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Old 01-09-2009, 04:24 AM
 
Location: Charlotte, NC
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Radical cheap: $1,000 homes - Jan. 8, 2009
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Old 01-09-2009, 05:35 AM
 
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Default Not a new thing

This practice has been going on for a long time. In areas such as some small towns in upstateNY, Baltimore, and states mentioned in the article you will see listing on Ebay for houses priced at $7,8, 9000. I suspect these are re-listing of the very same houses bought before a city condemms the property.

Poor buyer usually doesn't know about the back taxes owed OR if he doesn't make the repairs in X number of days the city will bulldoze his investment.
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Old 01-09-2009, 10:02 AM
 
Location: State of Being
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I guess the thing that would concern me is crime in the area. You start re-habbing and thugs come in and carry off your wiring, appliances, A/C, etc b/f you are even finished. And municipalities will not let you "camp" in the house b/f it is totally inspected and approved. But if I were a young man in my 20s - and had friends who would help and contacts w/ licensed skilled tradesmen . . . it seems a whole neighborhood could be rehabbed one property at a time and "urban pioneers" establish a very bright future in such areas.
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Old 01-09-2009, 10:18 AM
 
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"These houses are almost always small fixer-uppers. Wiring, plumbing and heating systems have to be replaced, walls and ceilings sheet-rocked, plumbing and light fixtures installed and new kitchen cabinets and counters put in. Few come with working appliances."

Gee, sounds like the house I bought in Kannapolis! (actually, that's not true, our heating system is working fine and only some of the plumbing needs to be replaced)

I would absolutely buy one if it were in an area that I was going to be living in already! I think buying one with the hope that it will sell for more any time in the near future is a little crazy. I agree Ani that there could be a tremendous potential for revitalization if people went about it properly. However, since there are virtually NO jobs in a lot of these areas it would need to be carefully planned and would probably take cooperation from the local government and businesses to help it succeed; otherwise, there will be a row of nice houses in the middle of a slum with no jobs around to support residents.

"It's a sad time," said Stoudamire. "But it's also a time of opportunity, especially for low and moderate income people."

It's this last statement in the article that concerns me. Sure there are people that could really use these homes, but are they the same people with the money and time to buy and fix them up? I forsee wealthier investors buying up these properties so they can sell them later for huge profits... and isn't that what helped get us into this mess?
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