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Jan 23 - Home Available For As Low As $1


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 Jan 23 - Home Available For As Low As $1
topic by Sk8bamboo - 01-23-2013, 08:40 PM


IN DETROIT

Australia was recently recognised as having the most unaffordable housing markets in the world. Those struggling to scrape together the thousands required to enter the local property market might consider a cheaper option in the American city of Detroit.

Ranked as the most affordable city in world by the Demograhia International Housing Affordability Survey, Detroit's median home sale price currently sits at $29,200. While many Australians need more money to get a home loan from a bank, Detroit’s average property price is actually on the rise from lows of $17,000 just a couple of years ago.

Compare home loan rates at Moneyhound

But you can buy a property for a lot cheaper than that. A ton cheaper, in fact.

A staggering 47 homes in Detroit are listed for $500 or less on the website realtor.com, with five properties listed for just $1. There are also a range of previously loved homes that can be snapped up in the $50 to $80 price range.

Unfortunately for those trying to sell their homes in Detroit a price tag as low as $1 is failing to attract buyers, with many properties having been on the market for over a year now.

The city known for launching the automobile age has certainly seen better days. Once ranked as the 10th most populated city in the United States, one in five houses now stands empty in Detroit.

Constant foreclosures have destroyed property values, with some homes once worth 100,000 times more than their current selling price. One in three people is unemployed in Detroit and the city’s population continues to decline as people leave to other states in search of opportunity.

Business Insider reported that Detroit’s unpaid property taxes totalled $17.6 million last year, but the city still prefers homes to be occupied rather than have unsold lots.

But as more homes get boarded up and neighbourhoods begin to resemble ghost towns, Detroit is unlikely to lose the tag as the most affordable city in the world any time soon.

$1 Detroit homes still for sale - Yahoo!7 Finance Australia


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22 comments for "Jan 23 - Home Available For As Low As $1"


 01-24-2013, 12:36 PMaway - #2
getyagameup 24 heat pts24

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even if you buy it for a dollar, who are you going to sell it to??????????
 01-25-2013, 01:31 AMaway - #3
Sk8bamboo 46 heat pts46

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Round up a group of friends and start a new community?


















Detroit? i'll pass
 01-25-2013, 05:43 AMaway - #4
jwindigo2k4 30 heat pts30

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buy for a buck pull the copper out make 30 and then burn the #### down to get your dollar back

 01-25-2013, 07:57 AMaway - #5
Chopzilla 185 heat pts185

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Originally Posted by Sk8bamboo
IN DETROIT

Australia was recently recognised as having the most unaffordable housing markets in the world. Those struggling to scrape together the thousands required to enter the local property market might consider a cheaper option in the American city of Detroit.

Ranked as the most affordable city in world by the Demograhia International Housing Affordability Survey, Detroit's median home sale price currently sits at $29,200. While many Australians need more money to get a home loan from a bank, Detroit’s average property price is actually on the rise from lows of $17,000 just a couple of years ago.

Compare home loan rates at Moneyhound

But you can buy a property for a lot cheaper than that. A ton cheaper, in fact.

A staggering 47 homes in Detroit are listed for $500 or less on the website realtor.com, with five properties listed for just $1. There are also a range of previously loved homes that can be snapped up in the $50 to $80 price range.

Unfortunately for those trying to sell their homes in Detroit a price tag as low as $1 is failing to attract buyers, with many properties having been on the market for over a year now.

The city known for launching the automobile age has certainly seen better days. Once ranked as the 10th most populated city in the United States, one in five houses now stands empty in Detroit.

Constant foreclosures have destroyed property values, with some homes once worth 100,000 times more than their current selling price. One in three people is unemployed in Detroit and the city’s population continues to decline as people leave to other states in search of opportunity.

Business Insider reported that Detroit’s unpaid property taxes totalled $17.6 million last year, but the city still prefers homes to be occupied rather than have unsold lots.

But as more homes get boarded up and neighbourhoods begin to resemble ghost towns, Detroit is unlikely to lose the tag as the most affordable city in the world any time soon.

 01-25-2013, 10:35 AMaway - #6
BigJay.inc 

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Crazy... quick way to be become a real estate mogul... lol

on the real, that #### sucks... if in another town i might think about snatching up a home but not in the D...

"its so cold in the D" is right!
 01-25-2013, 10:36 AMaway - #7
TIP2009 

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michigan...a predominantly democrat state, a predominantly supported obama state...


look at what he's done...ruin the country, decreased value of dollar, hyper inflation, treason for not attacking during thew libya incident...lol americans are stupid...he's a ####ing piece of #### ruining your life, I guess when you're poor, it's a good thing to want handouts...who gives two ####s if it ####s your kids entire life...
 01-25-2013, 10:37 AMaway - #8
TIP2009 

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Originally Posted by BigJay.inc
Crazy... quick way to be become a real estate mogul... lol

on the real, that #### sucks... if in another town i might think about snatching up a home but not in the D...

"its so cold in the D" is right!
no, michigan is poor as ####, and dirty too...you'll lose money...buy in states like texas, where economic uncertainty is much less..when you take guns, crime increases....use your brain .....who listens to the laws...criminals or law abiding citizens? dumbass
 01-25-2013, 10:42 AMaway - #9
ThePainkiller 306 heat pts306

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Saw Mi####gan and laughed.
 01-25-2013, 10:55 AMaway - #10
Dontess 

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Eventually they will knock down all the houses and create farms. Would bring a lot more to the city
 01-25-2013, 11:53 AMaway - #11
Stupid Fresh 170 heat pts170

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#### will probably go down in value for 50cent im good
 01-25-2013, 11:53 AMaway - #12
Stupid Fresh 170 heat pts170

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somebody post a picture of these "Houses" and the neighborhoods theyre in
 01-25-2013, 12:06 PMaway - #13
young russ 2 heat pts

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the homes that are here in detroit for a $1 need thousands of dollars of money to be put in it just to live in it. then after u buy it fix and try to sell it u wont be able to becuz noone wants to live on those blocks.
 01-25-2013, 12:10 PMaway - #14
xplizit 1 heat pts

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why even pay the dollar?

just move in there, not like anyone would notice except for homeless bums and criminals who used to stay there
 01-25-2013, 02:33 PMaway - #15
BigJay.inc 

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Here's one realtor's website... sort by price to see what $1 can allegedly buy you:

 01-25-2013, 03:04 PMaway - #16
FEDEXKINKO 

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Man I went to Detroit for the Bears vs. Lions, Detroit and Windsor Ontario are both ####ed up #### is sad to see an American city like that and I came from Chicago where #### cant get too much worse lol.

Last edited by FEDEXKINKO; 01-25-2013 at 03:09 PM..
 01-25-2013, 03:36 PMonline - #17
eliwood 115 heat pts115

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Originally Posted by FEDEXKINKO
Man I went to Detroit for the Bears vs. Lions, Detroit and Windsor Ontario are both ####ed up #### is sad to see an American city like that and I came from Chicago where #### cant get too much worse lol.
the crazy #### is Windsor Ontario right across the lake has almost no murd3r at all. ####'s nuts ni##as leave their doors unlocked overnight





this video is a ####ing trip, our whole country is ####ed up to be honest. by that I mean mentality wise

Last edited by eliwood; 01-25-2013 at 03:40 PM..
 01-25-2013, 03:56 PMaway - #18
wtr1906 30 heat pts30

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Originally Posted by BigJay.inc
Here's one realtor's website... sort by price to see what $1 can allegedly buy you:

Almost all the house that are listed for a $1 have excessive fire damage or don't have a roof at all lol
 01-25-2013, 04:52 PMaway - #19
Ednyce 

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if i lived in detroit or even any where close i would buy every house there for $1, how can you go wrong ? even if you have to hold it for 5-10-15 years ? how can you go wrong ?
 01-28-2013, 11:49 AMaway - #20
Charley HUSTLE 15 heat pts15

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check this a 21 bedroom house for 12,500
 


 



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