detroit-blight-house-CC-Brimley

Finding a way to deal with thousands of blighted buildings is critical to Detroit’s future. That’s why the city is cheering the good news last week that it received a $3.2 million bid on 6000 such properties—which equals about $500 each, the minimum bid allowable.

Because of renovation or demolition costs, and taxes over time, the Wayne County treasurer doesn’t think it is possible for the anonymous bidder to earn any profit.

In fact, Business Week reports the deal could end up costing the winner “a small fortune beyond the auction price,” because the buyer must demolish the rundown buildings within six months, at an estimated cost of about $24 million.

Officials speculate the buyer is doing it for purely altruistic reasons.

(READ the story from Business Week)

Detroit photo by Brimley (CC license)

 

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