Table of Content
- I toured 3 abandoned Detroit homes that are being auctioned off for $1,000. See what buyers can expect.
- The back bedrooms were basically shells of former rooms.
- The paint along the staircase to the second floor was peeling off the walls.
- After spending $75,000 on renovating and restoring the house, Reaves now rents it out to tenants.
- Redfin Real Estate AgentsServing Foreclosures in Detroit
Although the windows were boarded up, the house looked in much better shape than the first one. People left for a variety of reasons, including factories closing, racial tensions, white flight, and the 2008 housing crisis. In the mid-1900s, people flocked to the Midwest for jobs in the auto industry, and the population boomed. In 1990, there were just over 1 million people calling Detroit home, but by the turn of the century, that number began to drop. Fast-forward to 2020, there are now only 670,031 people in Detroit. As the City grows, the City of Detroit has created policies to ensure a One City, For All of Us.
Welcome to this beautiful four bedroom, 1 1/2 bath, two-story home located on a corner lot. This home features a first floor bedroom and a formal dining room. "Detroit is a very vibrant city. There are pockets of beauty and wonderful homes that people can have for reasonable prices. Where else can you buy a brick home for $1,000?" Reaves said. From the few homes I toured, I could see there's potential in each of them — all that's needed are people who are willing to turn these houses into homes again. In 2019, she bought the house for $52,000 through the auction process but then got a 50% discount because her mother used to work for the city.
I toured 3 abandoned Detroit homes that are being auctioned off for $1,000. See what buyers can expect.
"You have to follow the city of Detroit code requirements. You have to follow the permit requirements, and for many individuals, that is a burden." During the auction process, Reaves said she ran into issues. Cynthia Reaves runs JGA Property Group, a real-estate development company in Detroit, and decided to buy a two-family home in the Bagley neighborhood through the Land Bank. After touring some of the homes for sale, I met up with one woman who bought a home through the Detroit Land Bank Authority.
The City of Detroit sells its surplus properties in several different ways.
The back bedrooms were basically shells of former rooms.
Requires work paint, flooring, bathroom, and kitchen updates. The property deserves the work, bring your ideas and offers. Buyer to assume any and all municipal requirements pertaining to but not limited to certificate of occupancy.
As I walked through the renovated house, I almost forgot this home was once a dilapidated building. Reaves' home is one of more than 4,200 homes purchased through the Detroit Land Bank Authority that are now renovated and occupied. "There are very few people who can take on these projects and get them done according to the code," Reaves said.
The paint along the staircase to the second floor was peeling off the walls.
You will not find another gem like this on Seven Mile Rd. Call today & bring your own business building ideas. Save your filters and get updated when new homes hit the market. This is a common complaint Detroiters have about the Land Bank.
Learn more about Land-Based Projects and how to successfully complete one here. There is no representation about the condition of the property. Buyers are encouraged to perform all necessary due diligence and investigation prior to closing. More information about public ownership, available inventory, and the application and purchasing process is available here.
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There are currently 75 foreclosures for sale in Detroit at a median listing price of $79.9K. This 5 bedroom 2.5 bath almost 2200 sq ft brick colonial is ready for your finishing touches! Previous layout had a half bath on the main level, 2 full baths on the 2nd level and a 5th bedroom on the 3rd! Very nice ranch home recently renovated November 2022. New cabinets, vinyl siding and refinished hardwood floors and remodeled bathroom.
The third house I visited was located next to a public school and just sold for $94,000 after a bidding war during the auction process. The homes go up for auction on the Lank Bank website, starting at $1,000. When the auctions close, the average home sells for just under $5,000, but some could reach $50,000. A buyer is then expected to renovate and restore the home to livable standards within six months to ensure it doesn't remain abandoned under the new ownership. The balance of the purchase price is due at closing either by wire transfer, certified funds, or cashier check. For simple transactions, the sales process often takes four months from time of application until close.
GROSSE POINTE PARK — Several parcels of adjacent property that Grosse Pointe Park owns in Detroit are going on the market. This map is refreshed with the newest listings in Detroit every 15 minutes. Some of these homes are "Hot Homes," meaning they're likely to sell quickly.
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