Russell Woods' homes are not saying goodbye just yet to the real estate market. The ongoing home abandonment in Detroit has continued to baffle the city and the market industry. According to detroit.curbed.com, "One innovative answer to Detroit's abandoned homes epidemic is the Detroit Land Bank."
The struggling housing economy makes it even more difficult to sell. The homes are being auctioned to augment the stressed market. According to detroit.curbed.com, "It will sell a collection of Russell Woods homes tomorrow in an online auction."
The bank started this method in the early 2014. The bids usually starts at the price of $1000 and then goes up depending on who gets the final say. To prevent the homes from getting demolished and to prop up the failing housing economy, Detroit Land Bank opted on auctioning the homes. According to nextcity.org, "Carrie Lewand-Monroe, Senior Adviser at the land bank, broke the news that the organization is reducing its estimate for the number of recommended demolitions in the city from the 80,000 cited in the 2014."
The Detroit Land Bank's method might just be the answer that Detroit has been waiting for. According to detroit.curbed.com, "The program's first auctioned home, an East English Village cottage, just sold for its $86K asking price."
The Russell Wood home that will be auctioned tomorrow is the 1926 duplex on Cortland Street. This might be a bare property now but with improvements and other upgrades, this piece of property might just become an exceptional one. According to detroit.curbed.com, "The 1926 duplex seems to have enormous potential, both from a design standpoint and also where renting the units or flipping the property are concerned."
As the auction progresses, more and more options are being weighed and it is up to the potential of the homes and the strategies of Detroit Land Bank to make the sale and bring back life in the neighborhood once again.
