Going, going, still going: Detroit family home still for sale after 519 days …

House built in 1915 has been listed for sale since May 2011
It was initially placed on the market for $900
Is one of a number of run-down properties lying in suburbs of bankrupt city

By
Anthony Bond

PUBLISHED:

11:50 GMT, 30 July 2013

|

UPDATED:

13:07 GMT, 30 July 2013

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comments

It may not look particularly attractive, but as just $1 this family home is a complete bargain.

However, despite being on the market for the drop-down price since February last year, the Detroit property is astonishingly still for sale.

It is one of a number of run-down properties lying in the suburbs of Michigan’s largest city, which earlier this month filed for bankruptcy, crippled by enormous debts.

Bargain: This 1915 home in Detroit has been on the market for just $1 for 519 days

Built in 1915, the property on Saint-Clair Street has been listed for sale since May 2011.

After initially being placed on the market for $900, its price was dramatically reduced to just $1 in February last year.

A description of the property on the Zillow website describes it as a ‘Multi Family home featuring 2 units, hardwood floors, basement, and much more!’

The home is symbolic of the entire city, which earlier this month filed for bankruptcy. It is one of a number of homes across Detroit on the market for $1.

After standing empty for so long, the houses are often ransacked by thieves who strip them of everything, including water tanks and pipes.

Destroyed: Detroit is a city in ruins, with once thriving neighborhoods reduced to rubble

Lots of history: This three-bedroom one-bath home complete with a one car garage built in 1917 has previously been listed for $1

Estate agent Albert
Hakim said the sale of these distressed properties comes with many
other fees and expenses, which many buyers are naive to.

‘They
don’t understand, when the house sits vacant, that [thieves are] going
to bust in and steal the pipes, steal the water tank,’ Mr Hakim told the
Huffington Post .

In addition to the expected costs of
fixing up homes or bulldozing and starting from the ground up, Detroit
has the highest property taxes among big cities nationwide.

According to a new analysis by the Detroit News,
half of Detroit property owners also don’t pay taxes leaving many that
do disgruntled about the underfunded city services expected by
homeowners.

Corner lot: This three-bedroom, one bath on Muirland St has also previously been listed for $1

Worrying: Detroit owes $18.5 billion in long-term debt and its population fell 25 per cent in the past decade

‘Why should I
send them taxes when they aren’t supplying services?’ homeowner Fred
Phillips who owes more than $2,600 recently told the paper.

‘Every time I see the tax bill come, I think about the times we called and nobody came.’

Detroit has seen a 25 per cent drop in the number of homes for sale in the last year.

In its heyday, it was the place where workers in a rising middle class flocked to factories to build the cars that changed America’s way of life. It was a city of innovation, of pride, of grit.

Now, there are roughly 700,000 people left, less than half of the 1.8 million who called the city home when population peaked in the 1950s.

The city owes $18.5 billion in long-term debt. Its police and fire departments are ill-equipped to battle crime and arson, and basic infrastructure and city services desperately need repair.

The comments below have been moderated in advance.

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Probably the only hope I’ll ever have of getting on the housing ladder…..where do I sign?!

–

rssmdb
,

Aberdeen,
30/7/2013 14:32

I’m thinking that if the entire city of Detroit was put on the market for a dollar there wouldn’t be any takers

–

Old Chap
,

Caribbean, Grenada,
30/7/2013 14:29

This is so sad!!!!!!

–

Lulu3434
,

New York, United States,
30/7/2013 14:28

Just leave it for squatters – there’s no doubt there’ll be plenty more, what with The USA racking up BILLIONS of $$$ debt a day to add to the 15 odd TRILLION… -ve Equity, on a national scale, is for LOSERS…

–

PrivateSi
,

WORCS,
30/7/2013 14:24

What’s the point of buying it? It will be stripped again and again by the roaming gangs of thugs and thieves. Not a place any sane person would consider living unless they were equiped for all out war.

–

CompletedCompostela.
,

Altea,
30/7/2013 14:22

1$ to live in a neighbourhood where you’d be mugged for less. No thanks !

–

Surfmist
,

London, United Kingdom,
30/7/2013 14:22

About 70p, you can’t even buy a loaf or that here.

–

bobalob22
,

london,
30/7/2013 14:20

are they all over here collecting their holida ymoney to love (I call it benefits but cant get any ! Im English)

–

Ken
,

Northampton, United Kingdom,
30/7/2013 14:12

Will this be happening in other cities across America? If so then mass migration to “wealthier” cities will see unprecidented pressure put on the services in those cities. Inflated house prices and crime will go through the roof. A sad situation, but the US has been living off their credit cards for so long now….

–

Scotchy of Eggdom
,

London, United Kingdom,
30/7/2013 14:11

Welcome to the future of the UK. Mind you the locals will be scrambling for the shanty houses, whilst ‘asylum seekers’ will be living in the nice areas, paid for by the locals of course.

–

Samuel Pickwick
,

Anywhere BUT London, United Kingdom,
30/7/2013 14:06

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Going, going, still going: Detroit family home still for sale after 519 days …

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