Bargain basement... and bedrooms, kitchen and bathroom! The Detroit family homes on sale for just ONE DOLLAR
These days $1 can't even buy a soda in some places.
But in Detroit it could get you a three-bedroom house - just don't count on power, plumbing, heating, and in some cases windows and doors.
Nestled throughout the suburbs of Michigan's largest city, albeit in the ruins of a once booming Motor City, are these real estate steals - depending on who you ask.
For $1 at least five properties, from a split double-family home to two and three bedroom houses, are seen on the market though with more than a few surprise catches.
Bargain: This 1915 home in Detroit has been on the market for just $1 for 519 days
Lots of history: This three-bedroom one-bath home complete with a one car garage built in 1917 has previously been listed for $1
As Metro Detroit Re/Max agent Albert Hakim puts it, the sale of these distressed properties comes with many other fees and expenses, many he says buyers are completely naive to.
'They don't understand, when the house sits vacant, that [thieves are] going to bust in and steal the pipes, steal the water tank,' Mr Hakim told the Huffington Post of just one of many realities facing the perspective buyers.
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In addition to the expected costs of fixing up homes or bulldozing and starting from the ground up, Detroit has the highest property taxes among big cities nationwide.
According to a new analysis by the Detroit News, half of Detroit property owners also don't pay taxes leaving many that do disgruntled about the underfunded city services expected by homeowners.
Corner lot: This three-bedroom, one bath on Muirland St has also previously been listed for $1
Secrets: Some obvious damage is seen on its side but with the windows and front door boarded up there's perhaps some hope that they're preserved underneath
'Why should I send them taxes when they aren't supplying services?’ homeowner Fred Phillips who owes more than $2,600 recently told the paper.
'Every time I see the tax bill come, I think about the times we called and nobody came.'
Detroit News reports that $246.5 million in taxes went unpaid last year and 47 percent of the city's taxable parcels are delinquent on their 2011 bills.
Still the hunt for these homes, with about 15 currently for sale for less than $100, has never been stronger according to Mr Hakim who says calls regularly pour in asking specifically about the properties.
Steal: This brick bungalow built in 1926 features three-bedrooms, two-bathrooms a two-car garage and a basement while listed for $1
Surprises: This three bedroom, two bath in Mullberry Hill is on the market for $1 but leaves the buyer responsible for paying for past due water, taxes and ordering City inspection
What goes up must come down though with Detroit having seen a 25 percent drop in the number of homes for sale in the last year.
In effect, home prices were reported to have improved in 2012 for the first time in years.
That's possibly some hope for the city many see as reason to invest in.
In Mr Hakim's case, who specializes in distressed real estate, he says while 70 percent of his calls come in from outside Michigan, some also come in from beyond the U.S. from people who perhaps haven’t set foot in the neighborhoods and see the sales as investment purchases.
Little extra: This beautiful 1929 brick colonial home comes with three bedrooms, 1.5 bathrooms, a basement and some fire damage while listed for $55
'China, Asia, Australia, U.K., Dubai, Abu Dhabi, Lebanon, Iraq, Brazil, Sweden, Spain, Russia, Morocco. I had a call from Israel. You name it,' he said. 'I get them every day ... I get phone calls at three in the morning.'
To those passionate home-buyers still setting their sights on the deals and steals of Detroit, Mr Hakim advises they spend sufficient time doing their research and getting to know the specific areas they're looking at.
He also warns to be prepared for additional costs that may quickly add up.
'You're going to incur costs. This is not a get-rich scheme. This is not an infomercial at 2:30 on a Saturday night,' he said.
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