We’ve observed for some time that the good news about the housing market is that won’t go to zero. The Detroit real estate market is a dollar away from proving us wrong.
A foreclosed home in the eastern part of the city, which was originally sold for $65,000, was listed for $1, according to The Detroit News:
The home, at 8111 Traverse Street, a few blocks from Detroit City Airport, was the nicest house on the block when it sold for $65,000 in November 2006, said neighbour Carl Upshaw. But the home was foreclosed last summer, and it wasn’t long until “the vultures closed in,” Upshaw said. “The siding was the first to go. Then they took the fence. Then they broke in and took everything else.”
…Put on the market in January for $1,100, the house had no lookers other than the squatters who sometimes stayed there at night. Facing $4,000 in back taxes and a large unpaid water bill, the bank that owned the property lowered the price to $1.
But don’t assume that a couple dozen singles are going to turn you into a real estate mogul. $1 listing pricmay buy you the house, it also buys you the obligation to pay property taxes and maintain the place.
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