Detroit Offers Up $1 Homes for Sale
Daily Real Estate News | Wednesday, January 02, 2013
For home buyers looking for a deal, Detroit may be the answer. Nine homes were recently listed in the Detroit area for one dollar and six properties were listed for $100, according to Realtor.com data.
What will a $1 get you? A three-bedroom, 1,300 square foot “fixer upper.”
Detroit has been hard-hit by foreclosures and a high unemployment rate the last few years.
The average sales price for a Detroit home was $17,135 as of September 2012, according to the Michigan Association of REALTORS®.
The average price of a home in Detroit has been below the average price of a new car since 2008, according to Mark Perry, an economist at the University of Michigan.
“You can buy two houses in Detroit for the price of one car,” The Daily Caller News Foundation reports.
The big bargains in Detroit may provide an opportunity for revival in Detroit, Perry says.
“There’s great opportunity for some people to move back into these neighborhoods, fix these houses up, and bring the city back,” Perry says.
In recent months, Detroit has been seeing a rise in home prices, higher sales, and a rise in building activity, says Robert Dye, chief economist at Comerica Bank Robert. But unemployment remains high — at 12.3 percent in August 2012.
Source: “Detroit Homes Still Selling for $1,” The Daily Caller News Foundation