Andrew Wells is hoping to buy a Baltimore home for around the cost of an old car: Less than $10,000.
Turns out he's in good company.
One of every 10 city homes sold during the first half of the year — about 275 in all — fellin that price range. Twice as many sold for under $20,000.
Often foreclosures, these properties are usually in bad shape but seem like deals to real estate investors and the occasional hopeful owner-occupier — such as Wells.
"I don't have to worry about trying to get a loan," said Wells, 40, a bill-processing technician who works in Annapolis. "That was the purpose of me searching in that price range. I could buy something, pay cash, and I could live in it and renovate at the same time."
Almost exclusivelya city phenomenon — very few homes in Baltimore's suburbs sold for less than $10,000 — it's a market that has expandedrapidly. More city homes sold for less than $10,000 between January and June than in all of 2009 and 2010 combined. Dozens of city neighborhoods had at least one such sale this year.
Read the full story at baltimoresun.com