Would you pay 151,100 for this house ?
Someone did
http://auctions.buildingdetroit.org/...d_fullsize.jpg
http://auctions.buildingdetroit.org/...74/144-E-Grand
Discuss...
Would you pay 151,100 for this house ?
Someone did
http://auctions.buildingdetroit.org/...d_fullsize.jpg
http://auctions.buildingdetroit.org/...74/144-E-Grand
Discuss...
I wouldn't. All I can think of is that the lot that comes with the home is rather large and bit enough for future development and that they are banking on that stretch coming back.
It's definitely not a bad location. Apparently, there are a lot of deep pocketed investors, or speculators if you're less generous, who are willing to drop large amounts of cash on these properties in the hope they'll turn a profit years from now.
The question is, is the city going to make sure that these properties are maintained.
it does include a carriage house and side lot..so that's 3 income units as-is + the lot to build on. prolly someone assembling land for a larger development...though i would assume they're playing the long game
The buyer knows there is a million dollars of Purple Gang gold stashed in the walls?
It's a big corner lot. I would have loved to see this house in it's heyday.
I could maybe see buying that for that price because of the location. But with the auction site they have to have that turned around in 6 months!! [[although I think that time frame has been extended because it hasn't worked for most properties and buyers)
There are some beautiful old homes on this stretch of Grand Blvd. It's just a few blocks from where Nicole Curtis renovated a home.
It also begs the question about why it got bid up so high by the other bidder. Apparently 2 people were prepared to pay +/- $150,000 for the property.
It will be interesting to see if this deal really closes.
And since its a land bank property, the buyer needs to rehab it - it can't be torn down and the property used for something else. Curious indeed.
9 months for historic areas which this is under I think. Also don't think deadlines are enforced so long as work is proceeding.Quote:
Originally Posted by DetroiterOnTheWestCoast
A tale of two cities. I watch Detroit house prices from here in Vancouver with disbelief.
http://www.cbc.ca/1.3449869
Chris Ilitch. :p I couldn't resist.Quote:
Originally Posted by hybridy
That's a pretty damn premium location actually, and would likely appear even more so to someone not from Detroit and without all of the baggage of this place. Even though the house itself is a wreck, E. Jefferson, Belle Isle, and E.Grand Blvd. are all on the upswing and on the gentrification horizon. Certainly $151,000 would seem like a drop in the bucket, even for someone from many of our local suburbs. And definitely so for someone from one of the several metropolitan areas in this country and elsewhere where that amount of money wouldn't buy you even a little apartment.