Saint Paul Homes for $1 - And a Catch
Posted by Homes of Minnesota Team on Monday, January 18th, 2010 at 6:08pm.Believe it or not, the City of Saint Paul is having a hard time finding buyers willing to pay as little as $1 to purchase homes in the Dayton's Bluff neighborhood.
The city bought 11 properties on or near East 4th. The most expensive one is $50,000 and the cheapest two are just $1. The catch is that homes need lots of work, and the city is expecting whoever moves in to spend around $100,000, or perhaps more, on renovations and upgrades. All a buyer has to do is be able to prove is that they can rehab the homes to meet city rules and preservation codes.
"This isn't just about providing shelter," City Council President Kathy Lantry said of the renovation project. "This is about people who want to invest in a home, and live there, and become part of a neighborhood."
The historic neighborhood has a lot of things homebuyers would want. It's close to downtown Saint Paul, it's close to bus routes and Interstate 94, and it's filled with unique homes.
Because interest is falling off, the city is considering paying for some of the renovations to give homebuyers a head start. In the meantime, potential homebuyers who have money to invest, a lot of patience, and some know how can get started for just a dollar. These are very likely not houses for first time home buyers.
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Posted on Wednesday, January 20th, 2010 at 4:08 PM.