  Psewick Member Username: Psewick Post Number: 94 Registered: 03-2006 |
Has anyone here ever had experience building a new home on a vacant lot in Detroit? Is it worth the trouble for non-wealthy developers? Will the city let you build a second house on a "double lot"? Or will they allow you to divide your double lot into two single ones? | ||
Gnome Member Username: Gnome Post Number: 177 Registered: 08-2007 |
https://www.atdetroit.net/forum/mes sages/5/115781.html?1191935033 check out the story in the News on the above link. Pretty interesting. I guess, if you're going to build it would be best to be near other like-minded folks. | ||
Ndavies Member Username: Ndavies Post Number: 2870 Registered: 10-2003 |
Sorry, I hate to say it. But without any subsidies it makes no sense. After you pay for the land and the building costs, You will end up losing money due to the surrounding property values. If the land + construction = $100K and the prevailing property values in the surrounding neighborhood are $85K, there is no way you'd get a bank to finance it. |
