I just thought these two articles were more interesting when put together.
There are some areas of Detroit that are going into forclosure where the banks are just giving up and selling for $300, $100 even $1! The closing costs and broker's fees add up to much more than that! Even the property taxes are around $3,000! If they are lucky those areas will turn around someday in the future and it will be a worth while investment. Otherwise, at least it didn't cost much.
http://www.foreclosure-support.com/wp/article-0820131.html
A home in the French Riviera was just sold for $750 million dollars. It has broken a world record (it better have!) and just the commission alone could set someone up for life. The amount of the property taxes would have a family living very comfortably. I cannot even figure out how many foreclosures you could buy in Detroit with the downpayment!
http://www.huffingtonpost.com/2008/08/11/villa-leopolda-sold-for-7_n_118112.html
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