Foreclosure fallout: Houses go for a $1

[biccat]

Foreclosure fallout: Houses go for a $1 (http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360/&imw=Y)

DETROIT -- One dollar can get you a large soda at McDonald's, a used VHS movie at 7-Eleven or a house in Detroit.

The fact that a home on the city's east side was listed for $1 recently shows how depressed the real estate market has become in one of America's poorest big cities.

And it still took 19 days to find a buyer.
...
The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.

The buyer, a local woman, considers the home to be an investment property and will not live there, Colpaert said, though exactly how soon the buyer can expect to recoup her four-quarter investment is questionable.

Another low for Detroit. It was big news when home prices dipped below $20k, pretty soon they won't be able to give away real estate in Detroit.

Thanks Governor Granholm and Mayor Kilpatrick!

[expat-pattaya]

I wonder how the buyer will feel if it stays a shithole and the city demands taxes for her investment? I mean heck, if I can just ignore the demands for tax dollars until it is worth something I'd buy every one of these at 1$. If not well :rolleyes:

[Lanie]

I wonder how the buyer will feel if it stays a shithole and the city demands taxes for her investment? I mean heck, if I can just ignore the demands for tax dollars until it is worth something I'd buy every one of these at 1$. If not well :rolleyes:

Kind of like buying something cheap on TV not considering the shipping and handling.

[lacarnut]

I have seen a bunch of nice looking houses (not mansions) in MI & OH on Ebay go for several thousand dollars. That is just sickening to see property values drop that far. Of course, people that have money can gobble them up and in several years make a killing renting them or selling them. However, property taxes might be the deal breaker.

[biccat]

I have seen a bunch of nice looking houses (not mansions) in MI & OH on Ebay go for several thousand dollars. That is just sickening to see property values drop that far. Of course, people that have money can gobble them up and in several years make a killing renting them or selling them.
The "assessed value" of those homes is probably still around $100k, meaning your annual property taxes will be more than the amount you paid for the home.

[noonwitch]

I rented in the city, I never bought property there. The property taxes are too high, considering the police don't come when you call them and the schools suck.

The city screws potential landlords, who would like to repair and rent out property to poor people. The taxes are so high, that the landlords have to charge more in rent than the average poor/working class person can afford.

Things were getting better under Dennis Archer, but Kwame has done nothing for anyone but Kwame and his posse. One local writer referred to his buddies as "The High School Musical Crew From Hell", as Kwame hired most of his high school friends to work in his administration.