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garys_2k
Premium
join:2004-05-07
Farmington, MI
Reviews:
·Callcentric
·callwithus
reply to KrK

Re: Code enforcement demolishes House next door

While some houses can be sold to "somebody" for rehab, that's not true everywhere. Detroit has held several distressed property auctions where people could bid for ANY price, taxes forgiven, if they intended to fix them up. Many, many places had no bids placed at all, not even $1. Sometimes it's just not worth it and the track hoe is the only option.

Oh, and all of the no-bid houses weren't derelicts, either. Just no market for them given the neighborhoods and economics. If it takes $50,000 to fix a place up to code and you couldn't get $40,000 for it, what to do is pretty clear.



aurgathor

join:2002-12-01
Lynnwood, WA
kudos:1

said by garys_2k:

Oh, and all of the no-bid houses weren't derelicts, either. Just no market for them given the neighborhoods and economics. If it takes $50,000 to fix a place up to code and you couldn't get $40,000 for it, what to do is pretty clear.

Renting out can be an option in some places.
--
Wacky Races 2012!

garys_2k
Premium
join:2004-05-07
Farmington, MI
Reviews:
·Callcentric
·callwithus

said by aurgathor:

Renting out can be an option in some places.

Definitely true, I guess in these cases not enough professional landlords/developers thought they were even worth that. Imagine, a (practically) free house, no back tax bills, and nobody was interested. Pretty sad.


KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK

Well... it was Detroit....