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Started By
Message
Detroit houses for $1 on realtor.com
Posted on 8/13/08 at 6:50 pm
Posted on 8/13/08 at 6:50 pm
8
Posted on 8/13/08 at 7:00 pm to Tiger JJ
And then $100 grand to bring it up to code, not to mention another $1,000 or so on guns and ammunition. Because if you live in any of those houses, you'll need plenty of both.
Posted on 8/13/08 at 7:03 pm to Cold Cous Cous
Yes, there are some contingent liabilities.
Posted on 8/13/08 at 7:38 pm to Tiger JJ
Congrats on 24K. Buy your wife a new diamond to celebrate. 
Posted on 8/13/08 at 9:26 pm to Zach
LINK
It could cost $20,000 just to fix the house. I knew Detroit was bad, but i didn't realize it was this bad.
quote:
Colpaert declined to provide the name of the prospective purchaser, because the deal had not been through closing. The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash
quote:
While selling a home for the amount of change most people could find between their couch cushions is unusual, some abandoned homes in Detroit sell for $100; vacant lots can be purchased for $300
It could cost $20,000 just to fix the house. I knew Detroit was bad, but i didn't realize it was this bad.
This post was edited on 8/13/08 at 9:31 pm
Posted on 8/13/08 at 10:31 pm to Tiger JJ
Looking at some of these pics, looks like a damn bomb went off in that city.
Posted on 8/13/08 at 11:01 pm to BayouBengal
There are areas of Detroit that are just as (if not more) desolate and blighted than bad areas of New Orleans that flooded.
Posted on 8/13/08 at 11:24 pm to doublecutter
At least there's hope in New Orleans, with how shtty the auto industry and the economy as a whole in Detroit it may be a very long time before things get better there.
This post was edited on 8/13/08 at 11:26 pm
Posted on 8/14/08 at 7:26 am to Tiger JJ
Read the article just to see if the selling agent got 3 cents, or a flat fee.
Posted on 8/14/08 at 7:45 am to Cold Cous Cous
quote:
And then $100 grand to bring it up to code, not to mention another $1,000 or so on guns and ammunition. Because if you live in any of those houses, you'll need plenty of both.
Don't forget the 60K tax lien.
Posted on 8/14/08 at 7:48 am to poboydressedplease
This is the one I have my eye on. It is only $100 and it looks to be in great condition
Posted on 8/14/08 at 8:12 am to Tiger JJ
If homes are selling for $1, I guess the Detroit market has bottomed, huh?
Posted on 8/14/08 at 8:25 am to HeadyMurphey
Posted on 8/14/08 at 10:05 am to HeadyMurphey
That pic deserves the carfax treatment:
Moderate framing required...er [backspace][backspace][backspace]
Wonderful, large views!!!
Moderate framing required...er [backspace][backspace][backspace]
Wonderful, large views!!!
Posted on 8/14/08 at 11:31 am to Meauxjeaux
Can't you just buy a large strip of them, clear the buildings off and set up something that will bring in commerce? Is the land just not worth anything?
Posted on 8/14/08 at 11:38 am to Meauxjeaux
quote:
That pic deserves the carfax treatment:
Moderate framing required...er [backspace][backspace][backspace]
Wonderful, large views!!!
Don't forget the (really) open floor plan...
Posted on 8/14/08 at 11:52 am to chadg
Detroit is luring TONS of films to the area with amazing tax incentives and is a real threat to steal things from Louisiana. They have taken an aggressive approach to try and offset the downfall of the auto industry, and they are pulling some films. Now, the winters will be tough to deal with for film crews but we will see.
Posted on 8/14/08 at 12:07 pm to el tigre
I'm not sure how much of dent Detroit will put in the fim industry because the push has been to move production to right to work states to lower production costs. Something Detroit has not historically famous for.
This post was edited on 8/14/08 at 12:08 pm
Posted on 8/14/08 at 2:08 pm to Tiger JJ
it seems like the land under the house would be worth more than $1. Under what circumstances could the contingent liabilities make the property worth less than zero?
Posted on 8/14/08 at 4:04 pm to Colonel Hapablap
quote:
Under what circumstances could the contingent liabilities make the property worth less than zero?
You can't understand unless you drive around in those areas. If New Orleans' ghettos are comparable to Kingston (Jamaica), Detroit's ghettos are comparable to Somalia.
This post was edited on 8/14/08 at 4:05 pm
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