Posted on 07/30/2013 2:47:33 PM PDT by lowbridge
It may not look particularly attractive, but as just $1 this family home is a complete bargain.
However, despite being on the market for the drop-down price since February last year, the Detroit property is astonishingly still for sale.
It is one of a number of run-down properties lying in the suburbs of Michigan's largest city, which earlier this month filed for bankruptcy, crippled by enormous debts.
Built in 1915, the property on Saint-Clair Street has been listed for sale since May 2011.
After initially being placed on the market for $900, its price was dramatically reduced to just $1 in February last year.
A description of the property on the Zillow website describes it as a 'Multi Family home featuring 2 units, hardwood floors, basement, and much more!'
(Excerpt) Read more at dailymail.co.uk ...
That’s a great two-family “fixer-upper”, alright. NOT.
Those taxes are largely the reason scrappers haven’t come in and solved the blight problem of Detroit.
There is a guy near me who does large scale salvage. He drools over some of the old red brick and copper roofs in Detroit. He checked into it and the city said he was welcome to them but he had to take possession of the properties and assume responsibility for the taxes.
The taxes are probably brutal
2nd floor meth lab?
You have to knock it down. The city cannot afford to do it.
Much much more- as in a basement crack furnace and meth lab complete with chemicals.
The area is massive and I thought that offering metal detecting tours would be awesome. It would be a revenue stream the city could utilize. I would go on a trip like that for the opportunity to hunt abandoned yards, and if they leveled the homes it would be even better.
There are other issues with the idea but I think it would be workable.
There has to be lots of valuable coins and relics from the turn of the century buried there.
It’s barely worth a dollar when you consider that your life is constantly in danger and you have to pay all the repair bills to get it into habitable shape.
It is no bargain at all if you have to pay any back taxes, utility bills, liens, etc.
So sad. I was born in Detroit (although my family left in the early 60s).
I’d buy that for a dolla
The garbage can in front is totally worth it...
People have not left detroit. People are REFUGEES from detroit.
Now with a cleansing bankruptcy, the few left should also evacuate.
With the bankruptcy, those back taxes could be negotiated.
I don’t think detroit can be saved. It has to be de-chartered and then chartered as New Detroit without all the liability OR pensions OR bonds.
That’s why you should hire someone to conduct a TITLE SEARCH before you buy a property.
Someone will figure out how to make Detroit into an opportunity.
It obviously was a beautiful house in it’s day.
All it took was Time, and Liberalism.
I will bet it just reeks of urine and feces as does most of everything else in Detroit and that includes city hall. PASS
Still a smart man.
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