Thursday, October 2, 2008

HOW BAD IS THE REAL ESTATE MARKET?

I've bought an abandoned 3BR/1BA house for $3,000 before, but this is INSANE:



SAGINAW, Mich. - With a winning bid of just $1.75, a Chicago woman has won an auction for an abandoned home in Saginaw. Joanne Smith, 30, recently was the top bidder for the home during an auction on eBay, The Saginaw News reported. Her bid was one of eight for the home.

3 comments:

lars said...

I agree Michigan is a lousy state... Being a Chicagoan myself I've had the unfortunate pleasure of visiting Michigan several times....

I've seen the listings for these homes... there are several hundred selling for just $100 dollars....

But don't misrepresent the facts... most if not all of the homes that sell this low have back taxes due... this can drive the price back up into the five digit range of $10,000+

John C. Lee said...

This particular house has only $850 in back taxes. This stills make it one of the most cheapest homes, ever...can't even buy a mud hut for that much

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