out the site, some of these are pretty decent places. I’m not into urban living but the houses themselves aren’t so bad.
A FReeper who moved to Detroit says it hasn’t been bad at all.
One doesnt need to even get off I 75 to see this. 8 mile road down is really a site to see.
If the right developer gets down there and buys WHOLE blocks, he could turn the area into a gated community. Combine the lots into bigger lots and build.
That’s nothing new. 25 years ago, I bought a house in Detroit, complete with two welfare queen tenants for $2,000. I sold it 2 years later for $3,000
Nicole, on “Rehab Addi ct”, bought one, rehabbed it, even bought aso theren adjacent lot to turn into a community garden with the local kids as farm hands...
I’m wondering if she ever sold/flipped that house...or is she still stuck with it.
There was a Detroit renovation society/organization involved. I don’t know if they were a mandatory part of the process, or she used them just for historical input.
Anthony Bourdain did one of his “Parts Unknown” (?) shows in Detroit. He had a local taxi cab driver driving him around, giving history on the boom/bust of the city.
One of the main features of any of his shows is the local food, so there were scenes from eateries...including a home that a couple were selling food out of...with a grill set up in a vacant lot next door to grill up bbq, chicken, etc.
Main thrust of the program seemed to be that the city was healing itself.
I wasn’t sold.
Seriously, before anyone would want to dump at least $100,000 into these “fixer uppers”, prospective owners should ask:
1. Are all liens against the property forgiven or waived (including back property taxes)?
2. Are the utilities still functioning to this residence; that is -- water, sewer, electricity, gas, telephone?
3. Are there any restrictions on “sweat equity” labor to fix-up this house part of the sale, or do all the renovations have to be done by union labor?
4. What about the building permits? How many and how much?
5. What about inspections? How many and how much?
6. After the work is completed, will the property be reassessed and at what rate? Will the rate reflect the blighted neighborhood where this house is, or will that be disregarded?
7. Will property taxes be waived or reduced during the rehabilitation process or not? If not, why not?
8. What city services will my taxes support and will I get them? [One reason why property and other taxes have gone unpaid is because the City of Detroit took the money and did not provide the services that taxpayers were paying money to receive.]
In fact, no matter what the politicians there answered, I wouldn't believe a thing they say. If it can't move they will loot it unless the neighbors get to it first.