Thursday, Aug 14, 2008
up for sale for $1.
Detroit News via SOTT: Foreclosure fallout: Houses go for a $1 And it still took 19 days to find a buyer.
This house at 8111 Traverse in Detroit has been stripped of its siding, plumbing, copper wiring, hot water tank and furnace. Desperate to sell, the bank that owns it has put it up for sale for $1.
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.
Posted by malct @ 03:29 PM (541 views) Add Comment
8 Comments
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2. layers said...
Wonder how long it will be until we see something similar in the UK with buy-to-eternal-debt and commercial properties being stripped for their copper etc.? I doubt though that's anything worth taking from the new-builds!
3. jack c said...
In the not too distant past terraced houses in the west end of Newcastle upon Tyne were being sold for £1 - see news.bbc.co.uk/1/hi/uk/4183017.stm for more info. Things have a habit of coming full circle (so my friends keep telling me)
4. Papabear said...
"The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash."
LOL!
5. rotten tomato said...
Absolutely unbelievable (but true!). And with these events happening, no one can convince me we are not on the edge of a depression. No one, especially not Bloomberg tv.
6. d'oh said...
Often these $1 properties come with all sorts of taxes and liabilities that have to be paid on them. They probably aren't worth $1 in gangland Detroit.
7. malct said...
d'oh - sounds like post appocolypsey stuff
more sunshine
8. This comment has been removed as it was found to be in breach of our Blog Policies.