Aug 1 - Detroit homes for sale for as little as $1

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 5 years ago '11        #1
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Sin 1468 heat pts1468
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Aug 1 - Detroit homes for sale for as little as $1
 

 
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In some cities, they’d be a bargain at twice the price, but not Detroit.
As the national real estate market has begun bouncing back from the housing bubble burst of 2007, Detroit home prices have continued to stagnate.

Now that the motor city has effectively run out of gas and declared bankruptcy, some rather eye-popping deals are presenting themselves to first time home buyers who appreciate the challenge of a fixer-upper.
Hundreds of Detroit homes currently listed on Zillow have asking prices below $5,000, with at least one seller so desperate as to offer his house for just $1, ABC News reported.
Buying the abandoned homes is probably not the hard part for those daring enough to attempt snapping up Detroit’s lowly housing stock in order to turn a profit down the line. Several of the properties are known to have been taken over by squatters, and many have been condemned.
At least 90 properties have been boarded up, and are for sale for under $1,000. Part of the problem is that foreclosures have soared in Detroit.
One man’s trash, however, is another’s investment opportunity, and interest in Detroit’s rock bottom real estate prices appears to have come to the attention of Chinese customers, who have begun buying up the city’s discarded stock.
"I have people calling and saying, 'I'm serious -- I wanna buy 100, 200 properties,'" Caroline Chen, a real estate broker in Troy, Michigan, told Quartz. "They say 'We don't need to see them. Just pick the good ones.'"


Read more: visit this link Forsaken Detroit homes for sale for as little as $1 - NY Daily News

98 comments for "Aug 1 - Detroit homes for sale for as little as $1"

 5 years ago '10        #2
kiddrocay 30 heat pts30
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hmm n*gga about to cop him som prop out there
 5 years ago '07        #3
stogz 18 heat pts18
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Son, i wouldn't buy a $1 house anywhere in Detroit even if it was "Buy one get one free".

Detroit so broke right now, they just puttin' that ad up to lure people who are in possession of a $1 bill. Three quarters of the people living out there right now have not seen authentic paper money in over 5 years.
 5 years ago '04        #4
matelyan 21 heat pts21
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 stogz said:
Son, i wouldn't buy a $1 house anywhere in Detroit even if it was "Buy one get one free".

Detroit so broke right now, they just puttin' that ad up to lure people who are in possession of a $1 bill. Three quarters of the people living out there right now have not seen authentic paper money in over 5 years.
 5 years ago '12        #5
Ricky Retardo 44 heat pts44
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[pic - click to view]



where do i sign?
 5 years ago '05        #6
pnoi89 12 heat pts12
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I wonder how much the property taxes are....
 5 years ago '07        #7
FeedTheBeast 23 heat pts23
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Any house flippers on here??? Any potential here or is Detroit a dead end??
 08-01-2013, 04:49 PM         #8
dredre73 
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 FeedTheBeast said:
Any house flippers on here??? Any potential here or is Detroit a dead end??
this has been going on for about a year now going on 2. Most of those houses are completely stripped or in a bad neighborhood. Now dont get me wrong there are some gems out there but its more bad than good.
 08-01-2013, 05:16 PM         #9
tmitch19 
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"It's so cold in the D"...
 5 years ago '11        #10
Sin 1468 heat pts1468 OP
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 FeedTheBeast said:
Any house flippers on here??? Any potential here or is Detroit a dead end??
problem is if you renovate how do you keep the squatters out especially if you live out of state Detroit laid off half there police force in the last 10 years

and those house are all close to 100 years old

all the copper and brass probably stripped out of them

probably better to knock the house down build a cheap prefabricated box

but who are you really renting/selling to when nobody has a job there


Last edited by Sin; 08-01-2013 at 06:44 PM..
 5 years ago '07        #11
cankstoochie 48 heat pts48
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this would be a bad investment.
 5 years ago '11        #12
Sin 1468 heat pts1468 OP
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 cankstoochie said:
this would be a bad investment.
It could be a good investment if your willing to wait 10 or more years but with detriot in a bankruptcy property tax might go up so the city can recover
 5 years ago '13        #13
DatDude504 6 heat pts
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Buy multiple homes on one block, knock them down and hold on to the land until developer's come calling.
 5 years ago '11        #14
Sin 1468 heat pts1468 OP
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 DatDude504 said:
Buy multiple homes on one block, knock them down and hold on to the land until developer's come calling.
 5 years ago '07        #15
Ham Rove 3520 heat pts3520
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 DatDude504 said:
Buy multiple homes on one block, knock them down and hold on to the land until developer's come calling.
this but its all about when/if that happens. Or if things rebound you can sell it back to the gov for a pretty penny. but Detroit is a looong way away from coming back
 5 years ago '13        #16
DatDude504 6 heat pts
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 Ham Rove said:
this but its all about when/if that happens. Or if things rebound you can sell it back to the gov for a pretty penny. but Detroit is a looong way away from coming back
That's true, but I think it's worth the risk, depending on how much you actually pay for it at the auction. If you're single with no kids and make 35-40k+ a year, and all you pay is rent and utilities (along with car insurance etc) I don't think paying 1500-3000 a year in property taxes will hurt your pockets at all. I've been looking at the properties ever since I saw this thread, but not only the ones in Detroit.
 5 years ago '11        #17
Sin 1468 heat pts1468 OP
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 DatDude504 said:
That's true, but I think it's worth the risk, depending on how much you actually pay for it at the auction. If you're single with no kids and make 35-40k+ a year, and all you pay is rent and utilities (along with car insurance etc) I don't think paying 1500-3000 a year in property taxes will hurt your pockets at all. I've been looking at the properties ever since I saw this thread, but not only the ones in Detroit.
see i fit that mold but i dont know if i could live in detroit though
 5 years ago '12        #18
mushroomman 
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The ones going for $1 you dont want to mess with the areas mostly rough hoods and houses are filled with squatters or half the block already burned down. But some decent properties along the borders of grosse pointe, harper woods, and southfield that can make you money if get it low and renovate for cheap.
 5 years ago '07        #19
stogz 18 heat pts18
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 FeedTheBeast said:
Any house flippers on here??? Any potential here or is Detroit a dead end??
You wouldn't believe how many vacant lots there are in detroit as a whole. There are literally vacant neighbourhoods. It's a mass exodus. You can't just go and buy one house because, who would buy it? You would live there and not have a neighbour for literally several blocks. There are tens of thousands of empty lots.

I first got put on to this new reality in detroit over 2 years ago. Think about that, over 2 years ago. The city just declared bankruptcy, so in 2 years.... it's only gotten exponentially worse.

Even if you were to buy 4 full blocks worth of houses, for the price of a pair of jordans.... how would you protect yourself or your investments from the criminals? It takes Detroit police over an hour to respond to a violent crime in progress. Houses literally get robbed for the bars on the windows... it's the wild west out there.
 5 years ago '04        #20
deziking 98 heat pts98
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Shiiiattt ,
I might cop one near the lake...
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