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Man Tries To Trade Decrepit Detroit House For New iPhone
By Meghan Keneally, Oct. 7, 2014, Abcnews.go.com
One homeowner is resorting to bartering for the latest iPhone as a tactic to sell a beleaguered property in Detroit.
The owner has dropped the asking price on a three-bedroom home in east Detroit from $5,000 to a new iPhone 6 as the owner is desperate to sell ahead of the area’s tax auction season where "thousands" of homes near foreclosure will flood the market, real estate broker Larry Else told ABC News.
"This house is really not worth much at all," Else said.
The windows are broken and there is no front door. The broker himself has not been inside the home because his company has a policy of not going in unsecured houses alone. Detroit's declining fortunes have been precipitous, with an exodus has that left its population about a third of what it used to be in its heyday, according to the U.S. Census Bureau.
"It's a little dicey," Else said of the neighborhood.
The owner who proposed this unusual sale lives in Austria and has never lived in Detroit, and Else said that his client got ripped off the first time around. The owner, who is not sharing his name publicly, bought the home for $41,000 in 2010 after being told that he would make a quick profit by renting out the home. Little did he know that the person he bought it from had purchased the property just two weeks prior for only $10,500, Else said.
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| Credit: Larry Else / ABC News |
One homeowner is resorting to bartering for the latest iPhone as a tactic to sell a beleaguered property in Detroit.
The owner has dropped the asking price on a three-bedroom home in east Detroit from $5,000 to a new iPhone 6 as the owner is desperate to sell ahead of the area’s tax auction season where "thousands" of homes near foreclosure will flood the market, real estate broker Larry Else told ABC News.
"This house is really not worth much at all," Else said.
The windows are broken and there is no front door. The broker himself has not been inside the home because his company has a policy of not going in unsecured houses alone. Detroit's declining fortunes have been precipitous, with an exodus has that left its population about a third of what it used to be in its heyday, according to the U.S. Census Bureau.
"It's a little dicey," Else said of the neighborhood.
The owner who proposed this unusual sale lives in Austria and has never lived in Detroit, and Else said that his client got ripped off the first time around. The owner, who is not sharing his name publicly, bought the home for $41,000 in 2010 after being told that he would make a quick profit by renting out the home. Little did he know that the person he bought it from had purchased the property just two weeks prior for only $10,500, Else said.
Read the full story: www.abcnews.go.com
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