The city of Superior has a program that has properties for sale but with a twist
Are you looking to buy a home and having had a rough go of it lately? Many people report being outbid numerous times after finding something they like, low inventory, location, price point, and more. The hunt never stops.
But, if you are still searching for a home, there is an opportunity in Wisconsin that could help.
“The city acquires homes from either homeowner through a tax D process or what have you and putting a sculpting work together and making and putting it out for bid, whether it be for $1 in this case or whether it be for some may be some additional costs that we have incurred. It is to essentially put these homes back on the tax roll rather than one, having maybe a vacant piece of property here or two having a house continue to deteriorate,” said Jason Serck, Economic Development, Planning, and Port Director for the City of Superior.
The Vacant to Value: Renovation Program has some homes for sale at a lower price than some on-the-market homes but some renovations need to be done. “We are saving them from the chopping block. We are saving up for getting razed. They still have a life. And maybe 15 or 20 years ago, the city probably would have torn them down for $5,000 or $6,000. Today, the cost is about 10 to $12000,” Serck explained.
The program has been running for about four years and experienced success in selling some previous homes. These homes can be bought by families, individuals, contractors, real estate agents, and real estate developers.
If you would like to learn more about the program and the homes that are currently available, visit their website.
“You have to have a contractor’s license within the City of Superior or hire people that have licenses. Yes, it is open to individuals. It is open to contractors, it’s open to real estate agents, and real estate developers. We do not discriminate. We want to look at who can provide one of the best plans for what it is going to be. And of course, our goal is a single-family homeownership,” said Serck.
One of the current homes in the program is a three-bedroom that was damaged by a fire in January. The fire was started in the kitchen and was extinguished primarily with form, Serck says. Throughout the home, smoke damage can be seen throughout the upper and main levels of the home, and the basement received little damage. The home is across the street from the University of Wisconsin-Superior and currently holds a bid of $1.00.
“Today, if you pick it up for a dollar and maybe you have to put 40 or $50,000 into it, you are already ahead. You have already got equity,” Serck mentions.
Like most homes, when remolding is needed, there are certain that they may cost more than other areas of a home. Remax Results Sales Executive, Kevin Kalligher, shares some areas that might need a little more fixing up than others.
“Things that are going to cost the most money when you are doing repairs, your roofs, your foundation irons, your heating, mechanicals, plumbing, electrical and just having a good understanding of what you are dealing with there and what the costs associated are going to really help someone long term.”