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This home sold for only $6,900! Less than a car!

This forclosure home at 15461 Kentfield St. in Detroit needed little work and now has a new owner who will soon rent, an investor from the Chicago area named Kevin Holmes.

The quaint brick home looks like it would belong any middle-income Midwestern neighborhood. But in distressed Detroit, the home sold for $6,900 - less than most cars and a semester at a University.

While this was a great deal for the owner, its not for Detroit. These "giveaway-priced homes" are becoming more common in Detroit. Agents here say they get calls from prospective buyers all over the world wanting to see rock-bottom listings.

While such a low price seems like an easy sale, there is still a lot of work that goes into it. Hopefully Detroit, like some other places in the US, can start seeing a turn around.

Read entire article Here

And thank you for making me Your Orange County Real Estate Connection.

www.MichaelCarusoRealEstate.com

Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI

2007 President, Orange County Association of Realtors

(949) 753-7900

Posted by Michael A. Caruso ~ Orange County Real Estate on 10/17/2009 11:19 AM

Comments (3)

Foreclosures in the Real Estate Investing Channel

home prices, foreclosure, price reductions, prices, home values, detroit, michigan, economy

Originally posted at: The Voice of Orange County...Michael A. Caruso's Blog: This home sold for only $6,900! Less than a car!

This post has been included in California Information Orange County, CA Information Laguna Niguel, CA Information

3 Comments on This home sold for only $6,900! Less than a car!

OCT

Last month, we sold two blocks of house loans. One was for 1031 home loans in Ohio. The other was for 921 home loans in IN. Because the loans were "non-performing", which means that whomever bought the loans could foreclose, the sale of these loans went for an average of $2500 in Ohio and $3000 in IN.

The person that bought the loans will rent the properties, demo them (not all are in great shape) or sell the homes on the open market. That's a story that never made it to the papers.

OCT

Michael ~ Great post. You got me thinking. Any idea what the rent goes for a a home like this? If it would be worth a cash purchase and hire a property manager from my distance? Take Care

NOV

Unbelievable post! Hard to grasp -- especially coming from our California point of view! Kathy ☼

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