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The original owner lost the home during the Great Depression and it sat vacant until Alex Manoogian, founder of the Masco company, purchased the home at an auction in 1939 for a mere $25,000 ($0.55 million in 2024). In 1966, Manoogian donated the mansion to the City of Detroit.
While many were flocking from Detroit, leaving abandoned homes and distressed neighborhoods in their wake, Laura Breisch was house hunting. A faithful Motor City denizen, Breisch started looking ...
The Detroit Land Bank Authority [1] is a public authority that owns and manages approximately 100,000 parcels of property in the city of Detroit, making it the city's largest landowner. [ 2 ] Occasionally framed as a quasi-governmental entity , the Detroit Land Bank operates a number of programs to reduce the number of Detroit properties that ...
When demolitions were incorporated into other blight-elimination strategies, including nuisance-abatement lawsuits, auctions, and sales of side lots to neighbors, these regions saw a 13.8% increase in home valuation. [6] As of March 2018, 3,000 previously vacant homes have been sold, [12] resulting in an influx of members within the community.
A University of Michigan report examined how much wealth Detroit homeowners accumulated since the city's bankruptcy and if that growth was equitable. Report: Detroit home values increased nearly ...
Buying cheap real estate doesn't guarantee you'll turn a profit. ... Detroit's real estate boom helped fuel this success. The median price plummeted to $58,900 in 2009 and the city filed for ...
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