Quote Originally Posted by mikeg19 View Post
It's probably actually more marketable now that there won't be any demo costs. Raise the price to $5M.....
No, the price may drop to $1.2m now. Now that it’s a lot it can lower taxes for the owner because there is nothing of value on the lot. Think of it like this; The Detroit land bank sells homes starting at $1k and lots at $100. If a blighted home on the land bank sells for $7K the lot next to it will still be selling for $100. Lots dramatically lower value wether the property that was on it before is blighted or not. The owner should still get at least a million now but that hopeful $4.5m price is now gone.