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One Dollar Houses (by Deanna [TX]) Apr 15, 2024 4:46 PM
       (by MikeA [TX]) Apr 15, 2024 6:09 PM
       (by MAT [PA]) Apr 15, 2024 8:30 PM
       (by 6x6 [TN]) Apr 15, 2024 8:39 PM
       (by Phil [OR]) Apr 15, 2024 8:58 PM
       (by Nicole [PA]) Apr 16, 2024 7:29 AM
       (by tryan [MA]) Apr 16, 2024 11:12 AM
       (by Heartland [NC]) Apr 16, 2024 2:03 PM
       (by 6x6 [TN]) Apr 16, 2024 4:21 PM
       (by Robert,OntarioCanada [ON]) Apr 16, 2024 6:01 PM
       (by ken [NY]) Apr 16, 2024 10:34 PM

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One Dollar Houses (by Deanna [TX]) Apr 15, 2024 4:46 PM

I remember the $1 houses in Detroit; now it's $1 houses in Baltimore. Interesting how it came down to the thoughts and opinions of five people, and just the approval of four people, in a city of over half a million to sell hundreds of properties.

It is also interesting that primary-owner-occupancy is a requirement for the $1 program, but there's also a pricing tier for nonprofits and developers to get in on it as well.


You could buy a house in Baltimore for $1, after plan OK'd to sell some city-owned properties

Baltimore officials approved a program that would sell city-owned vacant homes for as little as $1.

The city's Board of Estimates voted on the program during a meeting on Wednesday morning, despite pushback from City Council President Nick Mosby.

The board passed the new pricing structure for city-owned vacant homes on the "Buy Into BMore" website in a four-to-one vote where Mosby was the sole opposition.

Baltimore has over 13,500 vacant properties, nearly 900 of which are owned by the city, according to the Department of Housing and Community Development.

The fixed-price program would only apply to certain city-owned properties, according to a page on DHCD's website.

Buyers need to promise to fix up the homes

Those purchasing a home in the program must promise to renovate the property and have at least $90,000 to fix it up. Owners must also move in within a year, and stay in the home for five years.

During Wednesday's meeting, Mosby said the program does not have guardrails written in place that would ensure city residents had priority to buy these homes and won't be forced out of these neighborhoods when their conditions improve.

“If affordability and affordable home ownership and equity and all of the nice words we like to use are really at the core competency as it relates to property disposition, this is a really bad policy,” Mosby said. “This is a bad policy because it doesn’t protect or prioritize the rights of folks in these communities.”

Who can buy a home for $1?

As part of the program, only individual buyers and community land trusts would be able to purchase the properties for $1. Nonprofits with 50 or fewer employees would pay $1,000 while developers and nonprofits with more than 50 employees would have to pay $3,000.

One Dollar Houses (by MikeA [TX]) Apr 15, 2024 6:09 PM

These programs sound good in the press but they rarely create much opportunity for the folks they are trying to help. How many people are going to be able to come up with $90K to put into the renovation. Very few I would expect.

One Dollar Houses (by MAT [PA]) Apr 15, 2024 8:30 PM

I was thinking the same thing. The vast majority of people with $90K readily available are not going to be interested in these types of opportunities, especially since you have to owner occupy.

I wonder, though, if there will be any type of enforcement or consequences down the road. I sort of doubt it, though. My guess is five years from now you’ll here news stories about how the city offered this wonderful well meaning program and they’ll highlight some greedy developer who abused the program and made riches off the backs of poor taxpayers..

One Dollar Houses (by 6x6 [TN]) Apr 15, 2024 8:39 PM

The fine print always gets you. Then you have the really fine print that is on the back of the contract.

One Dollar Houses (by Phil [OR]) Apr 15, 2024 8:58 PM

I bet the city of Baltimore is saying there has to be more affordable housing. Let them fix em up, and rent them out to the people who need them. Let's see how that works out.

One Dollar Houses (by Nicole [PA]) Apr 16, 2024 7:29 AM

Seems the powers that be have two completely separate goals. Get empty homes off the books. Keep the properties for the folks already living in the area. As asked above, are there 900 financially secure potential property owners living in the area?

Move in within a year and $90,000 liquid ... seems it will take more than a year as these are probably condemned beaten down properties and I assume a lot more than $90,000 to bring them up to code.

One Dollar Houses (by tryan [MA]) Apr 16, 2024 11:12 AM

When my hood did this they designated Economic Development Zones. Peeps who could qualify got $$ loans on the cheap and had to commit to living in the hood for 5 years.

Lost a great tenant to this plan.

Not sure thier targeted buys have 90k to dump into the hood.

One Dollar Houses (by Heartland [NC]) Apr 16, 2024 2:03 PM

@6X6 I like your following comment.

"Then you have the really fine print that is on the back of the contract."

Your comment reminds me of this.

Education is what you get when you read the fine print.

Experience is what you get when you don't read the fine print.

One Dollar Houses (by 6x6 [TN]) Apr 16, 2024 4:21 PM

I like that, Heartland, thanks.

One Dollar Houses (by Robert,OntarioCanada [ON]) Apr 16, 2024 6:01 PM

In Italy there offering houses for one Euro where have keep for a certain time along with renovate. Some from North America are buying those houses. Italy has low birth rate along with some problems.

One Dollar Houses (by ken [NY]) Apr 16, 2024 10:34 PM

Heartland, right on. the back of the contract reads along the lines of a reverter in the deed meaning they can take the house back if you dont complete the repairs in the 1 year.Talk about setting people up for failure, how many people have $90000 to dump into a house in a bad part of town that are willing to live there for 5 years and have the experience to pull this off? my guess is zero but it sure sounds better than we have someone who will take 25 units and has the crews and experience to bring back a whole block at a time.The locals would rather leave it a dump than let someone make a buck on it and they deserve what they get. --74.77.xx.xx

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