St. Louis Prepares To Launch 'Dollar House' Program

[Sherman A1]

St. Louis homebuyers will soon be able to purchase some city-owned properties at a deep discount.

The going rate? One dollar.

Beginning this month, the Land Reutilization Authority will sell certain residential properties in the city’s land bank through the “Dollar House” pilot program. It’s part of an effort to reduce the number of vacant, city-owned properties and revitalize fading neighborhoods.

St. Louis Alderman John Collins-Muhammad, D-21st Ward, sponsored a resolution to create the pilot program, which passed last September.

http://news.stlpublicradio.org/post/st-louis-prepares-launch-dollar-house-program

[Stinky The Clown]

1. That was first done in Baltimore in the 70s. The result was spectacular.

Some original owners became millionaires based solely on the value of their dollar houses. Most, however, got a nice house for a great price and the city got some nicely revitalized neighborhoods where only blight existed. Almost no one was displaced by the program as almost all houses sold by the city were unoccupied.

What you got for your dollar was, essentially, dirt that varied from 11 to maybe 16 feet wide and 60 to 100 feet deep - a city row house lot that, if you were lucky, included a little more than the two party walls on the sides. The houses had to be completely rebuilt. You had to agree to accomplish the rebuild, and occupy the house yourself, within 18 months.

See this article for more info and a look at things today.:

https://www.baltimoresun.com/news/opinion/editorial/bs-ed-dollar-houses-20171024-story.html

[hunter]

2. Years ago my wife and I almost bought a dollar house in a troubled Midwestern city...

... but there were too many conditions, so we bought an $8000 house instead.

When we moved back to California we sold the old house for twice that, but we'd put much more into it than the $8,000 "profit," both materials and my own free labor.

I loved that neighborhood. It was old people, young people, white people, black people, immigrant people, eccentric people, petty criminal people... not a single dull neighbor.

To me it was a magical place. I'd grown up in boring 99% white affluent world where the more interesting facets of humanity were excluded or kept hidden away in dark closets.