For Sale: 5 BR Detroit Manse, $8995

December 29, 2008 3:00pm by Barry Ritholtz

Here’s an update on the Detroit Housing situation:

-226 homes for sale at $1,000 or under;

-21 homes for sale at $1,00 or under;

-4 homes for sale at $1.

This caught the eye of regular TBP reader Byno, who asks (“What’s the catch?”):

Great investment opportunity with this 5 bdrm brick colonial featuring hrdwd flrs, 3.5 baths, full bsmt, garage & lots of potential. Needs some TLC. Bank Owned. Property sold in as-is condition. Buyer to sign ACR with City of Detroit prior to closing. Earnest Money Deposit to be held by listing broker and be certified or cashier’s funds. Mortgage approval or proof of funds required.

I figured out the catch — if you buy it, you own a house in Detroit!

via Realtor.com

Previously:
Detroit Houses = $1 (August 13th, 2008)
http://www.ritholtz.com/blog/2008/08/detroit-houses-1/

Detroit Housing = ~$0 (February 27th, 2008)
http://www.ritholtz.com/blog/2008/02/detroit-housing-0/

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