The real estate bust has been pretty bad news for many of us homeowners, but it’s proven to be a fortuitous turn of events for wannabe homeowners. Not only are they eligible for the first time home buyer credit, they are also privy to great home bargains dotting the nation these days.
The following is a look at some cheap homes around urban Detroit, brought to us by CNN Money. I couldn’t believe how affordable some of these places are. This city looks like one place you can consider if you’re looking for true homeowner affordability.
Cheap Homes In Urban Detroit, For Sale At Fire Sale Prices
1. Corktown Community
For $130,000, you can own a colonial with 7 bedrooms, 4 bathrooms with a living space of 2,200 square feet. If you apply a 20% down payment, you’ll pay only $560 a month, which includes a property tax of $50 a month. Wow. That’s half what you’d pay for in rent in San Francisco, for a 1 bedroom apartment! Corktown is a residential neighborhood located a mile away from downtown Detroit and is considered one of the oldest areas in that city.
When we think of mansions, we think of fancy and swank homes selling for many millions of dollars. But these days, you’ll find homes on palatial grounds going for $375,000 right in Detroit. There’s this example of a 5 bedroom, 3 full and 3 half bath Tudor mansion sized up at 5,700 square feet with the following awesome amenities: a new granite kitchen, game room with wet bar, fireplaces, central A/C, two car garage, steam shower in the master bath, media room with invisible projection screen. The house is massive with marble arches and columns, French doors, crown moldings and a patio, and it’s all for just $375,000? Where’s the catch (don’t say it’s location!)?
3. Palmer Woods
Almost the same size, but much cheaper, is a 7 bedroom, 4 full and 3 half bath Tudor mansion that’s all of 5,300 square feet, which went into foreclosure for $189,900. You’ll get wood wainscoting, arched ceilings, doorways, fireplaces, built-ins, a library, rec room, deck, patio, workshop, two car garage and did I say more rooms?
For under $100,000 ($99,900 to be exact), you can get an 8 bedroom, 2 bath home for 4,894 square feet Victorian home a few miles from downtown Detroit. It’s a bit of a fixer upper but it has a great foundation. But think about it — if a buyer puts down 20% for home financing, they’ll pay under $450 a month for a 30 year fixed rate mortgage, plus only $1,320 a year in property taxes. What a deal!
5. Hubbard Farms
Relatively “pricier” is a 3 bedroom, 2 full and 1 half bath at 2,500 square feet for $179,900. It has great landscaping, hardwood floors, stained glass, crown moldings, fireplaces; and the grounds are well-maintained. Considered a quiet place to live, Hubbard Farms is only a few miles from downtown Detroit with a lot of stores and restaurants close by.
So did I read this right? $14,900 for a 5 bedroom, 2 full and 1 half bath home for 1,549 square feet? It’s a Tudor cottage but it’s being sold “as is” as a place that requires some work (it sports some damage). It’s also smack in the middle of Detroit. So fixer uppers in the heart of Detroit cost less than most cars today!
7. University District
From what I read, it’s a beautiful area where they have this 5 bedroom, 3 full and 2 half bath limestone Tudor home for 3,953 square feet. The house is going for $295,000 and is located in north-central Detroit (close to University of Detroit – Mercy, which is what the neighborhood is named after). What more, this house is only a block away from a 220 acre private golf and country club.
So would you be willing to move to a new state or new city to partake of these rock-bottom real estate prices? Now THAT is the question. Anyone from Detroit who can tell us what the real estate mood is like over there?
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