Yahoo Finance Why this US city is selling houses for $1
St. Louis is selling homes for US$1 (A$1.41) in a bid to save the city from decay.
Buyers in the Missouri River city will have around 500 public housing properties to choose from, but most require renovation work.
The vacant single-family properties will be sold to the lucky bidders provided they have a detailed plan and budget to fix up the home.
In a guide to the program, the St. Louis government is it is “always seeking new ways to sell more of the buildings that it owns”.
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“Purchasing city-owned property is an effective way to bring city properties back into productive and effective use and invest in the growth of neighbourhoods.”
Buyers are bound to licensed service providers for plumbing and electrical services and buyers must also obtain certain insurance products.
The houses range from sweet cottages to warehouse spaces.
This isn’t the first time a city has sold real estate at extraordinary prices to quell a housing crisis.
Japan is home to several towns and banking schemes matching homeowners with empty properties for minimal prices as the country grapples with its shrinking population and superstition around houses which have seen death.
And if Japan and St. Louis aren’t your vibe, you could always try Italy. The country has offered up 103 castles and mansions along its historic routes to enterprising homeowners committed to refurbishing the properties.
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