Detroit plot sells for $1 per sq in

**Supersport** · January-12-10, 09:53 AM

Interesting article, though still left me a bit baffled. So, some guy bought a lot in Detroit, then created a grid out of painters tape on what seems to be a tile floor, then sells "virtual" 1 sq in sections of the real property? So, you don't actually own any real property, just a virtual sq in based upon real property the guy who started the project owns? Sounds like a pyramid scheme...without the pyramid! LOL

http://detnews.com/article/20100112/...er-square-inch

**gnome** · January-12-10, 10:11 AM

I met that guy at the Russel Industrial Art Fair this past summer. He explained the whole thing and after a long explanation, it sounded just like a ponzi scheme with no promise of making back your investment.

I imagine it appeals to artsy folks around the world who can brag they own a piece of Detroit's Urban Prairie while downing java with their latte sipping friends.

Bearinabox · January-12-10, 10:28 AM

So the guy bought a million square inches of property for $500 [[$.0005 per square inch), and is now selling them off for a buck apiece? Sounds like he knows how to make money.

**cman710** · January-12-10, 10:28 AM

I read this article while eating breakfast this morning, and it also struck me as quite bizarre.

At first, I thought that there might be some kind of artistic or other purpose, but the article just left me confused. The guy is selling land at $1 per square inch, and coincidentally, he wants to sell 1 million square inches. So in practice, it is a scheme by which he is selling [[or virtually selling) Detroit real estate at astronomical prices, and in a way that will not result in development or any other kind of improvement to the land.

I would like to be wrong, but I do not see any point in this guy's exercise.

Bearinabox · January-12-10, 10:47 AM

Originally Posted by cman710

I would like to be wrong, but I do not see any point in this guy's exercise.

Well, so far he's made $7,000 off a $500 investment essentially without effort, and the News is giving him free publicity to boot. Doesn't seem pointless to me at all--hell, it makes me want to try my own hand at this sort of thing.

**Russix** · January-12-10, 10:48 AM

I'm going to put monopoly sized houses on some of them and resell them for much higher price.

**Meddle** · January-12-10, 11:13 AM

Sounds like a twist on the million dollar web page a few years back.

**Grundyke** · January-12-10, 11:14 AM

This guy is laughing all the way to the bank!

**Supersport** · January-12-10, 11:16 AM

cman710,

I too thought there was a greater purpose to the project. In fact, while reading the article and glancing at the photo, I thought it was some sort of high tech grid, for mapping out an online virtual world. As I continued to read, my mind envisioned a Sim Detroit, where people were essentially buying a piece of Detroit on a small scale and were left to virtually develop their small plot with residential/businesses. As I finished the article I was left scratching my head, looking at tape on a tile floor. I mean seriously, what's the point of even creating a 1 million sq in grid? Isn't it suppose to be virtual property? I'd be curious to know whether in San Francisco and New York the guy asked people to pick which cup the virtual ball was hiding under.

In the mean time, I'm going to set up a virtual energy/cable and waterworks company, as these people are obviously going to need these services if they plan on developing their plots.

**n7hn** · January-12-10, 12:15 PM

whats so hard to get? its the pet rock or real estate......gheesh. No one developed those did they? Now understanding BUYING is a different story, maybe its jkust no one thonks too hard over the $1 investment

**Joseph C. Krause** · January-12-10, 12:41 PM

Gnome:

Lattes TASTE GOOD!!

**Fnemecek** · January-12-10, 12:46 PM

Originally Posted by gnome

I met that guy at the Russel Industrial Art Fair this past summer. He explained the whole thing and after a long explanation, it sounded just like a ponzi scheme with no promise of making back your investment.

The people who are buying into aren't buying with a profit motive. It's a novelty thing. For $1.

They get a square inch deed to their property. For $1.

Have you ever bought anything crazy for $1? If so, guess what. The folks who sold it to you probably made money off it, too.

In the meantime, the City of Detroit collects property taxes off that land and the money that he makes is circulating in the economy.

**Fnemecek** · January-12-10, 12:48 PM

Originally Posted by Meddle

Sounds like a twist on the million dollar web page a few years back.

The same company backed both projects.

**Detroitej72** · January-12-10, 12:50 PM

This reminds me of the guy who sells plots on the moon. Are the investors ever going to set foot in the city to see their "investment"?

Still, I give the guy credit, he's getting a hell of a return on his investment, too bad I never thought of it first!

**DetroitHabitater** · January-12-10, 12:52 PM

I hope he is shoveling his sidewalk

So at a 'million inches' what do you think the lot size is? Is it a 50' x 130'?

**davewindsor** · January-12-10, 01:18 PM

Originally Posted by Fnemecek

The people who are buying into aren't buying with a profit motive. It's a novelty thing. For $1.

They get a square inch deed to their property. For $1.

Have you ever bought anything crazy for $1? If so, guess what. The folks who sold it to you probably made money off it, too.

In the meantime, the City of Detroit collects property taxes off that land and the money that he makes is circulating in the economy.

I'm pretty sure he's not selling square inch "deeds". To sell multiple deeds to a single deed property without city approval would be fraud, wouldn't it?

**DetroitHabitater** · January-12-10, 01:40 PM

and is he going to send out property tax bills?

**iheartthed** · January-12-10, 01:55 PM

Interesting idea.

But that property would not be worth a million dollars, even if Detroit were more Chicago-like right now.

It is, however, a creative way to get people talking about Detroit real estate.

**Fnemecek** · January-12-10, 01:55 PM

Originally Posted by davewindsor

I'm pretty sure he's not selling square inch "deeds". To sell multiple deeds to a single deed property without city approval would be fraud, wouldn't it?

I know that buyers get a one square inch piece of paper that has the word "deed" on it. I haven't look at it closely enough to tell you what else is on the paper. I'll leave it to lawyers to comment on subdividing a parcel of land and the legal restriction therein.

**Fnemecek** · January-12-10, 01:56 PM

Originally Posted by DetroitHabitater

and is he going to send out property tax bills?

Ah, no.

Folks hand over their $1, collect their deed and enjoy it.

**cman710** · January-12-10, 02:01 PM

If people are silly enough to pay him $1, then I don't blame him for doing this as a way of trying to make money. However, I still question whether he will be putting his earnings back into Detroit's economy.

Retroit · January-12-10, 03:40 PM

Loveland's largest investor is Rita King, a New York-based writer, entrepreneur and consultant to such companies as IBM Corp. and Manpower Inc. A fellow at the Carnegie Council for Ethics in International Affairs in New York and the Center for the Study of the Presidency and Congress in Washington, King bought 1,100 square inches of Loveland.

Ethics? And this woman allowed herself to be tricked into buying a piece of property that she has no legal rights to? Hope she's not a government cunsultant.

**ggcanfield** · January-12-10, 04:30 PM

My impression from reading about it here:
http://www.kickstarter.com/projects/...-inches-in-det
and here:
http://makeloveland.com/
is that this is an art installation to bring attention to vacant land/real estate issues in Detroit in a creative way. Those who want to be part of the art project buy their inch of land for $1. It does not seem to be intended as an investment in quite the way that some folks here are interpreting it, or as a huge moneymaker for its creator. Or am I just missing the irony in the comments?

Bearinabox · January-12-10, 04:54 PM

Originally Posted by ggcanfield

My impression from reading about it here:
http://www.kickstarter.com/projects/jerry/♥☑♥☑♥☑♥☑♥-1-million-inches-in-det
and here:
http://makeloveland.com/
is that this is an art installation to bring attention to vacant land/real estate issues in Detroit in a creative way. Those who want to be part of the art project buy their inch of land for $1. It does not seem to be intended as an investment in quite the way that some folks here are interpreting it, or as a huge moneymaker for its creator. Or am I just missing the irony in the comments?

Obviously he's not going to pitch it as a get-rich-quick scheme for himself or nobody would buy in, but I can't imagine that it hasn't occurred to him how much money he's making.

**jbd441** · January-12-10, 04:54 PM

I was in Tawas over the holiday week. I stopped in a tourist trap store and saw these small bottles with sand inside claiming to be from a Lake Huron beach. They were selling for $2.99 which I sure is a good profit for the store. The sign read own your own beach front property.

I mean if people will pay thousands for a partially eaten grilled cheese with a burned silouhette of Jesus on it.......... There's a sucker born every minute.