Neighborhoods in Detroit are in for some extreme, and much needed, renovations. In an effort to rehabilitate neighborhoods and get occupants into previously foreclosed properties, the city is auctioning off properties for as little as $1,000 starting next month.
The city of Detroit launched BuidlingDetroit.org Monday to auction off 15 city-owned foreclosed homes in an attempt to fight blight and boost neighborhood home values, CNN Money reports.
Beginning on May 5, one property will be auctioned to Michigan residents each day with a starting bid of $1,000.
“We are moving aggressively to take these abandoned homes and get families living in them again,” Detroit Mayor Mike Duggan tells CNNMoney. “Knowing that other people are going to be buying and fixing up the other vacant homes at the same time will make it a lot easier for them to make that commitment.”
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3 comments:
if they sell 300,000,000 homes they will be out of debt
The "Bury" is not far behind.
Gee, why so much? Start the auction at zero to reflect true value.
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