Home for sale: $400

[mammasweets]

I was born in Flint. Parents are from Adrian. I moved away when I was little. Sounds like it was a good thing unless I am looking for a good time. ;0

 

[Autumn2004]

I was born in Flint. Parents are from Adrian. I moved away when I was little. Sounds like it was a good thing unless I am looking for a good time. ;0

Yes it is a good thing but honestly it depends where you are at in flint. Downtown I wouldnt be hanging out there at night especially by hurley hospital but some areas arent too bad. We have some friends that own a bar on dort hwy and its not too bad of an area depending on which way of dort hwy you turn on to. If your going South it comes into a better area pretty quickly.

 

[SewingDeb]

hmmmm, no photo, wonder why? :waitasec:

I see a picture now and a price of $300 with payments of $1 a month.

 

[mammasweets]

Yes it is a good thing but honestly it depends where you are at in flint. Downtown I wouldnt be hanging out there at night especially by hurley hospital but some areas arent too bad. We have some friends that own a bar on dort hwy and its not too bad of an area depending on which way of dort hwy you turn on to. If your going South it comes into a better area pretty quickly.

I was born at Genesee Hospital. I am not sure where that put me in regards to my "ghettoness" I have lots of family there I guess.

 

[Autumn2004]

Genesee? That might be one of hospitals that closed down. Three closed down. There is only Hurley and Mclaren now. Genesys is another one but that is pretty new and is out in grand blanc area. The ones that closed down werent in really bad areas, only Hurley is that way.

 

[KarlK]

I see a picture now and a price of $300 with payments of $1 a month.

No one is going to buy a property that can only generate expense. House is visibly unfit for occupation, not worth fixing, and very likely located in a derelict area. What is likely happening is that the property was repossessed by the city for unpaid taxes and sold to realtors for the nominal $1. In some cities realtors can buy abandoned buildings in designated areas without having to pay taxes or perform maintenance as long as the property remains on the market. The trade-off is that these properties cannot be insured (to avoid realtors torching them) and utilities bypass them. Usually they will buy whole blocks and push for gentrification when they think developers may eventually become interested in buying all adjacent properties. When and if this happens value will skyrocket. In the meantime even if the house is listed for sale they'll hold on to it.

 

[JinxieJada]

No one is going to buy a property that can only generate expense. House is visibly unfit for occupation, not worth fixing, and very likely located in a derelict area. What is likely happening is that the property was repossessed by the city for unpaid taxes and sold to realtors for the nominal $1. In some cities realtors can buy abandoned buildings in designated areas without having to pay taxes or perform maintenance as long as the property remains on the market. The trade-off is that these properties cannot be insured (to avoid realtors torching them) and utilities bypass them. Usually they will buy whole blocks and push for gentrification when they think developers may eventually become interested in buying all adjacent properties. When and if this happens value will skyrocket. In the meantime even if the house is listed for sale they'll hold on to it.

actually quite the opposite in this particular case- if you scroll up, you'll notice that in the city of Detroit and some of the burbs, they (city) will often fund the necessary renovations as well as do a tax free for x amount of years.

most if not all have utilities ran, granted, they may not be actively on, but they are "on the grid" I don't know of any areas in Detroit that are off grid other than those that haven't paid the bill or have been stripped of wiring....

 

[KarlK]

actually quite the opposite in this particular case- if you scroll up, you'll notice that in the city of Detroit and some of the burbs, they (city) will often fund the necessary renovations as well as do a tax free for x amount of years.

I'm aware of that but derelict houses eligible for such programs won't typically be sold through a real estate agency and when they are it's not for $300. There is no profit to be made on a $300 sale, it will cost more than that just for the paperwork. That house is visibly beyond repair, the frame is crumbling. It's a demolition job.

most if not all have utilities ran, granted, they may not be actively on, but they are "on the grid" I don't know of any areas in Detroit that are off grid other than those that haven't paid the bill or have been stripped of wiring....

What I meant by bypass is that utilities have been cut off for safety purposes, not that there aren't any running in the neighborhood. This is standard procedure for condemned buildings. If it is owned by a real estate agency usually their only obligations are to prevent access and mow the lawn, which they usually do rather casually, sometimes they don't even have those obligations. For them it's often a long-term investment. In my hometown a bank foreclosed an abandoned-but-still-mortgaged property in the 1950's and sold it to a real estate agency for $1 because banks are not exempt from paying taxes on repossessed properties and the house was deemed unfit for sale. Following the sale it stood vacant for about 40 years until a shopping mall was built across the street from it and suddenly all sorts of fast-food chains were vying to buy it (for the land obviously, the building was half-collapsed by that time). It sold for nearly $300,000 and was promptly torn down. The agency owner whose father had bought the property said he wasn't even aware they owned it and that to his knowledge they had never spent a dime on it even though it had officially been on sale all those years so that they wouldn't have to pay taxes on it. For this reason the property wasn't listed on the firm's computers, they only realized it was theirs when contacted by eager would-be buyers.