$500 for a house in Detroit (foreclosed, appliances, houses)

[Ummagumma]

There are houses in Detroit you wouldn't take for free. Not with all the drugged out neighbors and burned homes nearby.

Take a look at Google Street view of some of Detroit streets (I was really floored to realize just what areas these guys had to travel through to get these photos). Now ask yourself if you'd pay even a penny for these homes. There's a reason why some property is cheap.

[AdemH]

http://www.crainsdetroit.com/article...ells-for-86500

First flipped house from the land bank auction.

[02blackgt]

God I hate seeing the destruction and misery in the city. I was born and raised for 22 years in the suburbs of Detroit and was always fascinated by the city. Is auctioning off these homes truly doing any good, or is it just passing a piece of poo down the line? Detroit could auction off every single vacant property in the city, but until they get middle class, educated, working people to move into the neighborhoods (not downtown or midtown) by the bus load all this is doing is treading water.

I am not trying to be negative, as it is fantastic that one guy fixed up one house and is putting it on the market, but the truth is one house in a city of 140 some odd square miles is not any measure of progress, it is feel good reporting. I am going to back to Detroit in May to visit family and cannot wait to set a day aside to visit the city and see the positive changes that have been made. However, until the inner city neighborhoods begin to turn around on a meaningful scale I am not going to get too excited.

[zthatzmanz28]

Be prepared..


What does a $500 house really cost in Detroit?

[sheena12]

Are any of them worth it? Detroit once had many beautiful brick homes.

[animatedmartian]

Originally Posted by sheena12

Are any of them worth it? Detroit once had many beautiful brick homes.

If you want to be altruistic, sure. But you wouldn't be getting a ROI for possibly a decade if even.

[linda814]

Originally Posted by animatedmartian

I don't think it was during an auction, but I do recall when the city was trying to off-load properties from $1 to $100.

I remember that too....

[City Guy997S]

Originally Posted by Ummagumma

There are houses in Detroit you wouldn't take for free. Not with all the drugged out neighbors and burned homes nearby.

Take a look at Google Street view of some of Detroit streets (I was really floored to realize just what areas these guys had to travel through to get these photos). Now ask yourself if you'd pay even a penny for these homes. There's a reason why some property is cheap.

winner winner chicken dinner!

Google street view is going to blow a lot of people's fantasies of buying/rehabbing. The other thing is Detroit's issues aren't going away.....city is broke, there are no jobs, city's pension costs are soaring with a large group of city workers ready to tap the pension. They also have the highest Muslim population in America. That place looks like Baghdad in more than one way!

[City Guy997S]

Originally Posted by AdemH

http://www.crainsdetroit.com/article...ells-for-86500

First flipped house from the land bank auction.

The First Flip: Rehabbed Land Bank House Wants $86,500 - Flipping Awesome - Curbed Detroit

Here is a better article with more before/after pics......on google maps it still looks like a good neighborhood, appeared to be the only foreclosure on the street....not usually the case with cheap houses in Detroit

[MS313]

Originally Posted by City Guy997S

winner winner chicken dinner!

Google street view is going to blow a lot of people's fantasies of buying/rehabbing. The other thing is Detroit's issues aren't going away.....city is broke, there are no jobs, city's pension costs are soaring with a large group of city workers ready to tap the pension. They also have the highest Muslim population in America. That place looks like Baghdad in more than one way!

Granted in areas that you will find cheap housing things probably aren't going to change anytime soon. And the home itself is probably a piece of sh*t or has alot of unpaid bills. But Detroit's issues actually are getting better little by little. Improved response times, fixed street lights, more business, abandoned homes being torn down, ect. And there are no jobs? the area has been recovering and hiring for a few years now and still doing more and the unemployment rate has continuously dropped since the great recession.