Foo - Homes for under $10k?

I've found more than several homes, some 1 bedroom, some as many as 4 bedrooms, for under $10,000. For sale, not rent. I saw a piece of commercial land, 60'X100', reduced from $12,000 to $500. Yes, five hundred dollars. This was all in one city. It took 5 pages of homes and property to reach over the $10,000 mark.

cripes...

There are parts of Detroit where homes are in the hundreds of dollars. Read a really cool story about an artist that bought a home for a few hundred and then lived in it and renovated it. Started helping others do the same, trying to revitalize an old abandoned neighborhood. Would be a tough row to hoe though for me. I want all the conveniences of modern suburbia. Parks, sports leagues for my kids to play in, good, clean schools, shopping close at hand. All those things cost money, and that money has to come from somewhere, be it taxes for private subsidy.

Not the exact article I had in mind, but this is the same area, might even be the same artist.

http://detnews.com/article/20090313/LIFESTYLE/903130306/Detroit-s-hard-edge----and-dirt-cheap-real-estate----attract-artists-from-around-the-world

Oh yeah just wait a few years there will be alot better selection. :twitchy: The banks are trying to keep the prices up, and tons of stuff aren't on the market yet.

Those homes are usually gutted and barely standing. You have to be pretty handy with some tools to make a nice place out of them. We have some similar stuff here in the ATL. If you were to go ahead an get one of those homes, be prepared to tear it down and rebuild.....and then good luck selling it, cause all the surrounding houses will be just like the one you bought when you bought it.

Not the exact article I had in mind, but this is the same area, might even be the same artist.

http://detnews.com/article/20090313/LIFESTYLE/903130306/Detroit-s-hard-edge----and-dirt-cheap-real-estate----attract-artists-from-around-the-world
That's pretty cool.

Those homes are usually gutted and barely standing. You have to be pretty handy with some tools to make a nice place out of them. We have some similar stuff here in the ATL. If you were to go ahead an get one of those homes, be prepared to tear it down and rebuild.....and then good luck selling it, cause all the surrounding houses will be just like the one you bought when you bought it.

Exactly. One can spend all the money they want to fix up that house but the value won't go up a whole lot because of the area. Matter of fact, that house would be a prime target for crime BECAUSE of the money spent on it.

For those prices you could buy a whole block and turn it into your own private compound.

We should buy one, have a wild party and abandon it :D

Exactly. One can spend all the money they want to fix up that house but the value won't go up a whole lot because of the area. Matter of fact, that house would be a prime target for crime BECAUSE of the money spent on it.

Yeah, the guy in the article I read had to live in the house to keep it from getting stripped each night after he left. That is why the artists are starting a "compound" to be sort of self supporting, self policing as I recall. And yes, as Modo mentioned, you would have to be very good at carpentry, plumbing, etc to make this work, as well as self employed, like an artist. But for some, it is a great way to find a place to call home on the cheap.

here is the original article I believe

http://www.cnn.com/2009/US/06/17/detroit.artists.homes/index.html

I was showing real estate prices in Florida and Michigan to a Chinese co-worker on Monday -- she couldn't believe a house could be that cheap in the States, and forecast a huge influx of Chinese property speculators (as if they're not having enough fun with property speculation at home). I hear Arizona is already seeing a good number of Canadians buying suddenly cheap winter homes.

The cheapest I found in my search was a burnt-out shell in Detroit for $50. Going up-market, there were some beautiful old stone/brick houses (also in Michigan) advertised in the low $100k region. That may not be $50, but it's still ridiculous.

I was showing real estate prices in Florida and Michigan to a Chinese co-worker on Monday -- she couldn't believe a house could be that cheap in the States, and forecast a huge influx of Chinese property speculators (as if they're not having enough fun with property speculation at home). I hear Arizona is already seeing a good number of Canadians buying suddenly cheap winter homes.

The cheapest I found in my search was a burnt-out shell in Detroit for $50. Going up-market, there were some beautiful old stone/brick houses (also in Michigan) advertised in the low $100k region. That may not be $50, but it's still ridiculous.
I'm finding homes in good neighborhoods, well kept for and not foreclosed, 3 bedroom, large property, going for $50,000.

The mayor of my town lives in a gated community of (formerly) $300k+ houses.
His is the only one of about 25 homes that sold, all of the rest are standing empty.
His kids have their own three story play houses.

UA you got a linky? Drop in the bucket! I'll buy it and rent it to ya!

UA you got a linky? Drop in the bucket! I'll buy it and rent it to ya!
I'm gonna talk to Joy about this one. Although, since we'll be here for another year at the most, it probably won't be worth it...

I'm finding homes in good neighborhoods, well kept for and not foreclosed, 3 bedroom, large property, going for $50,000.

Wow.

This is all the more depressing since I've been hoping to buy an apartment in Hong Kong at some point. A unfurnished 500-square-foot walk-up apartment in a decent neighbourhood is currently going for US$400,000-450,000 :cry:

I'm gonna talk to Joy about this one. Although, since we'll be here for another year at the most, it probably won't be worth it...

Where ya goin? *puts checkbook away*

I'm finding homes in good neighborhoods, well kept for and not foreclosed, 3 bedroom, large property, going for $50,000.
Damn son.

I wish those kinds of deals could be made here.

I'm looking at paying $150K for a home with two bedrooms and smallish property.

Then again, Denver's economy hasn't suffered too badly from this recession.

With prices that low you'd think someone would buy up a whole block or more as bikecrate suggested except, rather than turning the property into a private compound, turn it into a big park that the community could help build (planting trees, build playgrounds, etc) and therefore take greater ownership in...A sort of Central Park for the Detroit area.

Where ya goin? *puts checkbook away*
Don't know yet, but after next year, we need to move so that I can finish my degree. Of course, we may be moving earlier depending on if Joy has a job next year... *fingers crossed*

I have a virtual home you can own. Send me some money and I'll place a nice sign saying 'UA's Kingdom" @ the door. :D

Don't know yet, but after next year, we need to move so that I can finish my degree. Of course, we may be moving earlier depending on if Joy has a job next year... *fingers crossed*

Not sure what she teaches. But my friend who is a special ed teacher here in Cali told me that she can't lose her job. I guess something about not being allowed to do cutbacks on special ed. While all around her, her co workers in regular classes are getting the pink slip. She's feeling guilty (considering she's been teaching for two years and others for a lot longer) but thankful.

I wish Joy lots of luck on that.

Wow.

This is all the more depressing since I've been hoping to buy an apartment in Hong Kong at some point. A unfurnished 500-square-foot walk-up apartment in a decent neighbourhood is currently going for US$400,000-450,000 :cry:

That's because it's HK, you silly. You obviously need to move to Michigan instead.

Not sure what she teaches. But my friend who is a special ed teacher here in Cali told me that she can't lose her job. I guess something about not being allowed to do cutbacks on special ed. While all around her, her co workers in regular classes are getting the pink slip. She's feeling guilty (considering she's been teaching for two years and others for a lot longer) but thankful.

I wish Joy lots of luck on that.
Her Principal intends to keep her if he can, so she's got that going for her, but it's still kinda scary as she only has 2 years in...

I'm gonna talk to Joy about this one. Although, since we'll be here for another year at the most, it probably won't be worth it...

Don't do it then! It's NOT worth it if you're only going to be there a year. I still have a house in Omaha, and I rented it out for a little over a year when I moved to TX, but after the renter left, it sat on the rental market for three months, and it's now been up for sale for three months. Six months of paying a mortgage on a house I'm not even living in is not fun.

Don't do it then! It's NOT worth it if you're only going to be there a year. I still have a house in Omaha, and I rented it out for a little over a year when I moved to TX, but after the renter left, it sat on the rental market for three months, and it's now been up for sale for three months. Six months of paying a mortgage on a house I'm not even living in is not fun.
Yeah, that's pretty much what I'm thinking, although it is fun to think about doing it... :P

Yeah, it is fun to think about... if only I had waited a few years to buy a house. *sigh*

Where are you guys thinking of moving to?

cripes. Slightly fired damaged 2 story colonial style 1928 home for $100...

Yeah, it is fun to think about... if only I had waited a few years to buy a house. *sigh*

Where are you guys thinking of moving to?
Ann Arbor right now. If Joy can keep her job, it'll be close enough that she'll continue teaching at the same school and I'll go to school at U of M.

Meanwhile, I walked past an old house for sale here last night. Looked like the kind of place that had been added on to several times over the years with no consideration given to permits or any of that legal mumbo-jumbo. Advertised as a "contractor's special." Looks more like it never recovered from the Great Depression, and has actually been going downhill since then. Unattached garage looks like it was tilted up to accommodate one of those new-fangled "automobile" contraptions.

2 bedrooms, one bath, 1170 square feet. Smallish corner lot.

$375,000.

*blink*

2 yrs ago, it would have probably listed at $750,000 :eek:

With prices that low you'd think someone would buy up a whole block or more as bikecrate suggested except, rather than turning the property into a private compound, turn it into a big park that the community could help build (planting trees, build playgrounds, etc) and therefore take greater ownership in...A sort of Central Park for the Detroit area.
This is Detroit, just what community is it that you're planning on putting a park in to? Does anyone live there?

Meanwhile, I walked past an old house for sale here last night. Looked like the kind of place that had been added on to several times over the years with no consideration given to permits or any of that legal mumbo-jumbo. Advertised as a "contractor's special." Looks more like it never recovered from the Great Depression, and has actually been going downhill since then. Unattached garage looks like it was tilted up to accommodate one of those new-fangled "automobile" contraptions.

2 bedrooms, one bath, 1170 square feet. Smallish corner lot.

$375,000.

*blink*

Ahh, the south bay. :)

Cheapest SFR in my city is currently $345k.
I just made the mistake of looking up my own condo to see that I'm just over a $100k underwater - very depressing!
Think someone will bail me out or lower my principal?

No way, I make my payments and can afford it, just.

Meanwhile, I walked past an old house for sale here last night. Looked like the kind of place that had been added on to several times over the years with no consideration given to permits or any of that legal mumbo-jumbo. Advertised as a "contractor's special." Looks more like it never recovered from the Great Depression, and has actually been going downhill since then. Unattached garage looks like it was tilted up to accommodate one of those new-fangled "automobile" contraptions.

2 bedrooms, one bath, 1170 square feet. Smallish corner lot.

$375,000.

*blink*My little niece moved from San Jose to Michigan last year. She was a little surprised at the prices there.

This is Detroit, just what community is it that you're planning on putting a park in to? Does anyone live there?
Actually, I read somewhere that the Motor City is getting ready to condense their central core, and turn everything else back into greenscape and farmland. This (http://www.stateline.org/live/ViewPage.action?siteNodeId=136&languageId=1&contentId=15660) isn't the story I read recently, but similar. Now that Detroit is becoming a ghost town, they might be able to carry out the plan- provided they can fund it.

I wonder if the big boy sport franchises are planning on leaving. The WNBA already bounced from there to Tulsa.

It's always a buyers market in Flint Michigan:thumb:

I think one of those "Life After Humans" shows featured some of the abandoned Detriot buildings. It was amazing how little time it takes for structures to break down without people to take care of them.

I'm finding homes in good neighborhoods, well kept for and not foreclosed, 3 bedroom, large property, going for $50,000.
Yikers! If the house is in good condition, it may be worth the buying. You mentioned you don't know if you will be there in a year which means you may so why not go for it? You can't lose if you are renting now. If you leave the area sell it for a few grand more than you paid because it will appraise for more than you paid.. Someone will buy it. You will not make that much but to own at that price is not a bad deal.
I bought a 2/1 condo two months ago for $79k. The guy across from me paid $120k three months ago for a 1/1 and a few doors down the couple paid $195k four months ago for a 2/2. The unit next to me is a 2/2 in escrow for $189k. I bought into equity and will sell that place in a year or so for a nice chunk of change and buy another place with the profits so that I am covered all the way around. These banks are jokes. A lot of them just want to get rid of inventory and don't really know the actual price of the markets in some areas. Because of this, it is best to jump high when you can because you will win.

Yep. Lots of character in the area around that house, but yikes, I'll just keep on keepin' on with the rent.


Let's just say we live in a new mobile home for a reason.

I talked to a guy a while back (probably about 2 years ago now, so just after the mess turned downhill), and even then he was collecting abandoned property in one of the ghost-suburbs of Detroit. As I understood it, if he cleared all the structures off a designated lot, the city deeded the land to him. It sounded like he'd spend a week or two each and about $1000 on disposal fees for the waste generated and ended up with a decent-sized handful of properties.

UA - the really crazy thing is, I bet if you bought one of those houses you'd be paying more in annual property tax than the sale price of the place.

If the property taxes were low, you would think one of these places would be excellent for someone retired who doesn't need to go to work. Especially interesting if you could get a block of them and make a retirement community out of it so people would feel safe.

Just a thought.

Where are ya'll finding these houses?

All I know about is craiglist and the classified ads in the paper.

If the property taxes were low, you would think one of these places would be excellent for someone retired who doesn't need to go to work. Especially interesting if you could get a block of them and make a retirement community out of it so people would feel safe.

Just a thought.

I had a similar thought about that several years ago.....especially if you can get them near a community college or other activities that people would want to participate in. Part of the problem is one of perception though. Many of these houses are in areas that have bad reputations, and fixing a couple blocks up won't really change the surrounding area.