You can buy a 2,400 square foot house in Detroit for the price of the iPhone 6, which costs around $649. In fact, the seller is even willing to accept a 32GB iPad for his three-bed house. No, this seller is not desperate for the iPhone 6. It’s just a tactic to sell his beleaguered house in Detroit. According to Zillow.com, the house was initially listed for $5,000 in June. But the price has been reduced to $3,000.
The house is in poor condition
Later, the owner dropped the asking price to a new iPhone 6 or 32GB iPad. The unnamed owner lives in Austria. He is desperate to sell the house before the tax auction session next year when thousands of houses near foreclosure in the area will hit the market. Real estate broker Larry Else told ABC News that the house wasn’t worth much.
The first London Value Investor Conference was held in April 2012 and it has since grown to become the largest gathering of Value Investors in Europe, bringing together some of the best investors every year. At this year’s conference, held on May 19th, Simon Brewer, the former CIO of Morgan Stanley and Senior Adviser to Read More
The three-bed house is in one of the poorest districts of Detroit. There is no front door, and its windows are broken. The owner has never lived in Detroit. According to Larry Else, the owner himself had got ripped off. He purchased the house for $41,000 in 2010 under the promise that he would earn profits by renting out the house. However, he later discovered that the individual who sold it to him had bought the property for only $10,500 just two weeks ago.
True cost of the house much higher than the price of iPhone 6
Now, the house has incurred well over $6,000 in back taxes. If the debt is not settled, it will enter foreclosure next year. Else said he received four offers in just one day. One woman was interested in the house for the wood. Else said the most likely buyer will be someone who already lives on the block. But the true cost of the sale would be higher than the price of iPhone 6 as the new owner will have to bear $6,000 in back taxes.
Detroit was once known as a boom town. The city is still home to major automakers such as Ford and General Motors. But the city’s population has fallen to about 30% of what it used to be at peak. It has now become a ghost town. Many industries have moved out of the city. In 2012, Detroit was forced to declare bankruptcy as the city’s total debts surpassed $18 billion. Hundreds of houses in the city are being offered below $5,000. But not all of them are asking only for the iPhone 6.