Anna Clark has the scoop about the latest wrinkle in the blockbuster Detroit blight auction: the surprise, mysterious bid for 6,000 parcels if off the table.
Anna Clark writes: "You heard of the casino developer who scooped up 6,365 foreclosed Detroit properties in a single mysterious bid? Well, forget him: Herb Strather withdrew his eyebrow-raising bid this morning."
"Strather withdrew his $3.1 million bid for an enormous swath of Detroit buildings and lots today, scarcely a week after placing it and after inspiring dozens of headlines around the country." (Planetizen was one of the many outlets who picked up the news of the bid.)
Clark provides in depth analysis of how the bid almost wrecked Detroit's intentions for the auction: "Strather backing out is good news for Detroit. And rather than being a bizarro anecdote in the story of the city’s revitalization, the debacle reveals something important for cities with an over-abundance of neglected properties: Blight bundles work."
The article includes a lot more examples of how blight bundles and land banks work—especially when there are no untenable surprises like Detroit just experienced.
FULL STORY: Detroit Magnate Decides He Doesn’t Want 6,000 Blighted Properties After All
$3.2 Million Bid for 6,000 Foreclosed Properties in Detroit Auction
Karin Weise reports that an anonymous bidder will pay $3.2 million to purchase 6,000 foreclose homes in Detroit.
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Detroit Residents Find it Hard to Access Land Bank Properties
Longtime residents say the city is not fulfilling its goal of keeping vacant parcels in the hands of locals as property values rise steeply.
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Republican and Democrat lawmakers criticize the plan for its disproportionate negative impact on rural communities.
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