View Full Version : $100 house ... in Detroit of course

06-18-09, 02:30 PM
cnn link (http://www.cnn.com/2009/US/06/17/detroit.artists.homes/index.html?HOOOOOOMESS)

The couple never counted on owning a home.

"It's not that we have a little money," Jon Brumit said, laughing. "I'm saying we have no money."

But the couple began entertaining the idea of a permanent nest when their friends Mitch Cope and Gina Reichert, also artists, started taking advantage of foreclosures in the city, where the average home price dipped to $11,533 in April, according to the Detroit Association of Realtors.
Wow even for Detroit, I'm surprised the average is that low. According to housingtracker (http://www.housingtracker.net/asking-prices/detroit-michigan) the median listing price is $124,900.

A few weeks later, Cope e-mailed Brumit a photo of an abandoned home on his block. Its windows were boarded up and plywood was nailed across the front door. The huge hole in the roof was courtesy of the fire department. A neighbor said the house had been set on fire -- twice.
Pricetag: $100. Brumit called a real estate agent with the Department of Housing and Urban Development, who confirmed that bids on the foreclosed property started at $95 for the property, $5 for the house. There were no back taxes -- no one seemed to be sure who once owned the house, it had been empty for so long, Brumit said.

In two weeks, the state will begin offering $25,000 to anyone who buys a home, as long as they pay 1 percent of the total cost and live in it. Landlords or speculators aren't eligible.