Buy a House for a Buck
April 28, 2009 news No Comments
During a recession, tons of deals jump up all over the place. Some are worth the price and others are accompanied by catches and fine print sure to cause a headache. Decide for yourself concerning this deal:
In Leesburg, Va., a 2-story, 2,500-plus-square-foot, 1880s farmhouse is being offered for $1, but the land beneath it is not for sale, so the future owner will have to pay to have the house moved to his or her location of choice.
Currently on the 8-acre property of the Loudoun Country Day School, the home will have to be removed from the lot when the school moves this summer to a new $32 million, 70-acre campus. Blacksburg, Va.-based company H.H. Hunt is turning the 8-acre lot into a $12 million assisted living residence.
Bo Cook, director of development at H.H. Hunt, explains that the buyer will need to seek permission from the town, the county and possibly the Virginia Department of Transportation in order to cart the house away. So far, three serious offers have been made on the farmhouse, by a nonprofit organization, a medical facility and someone who wanted to convert it to short-term housing.
– Sarah Binder
