Detroit--->Vacant lots for $200

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Michael^Heaven
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Detroit--->Vacant lots for $200

Post by Michael^Heaven »

Detroit March 7 (Reuters) - Detroit Mayor Dave Bing, under pressure to stanch cash outflows, unveiled a new plan Wednesday night that would allow property owners in the city to buy vacant city-owned lots for $200.

The initiative, which Bing said is designed to "reduce blight in our neighborhoods," specifically targets 500 home owners who have vacant city land sitting adjacent to their own property.

Bing said the $200 land-purchase plan will eventually be expanded to other parts of the city. In the first wave of the plan, 500 residents were sent letters telling them to simply sign an attached application and submit $200.

"No coming downtown," Bing said. "No added bureaucracy. The city will mail back the deed."

As an added incentive, property owners participating in the plan will receive a $200 gift card to the city's only locally-owned lumber yard so they can put up fencing on the vacant lot.
http://www.reuters.com/article/2012/03/ ... 7E20120308

Add in that you can purchase a home there for the price of a used car (or less).
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jessejames
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Re: Detroit--->Vacant lots for $200

Post by jessejames »

Private equity firms are buying up Detroit property at a crazy pace right now.
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Direkt
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Re: Detroit--->Vacant lots for $200

Post by Direkt »

Can you purchase if you're not an US citizen?
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John Clees
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Re: Detroit--->Vacant lots for $200

Post by John Clees »

Direkt wrote:Can you purchase if you're not an US citizen?
I dont think that is an issue.. I heard China is buying properties up by the 1000's...

I know an old friend of mine that said they were just collecting back taxes on nearly every house on his block right near corktown (75 & rosa parks)... / several years ago..

it's the taxes that will kill you. I once read in a paper years ago, that you can buy a home in the hills for like $300,000 to $400,000 (taxes apx $6000 year / $500 month) and you'd have the same taxes as a home in detroit for about $100,000..

the city itself has a much cleaner appear vs. 5-8 years ago... watching all folks walk around at night is also something I've notice change over the past few years... detroit is alive and well... but far from thriving... everyone is cut throat.. which is why so many artists come out of the city..then leave and claim detroit... lol no gives a fck.... it forces you to continue to push your artistic outlet and craft..
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Direkt
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Re: Detroit--->Vacant lots for $200

Post by Direkt »

You're right about the artists, and I didn't know about the taxes. Will look more into it, and perhaps give it a second thought.
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