If you could buy a home in the toughest area of the United States for a thousand bucks, would you do it? Detroit is auctioning off some of their abandoned properties for as low as $1000. The catch is, it must be brought up to code within six months and you must live there for 5 years.
Now what’s your answer?
As a seasoned renovator, the house part would be a no brainer for me. True, we could be looking at a $200k renovation since these homes lack all of the essentials. Copper pipes and other items of scrap value have been ripped out. So basically, you’re starting with a shell. Still, a $1000 shell is a bargain.
As someone who’s never been to Detroit, I have no idea. From what I’ve read, Detroit sounds like that Will Smith movie “I Am Legend”. From what I know of the musical and industrial history of the city, it CAN make a comeback.
Would I do it? No. I have a life here in NYC. That being said, if I was a young freelancer with no responsibilities yet, I’d totally grab a bunch of friends and try to make a go of it there.
Prediction: Artists and scrappy young folks will take the Detroit mayor up on his offer and where they build, people will follow. Soon it will be all “Artisan Detroit”, and people will start naming their dogs “Detroit”. It will be edgy and artisan at the same time.
Don’t believe me? Just remember that you heard it here first. From someone who’s old enough to remember abandoned buildings in Manhattan that could be had for a song. If I knew then what I know now.