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Going, going, still going: Detroit family home still for sale after 519 days despite
http://www.dailymail.co.uk ^ | july 30, 2013 | Anthony Bond

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 ...


TOPICS: Culture/Society; News/Current Events; US: Michigan
KEYWORDS: detroit
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To: PoloSec
Canadians, Chinese, and big guys like JP Morgan, Quicken Loans, and Ernst & Young are doing a lot of investing. What needs to happen is getting rid of excessive taxation and regulation so the little guys can get a piece. Its the only large city in the country that doesn't allow food vendors downtown.

Detroit is a major port city and the second busiest freight crossing on the continent. There is no "good" reason things shouldn't be booming.

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Canada is paying to build a second bridge and that will ease the trade bottleneck.

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41 posted on 07/30/2013 3:53:54 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: SeekAndFind
1915. Might still be of some salvage value. The copper pipes, cast iron radiators, maybe even some of the trim and/or flooring. Heck, a brass doorknob and you've repaid your investment 25 times!

Then again, you'd be shot down like a dog on your way to the bank ... assuming the bank hadn't been robbed.

42 posted on 07/30/2013 4:05:06 PM PDT by IronJack (=)
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To: lowbridge

Detroit homes for bargains—the old bait and switch routine.
Cheap on the front end but way expensive on the back end. The city is just salivating to levy their taxes on the new homeowners who got ‘the bargain deals’. Plenty left to pay the tax extorters with right?... NOT......


43 posted on 07/30/2013 4:11:27 PM PDT by tflabo (Truth or Tyranny)
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To: baddog 219

The Day After Tomorrow


44 posted on 07/30/2013 4:12:15 PM PDT by unixfox
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To: SeekAndFind
Retro Salvage...

All the Brick and Hardwoods.

My guess is the studding, joyces, and maybe even covering on the studs is old wood...

Man recycling some of these could be the ticket, but you need machines and crews that know how to salvage this stuff and you need a place to ship it too out of the area...

45 posted on 07/30/2013 4:16:10 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks.....th)
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To: lowbridge
Full title: Going, going, still going: Detroit family home still for sale after 519 days

The spirit of Coleman Young still going, going too for Mo-Town--as in Mogadishu west.

46 posted on 07/30/2013 4:16:46 PM PDT by tflabo (Truth or Tyranny)
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To: tennmountainman

with hfh the people who will live in the house have to do some of the work rebuilding it. that’s why they aren’t there.

it’s not habitat for handouts.


47 posted on 07/30/2013 4:30:31 PM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: lowbridge

Bringing the house up to code by removing asbestos: $10,000, lead paint removal: $5,000, replacing stripped out wiring and plumbing: $25,000: replacing heating and cooling system: $20,000, structural repairs: $20,000.

Now the $150,000-$200,000 renovation can start. Value of the house when finished: $1.


48 posted on 07/30/2013 4:42:58 PM PDT by count-your-change (you don't have to be brilliant, not being stupid is enough)
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To: crazyhorse691

Most likely, but you never know.


49 posted on 07/30/2013 4:51:14 PM PDT by GOPsterinMA (Time to musk up.)
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To: MeganC
What’s not mentioned here is that if anyone buys that home for $1 then they’re immediately on the hook for all of the past due property taxes. And all of those past due property taxes have to br brought current before permits for restoration will be issued. Why do I know this? A Canadian friend of mine from Windosr bought a home in Detroit for $1800 thinking it was an awesome deal. When he went to get permits to renew the home he was told that the more than $150,000 in past due tax and utility bills on the property had to be paid first. He told them to keep the house and wrote off the $1800 to experience.

The way I see it...

* These houses have "defaulted" on their Mortgage but more Importantly on their taxes.
* Therefore, are they not the Cities then?
* Then are not all 78,000 homes an "Asset" of the Cities?
* In bankruptcy, perhaps they need to be bundled in bunches absent of all the taxes post the Chapter 9 and sell them to those that will fix and or re-cycle them.

50 posted on 07/30/2013 4:54:12 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks.....th)
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To: lowbridge

One dollar for this house is no bargain at all. The cost to tear it and the rest of Detroit down in order to make rebuilding it on its original lot practical would be prohibitive.


51 posted on 07/30/2013 5:11:27 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: taildragger

Man recycling some of these could be the ticket, but you need machines and crews that know how to salvage this stuff and you need a place to ship it too out of the area...

***
My guess is you’d also need armed security guards to protect your crew.


52 posted on 07/30/2013 5:30:43 PM PDT by Bigg Red (Let me hear what God the LORD will speak. -Ps85)
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To: MeganC
A Canadian friend of mine from Windosr bought a home in Detroit for $1800 thinking it was an awesome deal. When he went to get permits to renew the home he was told that the more than $150,000 in past due tax and utility bills on the property had to be paid first. He told them to keep the house and wrote off the $1800 to experience.

Short sighted 'leaders' of Detroit would rather have 100% of nothing than 10% of something... And still they wonder why their city has failed...

53 posted on 07/30/2013 6:10:50 PM PDT by GOPJ (Sob stories make bad law...)
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To: taildragger

Detroit?

It was the drugs....hedonism ....simple when a majority of a population feels better doing a substance than they do from the rewards of family,accomplishment,friendship ect... then they pursue those behaviors....Detroit is a big crack house.

Half the city sports only 2
emotional states...high and tweekn.....

Anyone needs a lesson in deprivation need only tour detroit on a week end.Make it hell night if your feelin rowdy ....bring friends with you If you plan to return home.

Unless major changes occur this is only the start...Philly..Chicago...Atlanta ,Miami all lookin down.

When the hedonism takes over?
Look to the mex. border towns..........Ive worked with mexicans for 9 yrs.Many will not go back even to visit relatives.None will stop in the border towns .Several have killed at some point to live.
The America I grew up in is gone.Its not comin back..... Unions,samesex marriage,abortion,immigration,...............they have marginal effect..

Tolerance of excessive hedonism at the expense of others.........

Thats the city killer,the government killer,the society killer,........thats the Freedom killer. And it is now Rampant on both economic and social ends of our country.

Remember this when your golf buddy laughs about the meth heads working in his factory.As he’s doing a line.

At least 50% of the U.S. consider drugs the high point of their life.

Economy down...it happened here before.... people helped each other.......they Fed each other....what happens if half of the people are already on the make and take and tweekn this time?

Oh well...


54 posted on 07/30/2013 8:03:58 PM PDT by Therapsid (Communism has killed 50-60 Million people in only 50 yrs.)
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To: Therapsid

Its not ME its not HERE its not NOW....

But its comin...


55 posted on 07/30/2013 8:07:17 PM PDT by Therapsid (Communism has killed 50-60 Million people in only 50 yrs.)
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To: Therapsid

I welcome debate...show me wrong..please..because my projections are dismal.


56 posted on 07/30/2013 8:09:25 PM PDT by Therapsid (Communism has killed 50-60 Million people in only 50 yrs.)
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To: freepertoo
I grew up near Gary and lived there for about a year and a half in my 30’s. It was sad to see it go from the “Model City” to a post-Apocalyptic crime landscape.

The Indiana National Guard has to be sent in every once in a while.

57 posted on 07/31/2013 8:02:05 AM PDT by PATRIOT1876 (The only crimes that are 100% preventable are crimes committed by illegal aliens)
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To: SeekAndFind

This was once somebody’s dream home. You wonder what were the circumstances that pushed the family who once owned this house to abandon it? People put twenty or thirty years of hard work to pay off a mortgage. How many people lost everything because their city was becoming unlivable? How many people lost the childhood neighborhood that they grew up in, the home that they bought as a young married couple, the home where their children played with neighborhood friends. No tears for these people.


58 posted on 08/04/2013 3:37:53 PM PDT by cradle of freedom (Long live the Republic !)
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To: Balding_Eagle
No, it wasn't time, there are homes much older than this one that are in very nice condition. A house can be fine indefinitely if people maintain it. It was the destructive arrogance of liberalism that caused this.
59 posted on 08/04/2013 3:41:13 PM PDT by cradle of freedom (Long live the Republic !)
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To: GeronL

Typical lib politicians, penny wise and pound foolish. If they just forgot about the taxes from 40 years ago they would start getting buyers who would tear down these hulks and replace them with new houses that would be paying taxes again.


60 posted on 08/04/2013 3:50:34 PM PDT by cradle of freedom (Long live the Republic !)
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