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Detroit Retirement Fund Auctions Sixty Homes on eBay

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Photos via <a href="http://www.ebay.com/itm/321838560713">eBay</a>
Photos via eBay

Sixty houses, many in the very hot Boston Edison district, are up for sale on eBay, of all places. The homes, owned by the Detroit Police and Fire Department Retirement fund are being sold by the fund's receiver, the Findling Law Firm. Purchased at foreclosure years ago, the homes' opening bids range from $9400 to over $50K for homes in desirable locations, including a 1917 arts-and-crafts beauty at 1670 Edison. The bids will garner attention, and it's also good to know that delinquent property taxes are included with the opening bid, so potential buyers won't have to worry about that added expense biting them down the line.

Darin McLeskey of The Loft Warehouse, the agent for the properties, has advice for potential bidders. "Most of these homes were purchased out of bank foreclosure a few years back and may have tenants [or] holdover squatters. We recommend not approaching the homes, but performing due diligence otherwise."

The homes were once owned by George and Teresa Kastanes who were sued successfully by the fund, and their properties were awarded to the police and firefighter retirees who are selling them today. The Kastanes stole millions from the fund, whileliving it up in Florida and the Caribbean. McLeskey says that tenants have first crack at the homes they're occupying, too, so it looks like the retirement fund and its representatives are taking some pains to avoid displacing anyone.

The starting bids will make these properties appealing, and many of them—at least the ones whose listings include a photo—seem like decent investments. We look forward to following these properties and seeing what new owners make of them. The auction continues through next Thursday, Aug 27, at 10 am. Because it's eBay, bidders should know that there's "Free Local Pickup." This may upset anyone wondering how they'll move a 3000-square-foot house to Brooklyn. For Detroit bidders, these places are already home.

·Detroit Receivership Aution [eBay]
·The Loft Warehouse [The Loft Warehouse]
·Couple accused of $10-plus million Ponzi scheme against Detroit police and fire pension spent frivolously [mLive]