$1 Detroit House Sells After 19 Days

DETROIT -- 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.

...

Colpaert declined to provide the name of the prospective purchaser, because the deal had not been through closing. The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.

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Comments

[Kaira]

Just proving it really is a buyer's market right now !!

[apoyo]

WOW!

[Merckx]

They paid too much.

[tcagle]

And the brokers and agents went nuts trying to split the $.06 commission.

[levelshot]

actually the buyer negotiated a $.03 commission after realizing how desperate the broker and the agent were to make a sale. So you can imagine how nuts the two really went trying to split a penny.

[tcagle]

I guess they were shitting nickels - relatively, a profit deal for them.

[JScott]

Take a look at Google maps of Detroit you see lots and lots of lots where the houses have been demolished. Perhaps enviros should be buying them demolishing them and let nature reclaim the land-indeed it would be after humans are gone just like that TV show on cable.

[HowietheScreamer]

Urban prarie is NOT the natural state of things for Michigan. Now if they were to reforest, then maybe... but it'd be a big maybe.

Michigan is in Depression. Has been for over a year.

[mandalaina]

My heart goes out to the people who lost their home. To watch a house be destroyed like that when the bank could have PAID them to stay and protect it is just heart rending. As a former home-owner (I was fortunate to be able to sell, and did not lose it), I know how much work and care goes into owning a home. You fall in love with it. To see a home go this way unnecessarily --it just defies logic.

[walk0nwalls]

Jon Stewart is right. It's ridiculously difficult to satirize the Bush Administration.

[robinhood2]

I wonder what Michigan's policy is on property taxes for such properties? In California, the new owner would pay annual taxes of 1.1% to 2% of the purchase price (1 or 2 cents), plus parcel taxes that are levied without regard to the property's value (perhaps a few hundred dollars in parcel taxes). But good luck finding even a boarded up house in the ghetto for $1 in California.

[booker52]

What they don't tell you about this home that sold for a $1 is that is was gutted and the siding had been solen. Yeah a great deal and you would have to spend a bundle on re-doing it!!!! Say $70,000 or better!!! It was on the news last night.

[mandalaina]

what they basically have to do is rebuild the entire home. I'd not be surprised if the drywall and flooring was gone too. I didn't see the report, but would suppose the house is just a shell. And who knows what kind of vermin is in there now as well. The bank should have let the people stay there; it would have been to everyone's advantage.

[RightWingMarine]

I believe I would rather have the dollar.

[flymic]

"planned to pay in cash"

no dude... what you want to do is borrow the dollar from a bank at a flex-rate so you can share the wealth with rest of humanity.

The bank will take what they think you'll be paying and create these fantastic structured investment which they'll break up into a million pieces and sell it all around the world.

And one day when you freak out and sell your $1 house for 1 penny on Craigslist and the guy in Tipai realizes he just got the big screw via global capitalism. you'll know you've touched someone somewhere in a very special way.

[googlymoogly]

Maybe the new owner can flip it for two dollars.....

[TrooAmerican]

in about a year.
They'll have to sit on it for awhile to get a 100% increase in price.

[katheyquilts]

Bite Your Tongue!!!