OfflineHistoric neighborhood flaunts homes for $1
By NBC
August 25, 2009
(NBC) - As one of St. Paul's most historic neighborhoods, Dayton's Bluff is part of the fabric of the city, but today many houses there stand vacant.
"We are not immune to a nationwide crisis that's occurring," says city council member Kathy Lantry.
St. Paul has 2,000 vacant homes and city officials say a tough problem requires creative solutions.
In an effort to fight foreclosure, the town is getting into the business of residential real estate, starting with Dayton's Bluff.
With the help of federal funds the city bought eleven foreclosed Dayton's Bluff houses and is now selling them.
The asking price is as high as $50,000 and as low as $1.
"It's taking the worst of the homes in a concentrated area and reinvesting in them so that we can prime that pump and get the real estate market back on its track," says Natalie Fedie with the city of St. Paul.
The houses have all passed inspection, but are in various states of disrepair.
The two $1 homes on the list are like diamonds in the rough.
"You really want to have a vision when you come into these homes and really see the potential for what they can be," says Fedie.
The potential, city officials say, is a long-term neighborhood turn-around.
Successful bidders must agree to actually live in the houses they own and fix them up, making an investment in the house and their community.
"What I want people to do when they drive by three months or a year from now is to hear nothing but hammers and saws and see a revitalization of these gorgeous old homes," says Lantry.
The houses for sale by the city in Dayton's Bluff will be open for the public to see Tuesday and Thursday night and city officials say if this sale is successful they'll look at using a similar strategy in other neighborhoods.
In order to bid on the houses, you also have to qualify for a mortgage between $140,000 to $190,000 dollars and any renovations have to follow historic district guidelines.
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This may be a great opportunity for you. Take action now and you may end up with a diamond in the rough. Good luck on your adventure and let us know what you may find! Believe and Achieve!
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$1 Homes for Sale in St.Paul
Cheap homes for sale in Dayton's Bluff
Fox News - Monday, 24 Aug 2009
ST PAUL, Minn. - City officials in St. Paul are selling houses for as little as $1, but only to buyers who can prove they have the money to fix them up.
St. Paul city officials are selling cheap houses, with asking prices from $50,000 all the way down to $1. Buyers need to demonstrate they can finance repairs that could cost $140,000 to $190,000.
Buyers also must explain how they will do the work and agree to make fixes that satisfy city rules and historic preservation guidelines for the Dayton's Bluff neighborhood.
Six of the homes are on display Tuesday and the others are open on Thursday.
List of St. Paul Homes for Sale
693 East 4th Street: $40,000
695 East 4th Street: $ 5,000
314 Bates Avenue: $ 5,000
326 Maria Avenue: $50,000
688 East 4th Street: $10,000
700 East 4th Street: $10,000
336 Maple Street: $5,000
275 Bates Avenue: $1.00
279 Bates Avenue: $5,000
689 East 4th Street: $1.00
868 Fremont Avenue: $35,000
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http://www.stpaul.gov/index.aspx?nid=3340
4th Street Preservation Project
About the 4th Street Preservation Project
The 4th Street Preservation Project will strengthen the Heritage Preservation District in the Dayton's Bluff Neighborhood by directing rehabilitation resources and technical assistance toward a targeted area in the neighborhood in order to preserve the housing stock and encourage home ownership.
A neighborhood planning process convened with the assistance of the Dayton's Bluff Community Council, the Dayton's Bluff Urban Partnership, and other community partners created development principles that will be used to inform proposals for rehabilitation and other community development.
To date, the City's Housing and Redevelopment Authority (HRA) has acquired 11 single-family homes and duplexes within the Dayton's Bluff neighborhood that are available for purchase.
Properties for Sale
All properties available through the project are strictly for homeowner occupancy. Consideration will be given to developers who are working with home buyers who will purchase the home upon completion.
ADDRESS AMOUNT LOT SIZE INSPECTION
693 East 4th Street photo $40,000 30 x 107 Insp.Report
Guidance Sheet
695 East 4th Street photo $ 5,000 30 x 107 Insp. Report
Guidance Sheet
314 Bates Avenue photo $ 5,000 40 x 108 Insp. Report
Guidance Sheet
326 Maria Avenue photo $50,000 58 x 120 Insp. Report
Guidance Sheet
688 East 4th Street photo $10,000 40 x 120 Insp. Report
Guidance Sheet
700 East 4th Street photo $10,000 40 x 120 Insp. Report
Guidance Sheet
336 Maple Street photo $5,000 40 x 123 Insp. Report
Guidance Sheet
275 Bates Avenue photo $1.00 40 x 54 Insp. Report
Guidance Sheet
279 Bates Avenue photo $5,000 36 x 40 Insp. Report
Guidance Sheet
689 East 4th Street photo $1.00 40 x 107 Insp. Report
Guidance Sheet
868 Fremont Avenue photo $35,000 40 x 124 Insp. Report
Guidance Sheet
Qualifying Applicants
Must demonstrate the financial resources needed to undertake successful rehabilitation of the property and should be able to qualify for a mortgage in the range of $140,000 - $190,000.
Are required to incorporate the development principals and historic preservation goals created through the neighborhood planning process described in the application.
Will become homeowner occupants or will work with home buyers to purchase and occupy the property upon completion.
Will receive technical assistance from the HRA to complete the rehabilitation.
Open Houses
Tuesday August 25, 2009
4:00 pm - 8:00 pm
Featuring Properties: 688 E 4th, 689 E 4th, 693 E 4th, 695 E 4th, 700 E 4th, and 326 Maria
Thursday, August 27, 2009
4:00 pm - 7:00 pm
Featuring Properties: 275 Bates, 279 Bates, 314 Bates, 336 Maple, and 868 Fremont
Request for Purchase Application and Appendices
Prospective home buyers interested in purchasing a home from the HRA must complete a Request for Purchase Application.
Request for Purchase Application
Appendices
A. Project Application for Individuals
B. Sample Proposal and Sample Drawings
C. Historic Preservation Guidelines
D. East 4th Street Preservation Project Development Principles and Assets and Opportunities Map
E. Personal Financial Statement Form
F. Statement of General Contractor Qualifications
G. Residential Rehab Guidelines: Standards for Developing a Scope of Work for Rehabilitation
Compliance Requirements
1. Affirmative Action Opportunity/Equal Employment Opportunity
2. Vendor Outreach
3. Two Bid Requirement
4. Interim HRA Sustainability Policy
5. Rehabilitation Standards
6. Compliance with Lead Rule (Lead Disclosure Rule (24CFR part 45, subpart A) and the Lead Safe Housing Rule’s provisions for rehabilitation (subpart j)
7. HUD “Healthy Homes” Interventions – Rules
8. Home Buyer Counseling Requirement (may be waived)
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