cheka.
10th September 2015, 12:58 AM
detroit land bank authority? wtf is that?
http://www.usatoday.com/story/news/nation/2015/09/09/first-rehab-program-house-sells-minimum-bid-detroit/71918292/
DETROIT — The first home sold through the Detroit Land Bank Authority’s new Rehabbed and Ready program — where Home Depot and Quicken loans team up to get abandoned homes into move-in-ready condition — fetched its minimum bid price Tuesday from a single bidder, city officials said.
The home on the 18600 block of Monica in the city’s Bagley neighborhood is a two-story, three-bedroom 1938 brick colonial that underwent $60,821 in renovations. It sold for $45,600 to the sole bidder in the auction that ended at 5 p.m.
Minimum bids start at about 75% of the total cost of renovation, and the sale of the first home in the rehab program was a test case for a new approach the city is trying out as it works to auction salvageable abandoned homes in Detroit to attack the city’s blight, made dramatically worse by the recession and national foreclosure crisis.
While there wasn't a bidding war to drive up the sale price above the land bank's investment in rehabbing the house, the land bank is reimbursed for the difference through a donation from Dan Gilbert's Quicken Loans, and land bank spokesman Craig Fahle called the sale "OK by us."
"Somebody bought the house and is going to be able to live in it," Fahle said. "And they got a great deal, so more power to them. The program did what it was designed to do: get a house that was previously vacant occupied.”
http://www.usatoday.com/story/news/nation/2015/09/09/first-rehab-program-house-sells-minimum-bid-detroit/71918292/
DETROIT — The first home sold through the Detroit Land Bank Authority’s new Rehabbed and Ready program — where Home Depot and Quicken loans team up to get abandoned homes into move-in-ready condition — fetched its minimum bid price Tuesday from a single bidder, city officials said.
The home on the 18600 block of Monica in the city’s Bagley neighborhood is a two-story, three-bedroom 1938 brick colonial that underwent $60,821 in renovations. It sold for $45,600 to the sole bidder in the auction that ended at 5 p.m.
Minimum bids start at about 75% of the total cost of renovation, and the sale of the first home in the rehab program was a test case for a new approach the city is trying out as it works to auction salvageable abandoned homes in Detroit to attack the city’s blight, made dramatically worse by the recession and national foreclosure crisis.
While there wasn't a bidding war to drive up the sale price above the land bank's investment in rehabbing the house, the land bank is reimbursed for the difference through a donation from Dan Gilbert's Quicken Loans, and land bank spokesman Craig Fahle called the sale "OK by us."
"Somebody bought the house and is going to be able to live in it," Fahle said. "And they got a great deal, so more power to them. The program did what it was designed to do: get a house that was previously vacant occupied.”