The value of real estate in Detroit is known for being some of the most affordable in the United States. Now the price of houses in the city may plunge deeper as a homeowner presents prospective buyers with a bargain proposal.
A Detroit property owner is looking to trade his centrally located three-bedroom house for an iPhone 6. The owner, who is said to be growing desperate to complete a sale before the start of the tax auction season, dropped the price of the property several times before settling on his new offer.
The 4,356 square foot brick colonial house is located at 11954 Laing Street. The owner of the property initially pegged his asking price at $5,000 when he put the house in the market last June. The price was revised to $4,000 in July before being further reduced to $3,000 in August.
"This house is really not worth much at all," real estate broker Larry Else told ABC News.
The house is generally in bad shape. The listing for the property on real estate website Zillow describes it as an "investor special." The front door of the house is missing and the windows are broken. According to the ABC News, Else, who is in charge of selling the property, has not been inside the property himself because of a company policy that prohibits him from entering unsecured houses alone.
The owner of the property, who lives and Austria, bought it for $41,000 in April of 2010. He was scammed by the house's previous owner, who purchased the property two weeks before the transaction for just $10,500.
"Public records don't show up that fast," Else said, explaining how his client was duped in the real estate deal.
While exchanging an iPhone 6 for a house may seem like an extremely lopsided transaction, there are hidden costs for anyone who would purchase the property. The house comes with $6,000 in in back taxes, which would have to be paid before it enters foreclosure next year.
If an iPhone 6 is out of the question, the owner said that he will also consider an offer for a 32 gigabyte iPad. With its newfound fame, the property has inspired new offers ranging from an iPhone 5 to $850.