Detroit’s housing market appears to be in just as bad shape as the city government’s finances.
While it’s not a home you would expect to spark a bidding war, for the price of $1, this family home in Detroit seems like a bargain. However, despite offering up the home for next-to-nothing, the property is still for sale after 519 days, according to the Daily Mail.
“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,” the report adds.
The home, pictured above, has been on the market since May 2011, though it was initially listed for $900. When the home didn’t sell, the price was slashed all the way down to $1 in February 2012.
Yet, the house remains unsold more than a year later.
The family home features “2 units, hardwood floors, basement, and much more,” according to the property website Zillow.com. It is apparently just one of several homes in Detroit being sold 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,” the Daily Mail notes.
Detroit’s population has dropped down to just 700,000 people after the city’s population peaked at 1.8 million in the 1950s. The city has been run by progressives and Democrats almost exclusively since the 1960s.
The city’s long-term debt totals about $18.5 billion.
Would you consider buying a home in Detroit, even for just $1?