What Do Baltimore and Small Italian Towns Have In Common?
They Both Have $1 Houses for Sale
Mussomeli - a small town roughly two hours south of Sicily - was one of the first municipalities to roll out the 1 Euro Home Project. When bidding began in 2017 and ‘18, thousands of applications rolled in from buyers and investors looking to secure a once-in-a-lifetime deal on the vacation home of their dreams.
Since the project’s inception, more than 300 abandoned homes and apartments have been sold throughout Mussomeli. The plan to rebuild the town 1 Euro at a time has largely been a success. It’s brought in millions of foreign investment capital, and has encouraged countless cities across Italy to follow suit as leadership hopes to orchestrate a similar outcome to that of Mussomeli.
Halfway across the globe, the heartbeat of Maryland is now taking a page out of the Mussomeli playbook.
Rich in history, Baltimore is affectionately known as Charm City. However, it’s unfortunately lost much of its allure over the years. Decades of disinvestment and violent crime have made Baltimore’s urban core less attractive than some of its neighboring counterparts throughout the Northeast.
But Baltimore’s Mayor, Brandon Scott, and his cabinet hope to turn the city around with the resurgence of the $1 Home Buying Program. In the 1970s, Baltimore introduced a “dollar house” project which allowed local residents to purchase vacant properties for a small sum, so long as they rehabbed the homes and restored them to habitability. Fifty years later, the program is back in full effect.
At least 200 vacant city-owned properties will be dolled out. Prices will range from a single dollar to $3,000. It’s not required that you be a Baltimore resident, but local buyers that intend to occupy the home as their primary residence will be given priority over investors and developers.
Although the initiative was widely welcomed, it was met with a bit of pushback from the City Council President, Nick Mosby, who expressed concerns surrounding gentrification and housing affordability. Nevertheless, the $1 Home Project was passed in a 4-1 vote and buyers have already begun to pile into the online portal.
You can click here to see what purchase opportunities are available.
If you’re considering a home purchase, sale or investment this year, and you’d like professional guidance and assistance throughout the process, our team is here to help.
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