What is Digg?195 Comments
- Ryan166, on 08/14/2008, -1/+97Who the hell would pay that much to live in Detroit??
- deadmoo, on 08/13/2008, -1/+66I like this part at the end of the article:
"My 14-year-old son could buy a block of Detroit property," said Ann Laciura, senior servicing specialist for the Bearing Group.
He would be like a ghetto Richie Rich. - toomanymirrors, on 08/13/2008, -0/+54"The new owner will owe $3,900 in property taxes in 2009 on her $1 purchase unless she challenges the tax assessment." I'm going to guess this assessment gets challenged.
- ironeus, on 08/13/2008, -4/+49When a $1 sale costs a bank $10,000 there is major concern.
- zelig, on 08/13/2008, -1/+42It will cost at least $10k to make it halfway livable again. But what's the point, given its crappy location.
- digency, on 08/14/2008, -1/+38The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash.
LOL!! - ZenMojo, on 08/14/2008, -1/+35*****. $1 gets you a SMALL soda at McDonald's.
- salamnder, on 08/13/2008, -1/+33This house is outside city airport (a *****) and was sold for 65k in a warm market. Since then, its been foreclosed, stripped and had the siding stolen.
- inactive, on 08/14/2008, -0/+30Did someone trade it for a RED PAPER CLIP ??
- Rikkochet, on 08/14/2008, -0/+25Guess what I did!
Yeah!
I clicked the blue text at the top and it went to a WHOLE NEW WEBPAGE!
And that page explained what the headline meant! And I read the whole thing!
And now I'm actually qualified to comment on it! - richmomz, on 08/13/2008, -12/+34Don't read too much into it - a $1 house sounds like a great deal until you find out that there's a $150,000 lien on it... that you are now responsible for!
- EatingPaste, on 08/13/2008, -2/+24Detroit has all kind of problems... the mayor is about to go to prison, there are many corrupt city workers, the automotive industry is going down the tubes, and the people reelected the same retarded governor over the candidate that had some real economic experience.
- theotheragentm, on 08/13/2008, -2/+23$1 for the land is still a pretty good deal. Just sit and wait until the airport needs more land.
- sencity, on 08/14/2008, -0/+20"The company hired to manage the home and sell it, the Bearing Group, boarded up the home only to find the boards stolen and used to board up another abandoned home nearby."
WTF!? That has got to be the Detroit definition of Irony. - 22pages, on 08/14/2008, -0/+18obligatory robocop reference: 'i'd buy that for a dollar'
- musleypope, on 08/14/2008, -0/+18For drug deals, of course. This is Detroit.
- edstate, on 08/13/2008, -0/+17Remember though, the property taxes are still due, and you can be sure they'll be more than $1.
- travis6690, on 08/14/2008, -0/+15Could I get financing on that?
- merreborn, on 08/14/2008, -0/+14This wasn't an individual selling a property they couldn't afford the mortgage on; this was the bank selling a house they foreclosed on.
There are no liens on the property. - xptoast, on 08/14/2008, -0/+14I would have bought it and turned it into...."HOBO HANGOUT", all the rave in "Under The Bridge" news groups. It would employ hobos to take care of different tasks as well as to fix up the house or face serious consequences from the other hobos. Some hobos would be equipped with paintball guns and given permission to shoot unruly hobos in the face till they comply. They would be allowed to stay if they comply with House Rules. They would be asked to do work around the city to clean it up. A Hobo Commune of Epic proportions.
Sunday Sunday Sunday!!! - inkyblue2, on 08/14/2008, -0/+14i've got a twenty in my pocket, can i just buy detroit?
- theotheragentm, on 08/14/2008, -1/+14Yeah, I'll probably have to run it as a parking lot for four weeks out of the year to pay for the taxes.
- brstilson, on 08/14/2008, -0/+12Kwame Kilpatrick should have gone down years ago. His tenure as mayor has brought nothing but scandal and controversy the entire time.
- rebrad, on 08/13/2008, -0/+12It seems that property values in Detroit are going through the roof. It was reported yesterday most homes are worth 30% less than what was owed. So with $3,900 in property taxes owed forn 2009, I would say that the person who bought this slice of Motown paid quite a bit too much.
- brstilson, on 08/14/2008, -3/+14Dick Devos is rich because his father co-founded a pyramid scheme, not because he has any business sense. All he offered for a solution was "lower taxes." Well, we tried lower taxes. We even offered a completely EXEMPTION from taxes to Electrolux so they would stay in Greenville instead of moving to Juarez, Mexico. Electrolux turned the offer down, and displaced 3,000 workers in a town of 8,000. Lowering taxes isn't a magical solution to get businesses to come back. Taxes are a drop in the bucket compared to $30/hour union workers. If a business has a choice between no taxes and $30/hour, or barely any taxes and $1/hour, they're going to choose the latter every time.
It was the previous Republican governer, John Engler, who cause our state's budget crisis. Engler was a classic "borrow-and-spend" republican, lowering taxes while funding runaway government programs. The only problem is that a state can't operate like the federal government. If the budget isn't balanced, the government shuts down. They can't just phone the Federal Reserve to print more money out of thin air.
DeVos wouldn't have done any better than Granholm. All of Michigan's tax dollars would have continued to be funneled into Kwame Kilpatrick's *****. The fact is, Engler put Michigan in a world of hurt, and it's going to take years to recover from his disastrous governorship. - Elliuotatar, on 08/14/2008, -0/+10Funny how they can't sell the house for more than $1 on the open market, but Uncle Sam says it's worth more.
- woody24, on 08/14/2008, -1/+11*sigh* And im trying to sell a condo in Ann Arbor (30 mins away) for 2k more than what I paid for it.
Maybe I'll undercut the competition and offer mine for $.75! - YodaJones, on 08/14/2008, -1/+10"I'd buy that for a dollar".
- jbmcb, on 08/14/2008, -0/+8Usually a lien prevents sale of a house, you might be thinking of back property taxes that might be owed. Also, if a house is in foreclosure through bankruptcy proceedings, a judge can order liens removed for blocking liquidation.
- gtluke, on 08/14/2008, -4/+12this has NOTHING to do with the mortgage crisis or today's economics.
this has been going on for a decade in detroit.
if you want to blame someone, look towards the unions - SpongeBad, on 08/14/2008, -1/+8He went to public school in Detroit. Cut him some slack.
- automidnight, on 08/14/2008, -0/+6This has been going on in Detroit forever. If the you live next to a burnt down or vacant 'squatter' house the bank will sell it to you for 1$. It's not the recession... it's just detroit. Housing crisis or no, you can rent a 2500 sq foot home 4 bedrooms, 2 full bathrooms for $1000 a month in a 'decent' neighborhood.. For reals. It's probably even less now.
- BalsamLane, on 08/14/2008, -0/+6Take a peek at the house, and the neighborhood, on Google street view... no thanks.
- Matt2k, on 08/14/2008, -0/+6Why would you need a parking lot in the middle of a residential neighborhood?
- whoomp123, on 08/14/2008, -1/+7if the seller implies there are no liens the buyer is not responsible for the liens. I believe it is called a good faith buyer.
- inactive, on 08/14/2008, -0/+6Nobody wanted it, must be Dish network
- phooldyou, on 08/14/2008, -0/+5"I'D BUY THAT FOR A DOLLAR!!!"
- MasterChi, on 08/14/2008, -0/+5FTA - "and the owner will have trouble keeping scrappers from stealing the improvements as quickly as they're installed"
And that $1 "investment" doesn't look so sweet now if you can't even offload it for more to someone else because A. all the improvements you make get stolen and B. noone wants to live there in fear of getting robbed and/or killed.
No wonder 19 days went buy with no buyers, i wouldn't touch it. - EtherGnat, on 08/14/2008, -0/+5@UberNick
On a primary residence you only pay capitol gains on appreciation amounts over $250,000 for a single filer and $500,000 for married filers. - ZeeZee2k, on 08/14/2008, -2/+7Let's see, a small soda, or a house? I do like soda, but they don't have pepsi.....I'LL TAKE THE HOUSE!
- and303, on 08/14/2008, -0/+5Detroit gives certain houses away to those who will simply maintain it.
- mik0r, on 08/14/2008, -0/+5Am I the only one that saw business potential here?
I live in a Suburb of the D, and after reading this article, found a few more listings for properties that were insanely low prices (not $1, but more around $100), and in some of the more "decent" areas around the D, and promptly put my offers in which were accepted in mere HOURS.
What with all the job losses and such in the area, there's sure to be a ton of section 8 cash and unemployment money to soak up from renters (who quite possibly owned the homes prior!). ~$7,000k worth of repairs, and I'm in business.
Even if I rent the properties out for $400/mo (comparable homes in the neighborhood are renting for $600) (* 3), I've made my investment money back in 6 months, and from there its profit.
Why some of the folks that were hit in the big 3 layoffs didnt think of this, I have no idea...
Make lemonaide when life gives you lemons.. - ChildeRoland420, on 08/14/2008, -0/+5Just because the house sold for that doesn't mean the county appraiser can't say it's worth more.
- catnap4321, on 08/14/2008, -0/+5that's what title insurance is for
- catnap4321, on 08/14/2008, -0/+5anyone notice in the picture that the house still has a digital satellite dish on the roof?
- cgrin, on 08/14/2008, -1/+6Actually, at least around here, all the sizes are a dollar right now...
- Matt2k, on 08/14/2008, -0/+5Here's the listing.
http://www.realtor.com/realestate/detroit-mi-48213 ...
Also they said the property taxes were due at almost $4,000. Plus the enormous amount of repairs. Yes, it's a good deal but the owner will have to put in a lot of work. From the sound of it, the house is gutted and literally needs to be rebuilt. - FTLJohnson, on 08/14/2008, -0/+4I'd buy that for a dollar!
(Hey, where did that movie take place? Oh yeah, Irony.) - aftern9ne, on 08/14/2008, -2/+6Well it is Detroit.
- jlmillstein, on 08/14/2008, -0/+4"The agent did say that the buyer agreed to pay the full list price of $1, and planned to pay cash."
ha -
Show 51 - 100 of 195 discussions
The Digg Toolbar for Firefox lets you Digg, submit content, and keep track of Digg even when you're not on the Digg site. Download the official 
© Digg Inc. 2009
— Content created and posted by Digg users is