Tweet
Everyone is focused on trying to revive the housing market as if that will be the cure to all ills... :rolleyes:
http://www.kare11.com/news/news_arti...22897&catid=14
St. Paul homes on sale for $1
With the help of federal funds, the city bought eleven foreclosed Dayton's Bluff houses and is now, selling them.
"It's taking the worst of the homes in a concentrated area and reinvesting in them so that we can prime that pump and get the real estate market back on its track," says Natalie Fedie with the city of St. Paul.
The houses have all passed inspection, but are in various states of disrepair. The two, one dollar homes on the list are like diamonds in the rough.
"You really want to have a vision when you come into these homes and really see the potential for what they can be," says Fedie.
... So, in an effort to fight foreclosure, St. Paul is getting into the business of residential real estate, starting with Dayton's Bluff.
With the help of federal funds, the city bought eleven foreclosed Dayton's Bluff houses and is now, selling them.
The asking price is as high as $50,000 and as low as a buck.
"It's taking the worst of the homes in a concentrated area and reinvesting in them so that we can prime that pump and get the real estate market back on its track," says Natalie Fedie with the city of St. Paul.
The houses have all passed inspection, but are in various states of disrepair. The two, one dollar homes on the list are like diamonds in the rough.
"You really want to have a vision when you come into these homes and really see the potential for what they can be," says Fedie.
And the potential, city officials say, is a long-term neighborhood turn-around. Successful bidders must agree to actually live in the houses they own and fix, making an investment in the house and their community.
"What I want people to do when they drive by three months or a year from now is to hear nothing but hammers and saws and see a revitalization of these gorgeous old homes," says Lantry.
Comment