iPhone app iPad app Android phone app Android tablet app More

$1 Detroit House Sells After 19 Days


First Posted: 08-19-08 01:28 PM   |   Updated: 09-19-08 05:12 AM

I Like ItI Don’t Like It
Detroit House

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.

Read the full story here

Related:

::It Was Easier -- Barely -- To Sell A Sex Party House
::Home Depot's Feelin' The Hurt From The Housing Crisis, Too

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 dep...
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 dep...
Filed by Dave Burdick  |  Report Corrections
 
 
  • Comments
  • 18
  • Pending Comments
  • 0
  • View FAQ
Comments are closed for this entry
View All
Favorites
Recency  | 
Popularity
04:05 PM on 09/05/2008
Just proving it really is a buyer's market right now !!
apoyo
Micro-bio? Sounds serious.
07:29 PM on 08/21/2008
WOW!
This user has chosen to opt out of the Badges program
photo
09:55 AM on 08/21/2008
They paid too much.
photo
HUFFPOST SUPER USER
tcagle
Renewable energy pro
01:06 PM on 08/20/2008
And the brokers and agents went nuts trying to split the $.06 commission.
photo
HUFFPOST SUPER USER
levelshot
I lack the capacity and ability to believe b.s.
08:05 AM on 08/21/2008
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.
photo
HUFFPOST SUPER USER
tcagle
Renewable energy pro
03:29 PM on 08/25/2008
I guess they were shitting nickels - relatively, a profit deal for them.
HUFFPOST COMMUNITY MODERATOR
JScott
John Galt's last name is McGuffin-Smithee
11:22 AM on 08/20/2008
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.
photo
HowietheScreamer
Yes yes, I know my Micro bio is still empty
02:27 PM on 08/20/2008
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.
12:06 AM on 08/20/2008
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.
08:46 PM on 08/19/2008
Jon Stewart is right. It's ridiculously difficult to satirize the Bush Administration.
08:23 PM on 08/19/2008
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.
photo
HUFFPOST SUPER USER
booker52
avid reader
08:20 PM on 08/19/2008
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.
12:09 AM on 08/20/2008
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.
This user has chosen to opt out of the Badges program
photo
03:38 PM on 08/19/2008
I believe I would rather have the dollar.
02:45 PM on 08/19/2008
"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.
02:10 PM on 08/19/2008
Maybe the new owner can flip it for two dollars.....
03:33 PM on 08/19/2008
in about a year.
They'll have to sit on it for awhile to get a 100% increase in price.
06:21 PM on 08/19/2008
Bite Your Tongue!!!