• previous
• 707 of 894 inspirations
• next

Inspiration

back to list

Over 14,000 properties in Detroit for $500 each!

The point of the auctions are to (a) raise money for local government which can be used for social services, etc., (b) to revitalize the tax base and receive continual income, (c) enable and enforce home maintenance/upkeep, and (d) more quickly turn over neglected properties to the local community. 

It's really a great way to increase the tax revenue and strengthen the overall condition of homes in Detroit (many of which have absolutely gorgeous architecture and solid construction).  The problem is that not very many people know about this program.  There may be an opportunity to organize a bulk purchase of pockets of homes in certain corridors to create a more centralized, visible improvement effort.

I've attached the list of properties subject to foreclosure in 2011 for those interested.

Comments

Seth Cochran

delete comment

November 25, 2011, 09:03AM

Thanks Anthony! I was just at the Good Deals UK Conference talking to some social fiance people about this very subject yesterday. they were telling me that the UK press has recently reported on the super low prices of great structures in Detroit. One guy mentioned getting a townhouse for $100,000. He told me he was thinking about doing it just for the potential investment upside. I think you may be onto something here. Market these properties to foreign investors who, through purchasing blighted properties, are injecting capital into Detroit.

0 Applaud Report this comment

Seth Cochran's reply to Seth Cochran's comment

Seth Cochran

delete comment

November 25, 2011, 09:38AM

Here is that article I heard about http://www.economist.com/node/21533407

0 Applaud Report this comment

I accept the terms and conditions

Juli Kaufmann

delete comment

November 24, 2011, 10:24AM

It would be great to develop a resource list to accompany this. Things like the key departments at the City a buyer would need to interface with, perhaps a "how-to" case study, and example of a success story, connections to nonprofits that provide related services, a listserv/FB page or some social connector to the community of people who have started doing this. I like the macro- corporate - buy a block approach on the one hand. On the other hand, by creating a system of support and a connecting ecosystem, there could be a strategy that starts with one individual /one house and builds outward.

0 Applaud Report this comment

I accept the terms and conditions

Taylor

delete comment

November 23, 2011, 04:56AM

Cheap real estate is hard to come by in other cities. Perhaps companies hiring young people could offer incentives to employees who choose to live in the city rather than commute. I was just reading a comment about a large population of people commuting from Anne Arbor because a 45 min drive each way seems more appealing than living in Detroit. If Steelcase and the other companies Jim Hackett mentioned were able to develop a center of housing resources to refer new hires, there might be a positive response.

0 Applaud Report this comment

I accept the terms and conditions

Peter Nixon

delete comment

November 11, 2011, 06:23PM

I like the idea that there could be a new generation of Detrioters who come from afar and take a chance with $500. What a great group identity they would have. The stuff of future legends!

1 Applaud Report this comment

I accept the terms and conditions

Alexandre Renaud

delete comment

November 09, 2011, 04:39PM

Great idea, bringing external money to support the patch of properties that can be saved. That being said, there's two challenges here:

1) this initiatives must made sure we are not saving patch of land that could have been better to be reconverted to farm land or wild land

2) There's still a significant challenges to promote that initiatives where the money is and where there's interest. Maybe a platform like Kickstarter or a financial coop or land coop could do a better job.

1 Applaud Report this comment

I accept the terms and conditions

Duncan Lawrence

delete comment

November 09, 2011, 03:46PM

Fascinating. Why don't many people know about it? Is the city targeting the sales at only certain people (e.g. developers)? It seems like if a neighborhood got together to buy a house that they could transform it into something like a community center, or even bulldoze it to create a public garden or park for the locals to enjoy.
However, I guess that goes against the city's idea of revitalizing the tax base...though it would probably raise the property values of surrounding homes.

1 Applaud Report this comment

I accept the terms and conditions