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Old 03-31-10, 07:25 AM   #1
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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...
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Old 03-31-10, 07:34 AM   #2
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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.
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 03-31-10, 07:36 AM   #3
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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/...ound-the-world
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 03-31-10, 07:37 AM   #4
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Oh yeah just wait a few years there will be alot better selection. The banks are trying to keep the prices up, and tons of stuff aren't on the market yet.
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Old 03-31-10, 07:37 AM   #5
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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.
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Old 03-31-10, 07:40 AM   #6
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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/...ound-the-world
That's pretty cool.
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Old 03-31-10, 07:48 AM   #7
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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.
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Old 03-31-10, 07:54 AM   #8
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For those prices you could buy a whole block and turn it into your own private compound.
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Old 03-31-10, 08:13 AM   #9
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We should buy one, have a wild party and abandon it
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Old 03-31-10, 08:33 AM   #10
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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/det...mes/index.html
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 03-31-10, 09:02 AM   #11
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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.
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Old 03-31-10, 09:06 AM   #12
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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.
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Old 03-31-10, 09:06 AM   #13
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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.
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Old 03-31-10, 09:07 AM   #14
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UA you got a linky? Drop in the bucket! I'll buy it and rent it to ya!
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Old 03-31-10, 09:10 AM   #15
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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...
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Old 03-31-10, 09:23 AM   #16
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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
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Old 03-31-10, 09:32 AM   #17
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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*
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Old 03-31-10, 09:47 AM   #18
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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.
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Old 03-31-10, 09:51 AM   #19
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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.
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Old 03-31-10, 10:00 AM   #20
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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*
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Old 03-31-10, 10:09 AM   #21
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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.
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Old 03-31-10, 10:24 AM   #22
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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.
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Old 03-31-10, 10:34 AM   #23
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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
That's because it's HK, you silly. You obviously need to move to Michigan instead.
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Old 03-31-10, 10:35 AM   #24
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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...
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Old 03-31-10, 10:38 AM   #25
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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.
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