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Close Topic OptionsUs$100 House In Detroit
Us$ 100 House Detroit - Politics, Business, Civil, History - Posted: 26th Sep, 2009 - 1:05am
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Us$100 House In Detroit
If you are short of cash or you want to make an investment in a property maybe you should head to Detroit.
| QUOTE |
| (CNN) -- If an e-mail popped up in your inbox promising a house for $100, you'd expect to see it sent from a guy in Nigeria asking you to wire him several thousand dollars first. But this depressed housing market dream is real. And Detroit, Michigan, artist Jon Brumit and his wife Sarah are living it. 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. Dragging down the average are homes are long abandoned or foreclosed on that are selling for pennies on the dollar. Detroit already had the lowest market value houses in Michigan before the latest rounds of job losses at GM and other huge employers, market analysts say.... |
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Us$100 House In Detroit History & Civil Business Politics
Also, I always suspect houses like this one are in bad/dangerous neighborhoods. Yes, you buy a house for 100 bucks but then you ended up becoming a victim of crime (of course, if you plan to live there).
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For what I heard Detroit is a very dangerous city so I guess that's why the real estate there seems to be so cheap. Safety it is one of the most important things to consider when purchasing a home.
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TOPIC: Us$100 House In Detroit