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Government
Homes for $1 in St. Louis' new homesteading program
2019-02-25
[St. Louis Post Dispatch] ST. LOUIS • Beatrice Burt has a favorite memory of the home she bought for $1.

"The basement was crowded, the upstairs was crowded, the whole side of the street was lined with cars," said Burt, 71, smiling broadly as she recalled hosting a big family reunion when she was a young woman.

Burt said she was thrilled to show off her first home, a one-story brick bungalow in the Walnut Park East neighborhood.

Sold in 1978 by the city, 5506 Gilmore Avenue was move-in ready. But with the help of her father, Burt replaced the kitchen tile, bought new bathroom fixtures, did minor electrical work and decorated. In the first five years, Burt estimated she put about $10,000 worth of work into the property.

She lived in the house for 15 years, but after she became ill and then had to take care of her aging parents, she allowed relatives to stay in her home. The house has since been torn down, and a church uses the lot for parking.

Burt, who now lives in Hamilton Heights, said she still considers herself fortunate.

"It was definitely a good house, and I was a single individual so it was ample space," she said.
Posted by:Besoeker

#11  And then there are the property taxes. You think it will be valued at $1 for the county records?
Posted by: Procopius2k   2019-02-25 16:27  

#10  Ref #9: Yes, some areas and water found out in St. Chas County have been found to be.... not so healthy. Elevated cancer rates, etc. The closer you get to the old ammo plant (Now Busch Wildlife Center), the less healthy.
Posted by: Besoeker   2019-02-25 16:23  

#9  Many land parcels in the USA, particularly in places like parts of St. Louis, have a negative value. Even $1 paid is far too much.
Posted by: Anguper Hupomosing9418   2019-02-25 16:14  

#8  A scarcely publicized ongoing scam is the sale of huge amounts of "nonperforming" mortgages by government-sponsored entities to cronies such as big banks and the well-connected. In ye olden times a non-performing mortgage was settled on the steps of the nearest courthouse at a sheriff's auction by sale to the highest bidder, in other words, liquidate the bad loan & move on from there. That is no longer the American way.
Posted by: Anguper Hupomosing9418   2019-02-25 16:13  

#7  The USA has a vast number of "wealth damaging people" but they tend to live elsewhere.
Posted by: Anguper Hupomosing9418   2019-02-25 16:11  

#6  If the land title is really worth only a dollar then that means the people around there add in total only one dollar after all those working and benefits are added...
For the maths challenged it means there's a lot of wealth damaging people nearby.
Posted by: Bright Pebbles   2019-02-25 12:46  

#5  "Sold in 1978 by the city,"

begs the question: From whom did they steal it?
Posted by: Glaque Henbane3719   2019-02-25 12:26  

#4  Watch this quickly morf into a home appraisal and borrowing scam.
Posted by: Besoeker   2019-02-25 12:09  

#3  Gives new meaning to the phrase "shotgun shack".
Posted by: SteveS   2019-02-25 11:55  

#2  Do they throw in an AR-15 and 600 rounds of ammo? (so do I need to put a /sarc on that?)
Posted by: Procopius2k   2019-02-25 11:04  

#1  But the gunshot bill is unlimited.
Posted by: Chesney Crusoling7096   2019-02-25 11:03  

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