Ever dreamed of buying up a Detroit foreclosed home, gutting it, and transforming it into some serious show piece real estate? Given that this is Detroit, we are going to say the answer is "yes". Unfortunately, even at super low prices it can be hard to buy bank-owned if the seller wants cash and the renovation costs will be substantial. Enter the Grandmont Rosedale Development Corporation which buys foreclosed homes and does the rehabbing with a combination of funds from the Detroit Development Fund and the Kresge Foundation. We got more scoop on the offerings from Tom Goddeeris, Executive Director of the GRDC.
16750 Avon is listed for $75,000.
While GRDC did make some bids in the recent foreclosure auction, none of them worked out, so they've mostly been buying properties directly from the banks. The organization serves five neighborhoods in Northwest Detroit, including North Rosedale Park, Rosedale Park, Grandmont, Grandmont #1 (go figure neighborhood namers!), and Minock Park. They usually buy a house for cash at around $20,000 but might put as much as $150,000 into the renovation. Because the non-profit is more concerned with stabilizing the neighborhood, the projects are not the usual flip-a-foreclosure for profit ventures. Interested buyers should know that the Detroit Development fund has a down payment assistance program for city employees which is available in selected neighborhoods and another program just for buyers of GRDC rehabbed homes.
As for Tom's pitch on why you should live there, he says it is all about community. " We think that it is a very well organized and active community. We have lots of block clubs and social events in the neighborhood and a high level of organization that keeps it nice. We do some pretty extraordinary things." Tom says things are moving right along. Tomorrow they are both selling and buying a house. Homes on their website may even have offers so stay tuned early and often for updates.
· Grandmont Rosedale Development Corporation [Official]
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