Drudge Retort: The Other Side of the News
Sunday, May 25, 2014

One of the ideas from Detroit Mayor Mike Duggan during his campaign was to sell empty lots in the city for a small price to be used for the owner's (legal) discretion. Looks like Duggan is keeping his promise, as such a program is coming to fruition. Duggan tweeted last night that a pilot program to sell lots in the city for $100 is under way in Southwest Detroit. The lots are ones that likely are owned by the city, whether naturally empty or vacant by means of home demolition. They're probably not huge lots; likely just enough for a home that used to be there.

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Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

Do I hear $50....$40.....

#1 | Posted by Diablo at 2014-05-21 01:04 AM | Reply | Flag:

Offer bulk discounts and watch the enclaves start going up. Even at "full price" and assuming the lots are 1/4 acre, a couple of million bucks would buy 2500 acres.

I smell a little Beijing in the works.

#2 | Posted by MUSTANG at 2014-05-21 09:35 AM | Reply | Flag: | Newsworthy 2

It would be cool to buy a plot and turn it into a pocket park.

#3 | Posted by Prolix247 at 2014-05-21 06:38 PM | Reply | Flag:

From the comments section:

Be careful buying these lots, as most are not buildable. Michigan building codes require a lot of very very silly things like a massive setback from the lot line from the home and size of home on the lot. What was built before will never ever be able to be legally built on those lots again because Michigan passed building code laws that are very restrictive.

If they will let you buy several lots to combine into a single lot for building, then this is a good thing, But I am betting they will not allow lot combining.

Ah, you have to remember liberals/Democrats are running Detroit...

#4 | Posted by boaz at 2014-05-21 06:57 PM | Reply | Flag:

Ah, you have to remember liberals/Democrats are running Detroit...
#4 | POSTED BY BOAZ

I'm sure that's what you've been wanting to remind everyone of all day...week...month...year...

#5 | Posted by rstybeach11 at 2014-05-21 07:07 PM | Reply | Flag:

I just sold a 3/4 acre lot in Rhode Island (not ocean front but very close) for $95,000 it would have sold for $140,000 a few years ago at the top of the market. Maybe I will take the cash to Detroit and buy 950 lots at $100 each ..or maybe not

#6 | Posted by SammyAZ_RI at 2014-05-21 10:28 PM | Reply | Flag:

I see acres of green grass being owned by churches in the near future.

#7 | Posted by Tor at 2014-05-22 12:12 AM | Reply | Flag:

And who said the unions didn't do Detroit any good?

#8 | Posted by goatman at 2014-05-22 12:16 AM | Reply | Flag:

Wall Street bankers created a series of highly complex swaps agreements with the city of Detroit worth $1.4 billion in 2005 and 2006, when Kwame Kilpatrick was mayor. Democrat Kilpatrick's mayorship was plagued by numerous scandals and rampant accusations of corruption. The pensions were underfunded by then and needed an infusion of cash to stay solvent. Instead of issuing general obligation bonds, the city created nonprofit entities and corporations to issue the debt, and bought interest rate swaps as a hedge, betting that interest rates would rise. But interest rates dropped dramatically in 2009, and "the city lost the bet, adding to the pensions' underfunding by as much as $770 million over the next 22 years.

Detroit owed the difference between interest rates to the holder of the swaps, secured by $11 million in monthly payments Detroit's three casinos give the city. When Orr decided to default on these payments in June, the $11 million monthly casino revenue went to the insurers of the swaps holders.

The law recognizes special duties that sophisticated financial institutions owe to special entities like cities in providing complex financial products. A strong case can be made that the banks that sold these swaps breached their ethical, and legal, obligations to the city in executing these deals.

#9 | Posted by nutcase at 2014-05-25 10:01 AM | Reply | Flag:

Why would anyone want to buy these lots. The taxes would bankrupt you.

This city is run by the welfare voters. They have so many restrictions on property owners to keep rent down and taxes up. That you could never even use this property. Also the permit process is so bad it would take years just to get permission to build anything.

Before you buy ask yourself why the property owners walked away and let the city take the land for the taxes. Because the taxes were so high they could not sell the land.

This city is lost its a socialist dream town that only holds welfare voters and the small businesses that make money selling them food and tv sets. And the pawn shops.

Its a ghost town. The only way it would be a good deal is if the city make the property outside the city limits.

Its the socialist democrats that killed this town and no one in there right mind would buy land in it.

#10 | Posted by tmaster at 2014-05-25 10:02 AM | Reply | Flag:

And pay $5,000 a year in taxes.

#11 | Posted by Sniper at 2014-05-25 10:10 AM | Reply | Flag:

"Its the socialist democrats that killed this town..."

With a little help from the 1973 energy crisis and the Japanese automobile industry.

#12 | Posted by REDIAL at 2014-05-25 10:14 AM | Reply | Flag:

I wouldn't live in Detroit if you gave me a house and the lot it's on for free.

#13 | Posted by CalifChris at 2014-05-25 12:22 PM | Reply | Flag:

#2

I sort of agree. I might be in for a few blocks if I could get them for $1000.00 per block.

BTW. A city lot is probably not a 1/4 acre. In a lot of cities it's more like 100' X 25'.

#14 | Posted by Whatsleft at 2014-05-25 03:14 PM | Reply | Flag:

"Its the socialist democrats that killed this town..."

With a little help from the 1973 energy crisis and the Japanese automobile industry.

#12 | Posted by REDIAL

...and some greed from both the UAW and some industry executives.

#15 | Posted by Whatsleft at 2014-05-25 03:19 PM | Reply | Flag:

$100 for a lot, $500 per yr. for property tax.

No Thanks.

#16 | Posted by bat4255 at 2014-05-25 06:34 PM | Reply | Flag:

Why am I tempted to start a farm in Detroit?

#17 | Posted by zeropointnrg at 2014-05-25 07:27 PM | Reply | Flag:

#9 | Posted by nutcase at 2014-05-25 10:01 AM | Reply | Flag:

Can't disagree, but it seems too many of these government officials got duped by financial deals that are "too good to be true"

#18 | Posted by danv at 2014-05-25 09:36 PM | Reply | Flag:

Great Idea!... for a TV show..... picture this....

Hicks from Hooterville buy several lots and start farms. Even have a pig that runs for mayor. Farm hands get down with the locals. Hilarity ensues.

I call it "Concrete Acres".

#19 | Posted by Pegasus at 2014-05-25 09:39 PM | Reply | Flag:

Back during the housing crisis you could find homes in Detroit for under a $100 and lots of them. There are still homes there that go for nothing and I mean nothing.

#20 | Posted by mcmlcxx at 2014-05-25 10:49 PM | Reply | Flag:

Buy Vacant Lots in Detroit for $100 Each

They just want someone else to pay the property taxes.

#21 | Posted by LastAmerican at 2014-05-26 10:00 AM | Reply | Flag:

"Why am I tempted to start a farm in Detroit?"

Because it's an awesome idea.

#22 | Posted by Tor at 2014-05-26 01:53 PM | Reply | Flag:

Farming in Detroit? It's already going on.

www.msnbc.com
inhabitat.com
www.hantzfarmsdetroit.com
detroitagriculture.net

#23 | Posted by cbob at 2014-05-26 03:35 PM | Reply | Flag: | Newsworthy 1

Just make sure the land gets tested for chemicals before you farm it.

That and make sure the outer acres are nothing but thorns and health food. ;)

#24 | Posted by Tor at 2014-05-26 04:47 PM | Reply | Flag:

Abandoned houses are being auctioned off at up to 40 grand, near market. If you want a $100 vacant lot, you have to own the home next to it.

###

I wouldn't live in Detroit if you gave me a house and the lot it's on for free.

#13 | Posted by CalifChris at 2014-05-25 12:22 PM | Reply | Flag:Hates drinkable water and land that doesn't shake.

#25 | Posted by northguy3 at 2014-05-26 11:33 PM | Reply | Flag:

blogs.windsorstar.com

#26 | Posted by northguy3 at 2014-05-26 11:34 PM | Reply | Flag:

Ah, you have to remember people of my race are running Detroit...
#4 | POSTED BY BOAZ

#27 | Posted by northguy3 at 2014-05-26 11:35 PM | Reply | Flag:

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