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USA
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Posted: 3/28/2024 9:31:54 AM EDT
[Last Edit: anothermisanthrope]
With home affordability near its lowest level in over 40 years because of high mortgage rates and home prices, being able to purchase a home for $1 might seem impossible. However, the city of Baltimore is offering a deal intended to attract new homebuyers. It's practically giving away houses. It's worth noting that the $1 deal isn't available to everyone — just individual buyers and community land trusts. Still, developers would only have to pay $3,000, leading to possible opportunities for large profits if home values in the areas increase. While the chance to get a home for $1 might sound like anyone could participate in the city's offerings, a prospective buyer needs to be able to afford the costs to make many of these vacant homes safe to live in. To help contribute to the initiative, the city is also giving out home-repair grants of up to $50,000 to individuals who prequalify for a construction loan. Resident Maurice Brock warned of the dangers from these properties, telling WJZ-TV in Baltimore, "There are so many risks and hazards associated with these vacant properties ... it’s a definite safety risk for citizens, for city employees and firefighters." Given that the city of Baltimore regularly ranks in the top five U.S. cities for violent crime, safety concerns are valid, especially as these properties are already in some of the toughest areas of the city. https://finance.yahoo.com/news/american-city-offering-1-homes-200010666.html |
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Posted: 3/28/2024 9:33:18 AM EDT
[#1]
Not worth it.
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Posted: 3/28/2024 9:33:40 AM EDT
[#2]
Why pay a dollar when you can squat?
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Posted: 3/28/2024 9:34:24 AM EDT
[#3]
The Wire should be required viewing for every potential buyer.
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SC, USA
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Posted: 3/28/2024 9:35:30 AM EDT
[#4]
Let's build an $800K house and give it to an 'unhoused' person.
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Posted: 3/28/2024 9:35:45 AM EDT
[#5]
I’ll pass.
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Posted: 3/28/2024 9:36:19 AM EDT
[#6]
Their business model is probably to sell the same homes over and over again after the new home owners promptly get murdered.
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TX, USA
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Posted: 3/28/2024 9:38:37 AM EDT
[#7]
...a prospective buyer needs to be able to afford the costs to make many of these vacant homes safe to live in...
The security and defense hardware alone could approach six figures in that shit hole. |
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Posted: 3/28/2024 9:40:17 AM EDT
[Last Edit: WUPHF]
[#8]
If “The Wire” is anywhere close to reality, you’ll never be able to get anything renovated without hiring round the clock security to prevent someone from ripping out anything scrappable at night when you leave.
That like 1 of about 100 problems I could see with this “let’s throw some shit at the wall and hope something sticks” type of plan. |
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NC, USA
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Posted: 3/28/2024 9:40:36 AM EDT
[#9]
Quote HistoryOriginally Posted By RealityCheck0311: The Wire should be required viewing for every potential buyer. no kidding does the transaction come with upstairs and downstairs belt fed MGs ? plus i'd need to see the range cards with sectors of fire identified |
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Posted: 3/28/2024 9:43:05 AM EDT
[Last Edit: RealityCheck0311]
[#10]
Quote HistoryOriginally Posted By WUPHF: If “The Wire” is anywhere close to reality, you’ll never be able to get anything refurbished without hiring round the clock security to prevent someone from ripping out anything scrappable at night when you leave. That like 1 of about 100 problems I could see with this “let’s throw some shit at the wall and hope something sticks” type of plan. I would totally watch a reality show featuring two San Francisco ultra-liberal types doing a home remodel on a house in one of the worst areas of Baltimore. |
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Posted: 3/28/2024 9:43:44 AM EDT
[#11]
Italy has been doing this and it's pretty much a shit show. Some good success stories, but you're probably sinking in $100k if you're lucky on a $1 house with no economic opportunity around you. That's Italy, where people actually want to live, with Italians as opposed to BMore which is full of... not Italians.
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Posted: 3/28/2024 9:44:54 AM EDT
[#12]
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AZ, USA
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Posted: 3/28/2024 9:45:49 AM EDT
[#13]
They did that back in the 1970s. Buy a Dollar House, put at least 60K into it (IIRC), and live in it for X number of years.
Contributed to the gentrification of many areas. |
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Posted: 3/28/2024 9:46:57 AM EDT
[#14]
Baltimore has had that policy for a long time, at least 20 years. It is intended to improve the city, but has not quite achieved full success in that respect.
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Posted: 3/28/2024 9:47:47 AM EDT
[#15]
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Posted: 3/28/2024 9:48:38 AM EDT
[#16]
Quote HistoryOriginally Posted By Bud: ...a prospective buyer needs to be able to afford the costs to make many of these vacant homes safe to live in... That's the catch. I've seen other major cities offer cheap or "free" houses. But you have to bring it up to code within a certain period of time. Which would require you to spend way more than it's worth. And then it's just going to get destroyed again. 
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Posted: 3/28/2024 9:49:57 AM EDT
[#17]
Quote HistoryOriginally Posted By DerekL: Why pay a dollar when you can squat? |
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Posted: 3/28/2024 9:51:07 AM EDT
[#18]
Hard pass.
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Posted: 3/28/2024 9:52:44 AM EDT
[Last Edit: AeroE]
[#19]
Old cities are the next frontier.
Wipe the surface clean and rebuild from rock up. Someone smart and ambitious will find a way to recycle the mountains of bricks; modern computer vision, AI, and robotics are the tools. I believe there are still a couple of small towns in Kansas that give away vacant lots and existing houses to attract new residents. That is a light year better than any city over 50k population. |
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NC, USA
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Posted: 3/28/2024 9:57:08 AM EDT
[#20]
Still.
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Posted: 3/28/2024 9:59:23 AM EDT
[#21]
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Posted: 3/28/2024 10:05:33 AM EDT
[#22]
Hampsterdam
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SGP
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Posted: 3/28/2024 10:08:21 AM EDT
[#23]
Quote HistoryOriginally Posted By JeepersCreepers: That's the catch. I've seen other major cities offer cheap or "free" houses. But you have to bring it up to code within a certain period of time. Which would require you to spend way more than it's worth. And then it's just going to get destroyed again. https://foxbaltimore.com/resources/media/2334ce27-78c2-4fd4-a858-cd0c0a504f35-large16x9_Untitled.png?1577480254445 |
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Posted: 3/28/2024 10:11:09 AM EDT
[#24]
Better come with a free AR-15 and a Glock if you want to have a slight chance.
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Posted: 3/28/2024 10:12:02 AM EDT
[#25]
Yeah, that’s a strong no.fucked policies killed the city. Until they fix them expect it to get worse
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TX, USA
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Posted: 3/28/2024 10:13:18 AM EDT
[#26]
Remember how Charleton Heston fortified his house in the Omega Man?
Yeah, like that. 
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USA
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Posted: 3/28/2024 10:14:54 AM EDT
[#27]
$50K?!? Lol! It would take a minimum of $500K to get it livable and I still wouldn't live their. Typical leftie shithole trying to put a band aid on a gun shot wound to try and fix their shithole leftie policies.
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Posted: 3/28/2024 10:22:52 AM EDT
[#28]
Having lived in Baltimore for 6 years, the only thing that Baltimore needs is a Dresden-style fire bombing campaign.
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Posted: 3/28/2024 10:24:18 AM EDT
[#29]
Does it come with 500 yards of consertina wire and a flame thrower?
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Posted: 3/28/2024 10:24:54 AM EDT
[#30]
I’d rather be alive
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OH, USA
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Posted: 3/28/2024 10:26:38 AM EDT
[#31]
Quote HistoryOriginally Posted By Pursang250: Contributed to the gentrification of many areas. And then the residents complain about the gentrification. Can't win. |
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Posted: 3/28/2024 10:27:40 AM EDT
[Last Edit: mordecai]
[#32]
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Posted: 3/28/2024 10:30:25 AM EDT
[#33]
Insane.
That like an offer to rent a cheap room in a prison run by the inmates. |
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Posted: 3/28/2024 10:32:47 AM EDT
[#34]
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Posted: 3/28/2024 10:34:12 AM EDT
[#35]
My buddy used to make a lot of money buying cheap row homes and turning them over about 20 years ago. The thing is, the sections that were turning nice 20-30 years ago are once again drugged out shitholes.
You can not fix that city. Even the Inner Harbor area is a shithole again and they put a lot of money and time into trying to make that a decent tourist area, it couldn't be maintained. Fuck that place. |
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Posted: 3/28/2024 10:39:27 AM EDT
[#36]
Too expensive
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Posted: 3/28/2024 10:39:31 AM EDT
[#37]
live and die in it
next |
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Posted: 3/28/2024 10:51:42 AM EDT
[#38]
This is what happens when you let people put up a non-standard mailbox, and pick their own house paint color.
Next thing you know, people are parking trucks with business names on the side overnight in the driveway, and it keeps going downhill from there 
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Posted: 3/28/2024 10:56:32 AM EDT
[#39]
Quote HistoryOriginally Posted By Bud: ...a prospective buyer needs to be able to afford the costs to make many of these vacant homes safe to live in... The security and defense hardware alone could approach six figures in that shit hole. But it's Maryland. No castle law. Firearms severely restricted. So all bets are off. |
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Posted: 3/28/2024 11:47:05 AM EDT
[#40]
Denver started this same sort of thing in the Five Points area back in the 90's.
Since then, the whole area has become gentrified, and the natives are pissed. Jay |
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Posted: 3/28/2024 11:50:49 AM EDT
[Last Edit: Curmudgeon762]
[#41]
Dupe
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Posted: 3/28/2024 11:51:44 AM EDT
[#42]
Quote HistoryOriginally Posted By kpel308: https://www.ar15.com/media/mediaFiles/1232/Screenshot_20240328_223122_Collabora_Off-3171727.jpg 
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TX, USA
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Posted: 3/28/2024 11:51:54 AM EDT
[#43]
Illegals to the rescue!
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Posted: 3/28/2024 11:54:57 AM EDT
[#44]
Quote HistoryOriginally Posted By HRoark87: https://www.ar15.com/media/mediaFiles/451403/1000002405-3171662.jpg |
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Posted: 3/28/2024 12:00:44 PM EDT
[#45]
Tear down a whole city block and build a fortress on site
Something worthy of repelling the weirdos from The Omega Man movie. Or World War Z |
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Posted: 3/28/2024 12:05:49 PM EDT
[#46]
If you were able to secure a few blocks and build those walls they have in south africa around your home. sure!
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Posted: 3/28/2024 12:16:01 PM EDT
[#47]
Quote HistoryOriginally Posted By AZCOP: Denver started this same sort of thing in the Five Points area back in the 90's. Since then, the whole area has become gentrified, and the natives are pissed. Jay |
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Posted: 3/28/2024 12:18:10 PM EDT
[#48]
DC had similar offerings, think of it like pioneer days of old. Wife’s ancestors homestead ND.
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DE, USA
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Posted: 3/28/2024 12:18:49 PM EDT
[#49]
I drive through the Wilmington ghetto to get to work. You can tell which areas are improving and which are declining. A group of blue collar kids strategically buying a block in the right area could make ~200k each in a few years.
.. with a little luck and hard work they could hit 700k. |
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Posted: 3/28/2024 12:24:12 PM EDT
[#50]
Yeah, I don’t think you could pay me to do that.
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