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$1 home still on market after 519 days
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Muso
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PostPosted: Wed Jul 31, 2013 12:26 am    Post subject: $1 home still on market after 519 days Reply with quote

Going, going, still going: Detroit family home still for sale after 519 days despite being on the market for just $1

Quote:
House built in 1915 has been listed for sale since May 2011
It was initially placed on the market for $900
Is one of a number of run-down properties lying in suburbs of bankrupt city


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.


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sikpuppy
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PostPosted: Wed Jul 31, 2013 1:35 am    Post subject: Reply with quote

What?
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Bones McCracker
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PostPosted: Wed Jul 31, 2013 1:45 am    Post subject: Re: $1 home still on market after 519 days Reply with quote

Muso wrote:
Related : The real reason

:lol:
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broken_chaos
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PostPosted: Wed Jul 31, 2013 3:31 am    Post subject: Reply with quote

That seems odd. Shouldn't you be able to get a decent amount of scrap (copper pipes, usable lumber, and apparently even hardwood flooring) out of a house like that? I would have expected someone enterprising to buy it up only to tear out the useful bits.
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pjp
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PostPosted: Wed Jul 31, 2013 3:32 am    Post subject: Reply with quote

Hmmm. $1. My main issue with that would be the liability. Snatching up 10-20k properties at $1 each might be a good investment if not for the liability of a house falling apart.
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Bones McCracker
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PostPosted: Wed Jul 31, 2013 4:16 am    Post subject: Reply with quote

broken_chaos wrote:
That seems odd. Shouldn't you be able to get a decent amount of scrap (copper pipes, usable lumber, and apparently even hardwood flooring) out of a house like that? I would have expected someone enterprising to buy it up only to tear out the useful bits.

It's probably already been pilfered of anything useful, and you'd have to first have to run off the crack-heads sleeping upstairs and survive the racist drive-by shootings as you were demolishing it.

Plus, you'd have to pay taxes on it every year, and I guarantee you it's assessed value is not $1.

There's a reason it's only $1.
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