The Truth Behind Those $1 Detroit Homes
Downtown Detroit is seeing a revitalization of sorts sparked by Dan Gilbert's $1 billion investment in the area. Since 2010, Gilbert's investment has created an estimated 6,500 jobs in downtown, and, as a result, it's nearly impossible to find a vacant apartment as residential occupancy rates reached as high as 99.4% for the downtown area.
But what about the rest of the city? You can buy a bunch of homes outside of downtown Detroit for under $500 and some are even listed at just $1.
Problem is: these prices are incredibly misleading. The homes are in abysmal condition and there are few city services in and around these neighborhoods.
Detroit realtor John Lewis took us to the Brightmoor neighborhood to show us what these $1 Detroit homes are really like.