The Cost of Ghost Towns in Connecticut and Detroit
There is an entire, adorable town in Connecticut for sale, for $800,000. It has been abandoned for 20 years, so ghost potential is strong.
Also, a casino baron named Herb bought a package of 6,000 Detroit foreclosures for 3.2 million dollars, which is the cost of FOUR abandoned CT towns. Maybe it’s just because his name is Herb, but in this Businessweek article he sounds kind of nice:
“This is more than just an acquisition of parcels. It’s an opportunity to redevelop the city I was born in and I plan to die in,” Strather said in an interview.
Wayne County acquired the more than 6,000 parcels when previous owners didn’t pay taxes. The county created a “blight bundle” by grouping together about a thousand properties in good shape with roughly 2,000 vacant lots and another 3,000 properties that must be demolished. The wrecking work, which by the terms of the auction must be completed in six months, could cost more than $24 million.
No one involved thought there would be an actual bidder on the group of properties, but Herb says he definitely plans to make a profit while also working closely with community development organizations. He adds that he’s so excited that his “toes are wiggling,” which if nothing else is a compelling image.