House on Chicago Blvd. that sold for $97,900
Realtors and appraisers are cautiously optimistic that Detroit's home auction program run by the Detroit Land Banmk will help the city's real estate market rebound, Crain's Detroit's Business reports.
Amy Haimerl of Crain's reports that the program has attracted $1 million in bids at an average price of $22,000 per home in its first month. The city's median price is about $11,000.
"The whole thing has been surprising," Dekonti Mends-Cole, deputy director of the Land Bank, told Crain's. "We didn’t realize that there was such a level of pent-up demand. A lot of the people who are bidding are either Detroiters or individuals living in inner-ring suburbs."
One home on Chicago Blvd. sold at a bid of $97,900.
Read more:
Crain's Detroit Business
