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The Truth Behind Detroit’s $1 Homes for Sale – Why They Could Be A Rip-Off

The Truth Behind Detroit’s $1 Homes for Sale – Why They Could Be A Rip-Off

Downtown Detroit is seeing a revitalization of sorts sparked by Dan Gilbert’s $1 billion investment in the area. Since 2010, Gilbert’s investment has created an estimated 6,500 jobs in downtown, and, as a result, it’s nearly impossible to find a vacant apartment as residential occupancy rates reached as high as 99.4% for the downtown area.

But what about the rest of the city? You can buy a bunch of homes outside of downtown Detroit for under $500 and some are even listed at just $1.

Problem is: these prices are incredibly misleading. The homes are in abysmal condition and there are few city services in and around these neighborhoods.

Detroit realtor John Lewis took us to the Brightmoor neighborhood to show us what these $1 Detroit homes are really like.

WATCH VIDEO BELOW

 
written by:

Luke McKinley delivers in-depth, local knowledge regarding NW Washington neighborhoods. Luke is proficient in relative-valuation and formerly worked as a strategist for an advertising firm in Santa Monica. If you wish to learn more about your home's worth, please call or email to schedule a free real estate consultation today. You may also visit Luke Buchanan's blog or Facebook, to find additional information that may further guide your real estate decisions. Hobbies include: golf, grilling, image editing, photography, running, skiing, tennis, travel and yoga

2 comments on “The Truth Behind Detroit’s $1 Homes for Sale – Why They Could Be A Rip-Off

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