Professor Mark J. Perry's Blog for Economics and Finance
House for $1.75 in Saginaw, Michigan:
Townhouse for $99 million in Moscow:
And just in case anybody felt like they lost out on the Saginaw home for $1.75, there are actually 5 homes for sale in nearby Detroit for only $1, including several two-unit properties (one pictured below). Just wondering, would it take a full-price offer to get this one, or would they entertain offers below the list price?
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
12 Comments:
Darwin Martin House designed by Frank Lloyd Wright was abandoned by its owner during the Great Depression because no buyer could be found.
Those Michigan homes probably have substantial back taxes to pay off. They might even be more valuable if the structures were torn down.
This must be my new "portfolio" as an "investor" thanks to the "maverick".
Revisionist history really shows, eric.
Perhaps, you might actually substantiate your claim with a few salient facts...
At the risk of being bored to tears...so how did John McCain ruin your portfolio?
So why doesn't one of those green organizations buy these houses, tear them down and allow the land go back to nature?
kt,
..because they have no understanding of economics! A great many people oppose demolition on the grounds of social justice, historical significance (even if it is cheap post WWII pillboxes), urban streetscape/neighbourhood character, etc.
That it would work is another matter. There is a town in the U.S. that successfully returned abandoned houses to prairie but I was not able to find the article.
> At the risk of being bored to tears...so how did John McCain ruin your portfolio?
One of McCain's security people bumped into him at an airport and eric dropped his portfolio. The crowd trampled on it and got it all dirty and crumpled and stuff. Eric had to buy a brand new one before going to his eighth grade Social Responsibility class. It cost him his whole week's allowance!!
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> So why doesn't one of those green organizations buy these houses, tear them down and allow the land to go back to nature?
No, no, no, no, no-no, no-no, NO!!
Get with the program, kt!
Greens don't spend their money!
They spend your money.
Spending YOUR OWN money is Capitalism.
SPENDING someone ELSE's money is Marxism.
And you can't spell "green" without m-a-r-x.
Don't ask.
It's a new liberal spelling technique. Think "Ebonics"... With Libtardics, you spell EVERYTHING with m-a-r-x. Business? m-a-r-x. Environment? m-a-r-x. Life? m-a-r-x. Government? m-a-r-x (actually, no other letters are allowed, Comrade. Pozhaluista!). The only thing you don't spell with m-a-r-x is Marx. You're not supposed to say or write the name of Your God, you know. Just call Him: "He Who Explains All Things". That's with five m's, five a's, five r's, five x's, and a great big "O" for his prophet and our savior (Another aspect of libtardics -- all sentences and phrases must be spelled with a great big "O").
.
OBH
Is that the letter O or the number zero?
BTW, I was wondering where you can buy a clothes dryer for $200.00? Compared to a chef's knife that's a steel steal.
To add to randian's point: these houses also seem to have been properly gutted of anything valuable in them (judging by the photos), and thus are basically shacks, and even that's probably unfair to many shacks. Furthermore, they are likely to be in neighborhoods where your neighbors might be less than savory - say, of the crack-dealing type. And finally, you might have to fight off squatters, which, sadly is a lot harder and more time-consuming than most people imagine, unless you want to land yourself in jail on assorted charges of the assault and battery variety.
Sad to say it, but Detroit seems to be the Zimbabwe of the US of A these days.
The Detroit house would probably have some value just for the bricks alone. Unless there are significant back taxes (or future taxes) or other big charges in addition to the $1.00 asking price, it should be a good buy. Worth investigating perhaps.
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