$3 Million Dollar Bid for 6,000 properties in Detroit

11 Replies

I don't think $500/house is much of an indicator of things to come....or is it?

It sounds like they found a good way to get someone to take their trash by bundling some desirable ones in there too.  It still doesn't change the fact that certain homes will never be rehabbed and certain areas will probably never be desirable again. 

"Detroit was expected to pay $24 million to demolish them over the next six months. Having someone else come along and take over that responsibility would allow the city to direct the money elsewhere.

Among the 6,350 properties are roughly 1,000 that are considered valuable."

@Roy N.  If you get in, I'll get in...

Should we go buy a few blocks?

The city expects to seize 20,000 previously auctioned houses with unpaid tax bills in January.  Doesn't sound like those investment properties are doing too well.

Originally posted by @Ben Leybovich :

@Roy N.  If you get in, I'll get in...

Should we go buy a few blocks?

The makings of the Toilet Bucket Challenge!!!

hahahaha

So the buyers get 1300 decent houses, 3000 that need torn down, and 2000 vacant lots. $24 million to demolish the bad ones should be figured into the bid. The vacant lots are not worth anything, really. $27 mil to 1300 decent houses works out to about 21000/house, unless they figure they can do the demolitions cheaper. Sounds like a win-win to me.

I got $500 with @Ben Leybovich.  Lets rebuild a block in Detroit and turn a $500 house street into a 30k a house street.  

You might even be able to talk me into a road trip/working vacation.

Originally posted by @Ben Leybovich :

@Roy N. If you get in, I'll get in...

Should we go buy a few blocks?

 But Ben, I already know how to drive a bulldozer ... do you want to practice?

According to the article only about 20% of the properties and lots have value, the rest will cost a pile of money to raze ... sounds like the gift that keeps on taking.

My Baba use to say no matter how hard you try, you'll never get milk from the bull.

Originally posted by @Roy N. :
Originally posted by @Ben Leybovich:

@Roy N. If you get in, I'll get in...

Should we go buy a few blocks?

 But Ben, I already know how to drive a bulldozer ... do you want to practice?

According to the article only about 20% of the properties and lots have value, the rest will cost a pile of money to raze ... sounds like the gift that keeps on taking.

My Baba use to say no matter how hard you try, you'll never get milk from the bull.

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