Charlotte, North Carolina, has found a silver lining in the housing crisis:
Charlotte’s Habitat is among the first in the nation to start buying up houses in troubled neighborhoods where up to a third of the homes are vacant due to foreclosure. Average cost: $38,000 to $55,000, less than half the original price.
“We’re getting them as low as $30,000, knowing we’ll put in $10,000 of repairs,” said Meg Robertson, an associate director with Habitat. “To build a new one is over $60,000 … we’re $20,000 to $30,000 cheaper per home.”
So what about Habitat’s commitment to sweat equity? To having energetic volunteers “build houses together in partnership with families in need?” Robertson told the Charlotte Observer that she thought it was more important to house as many people as possible.
Besides, subdivisions built in the boom are already falling apart on their own or at the hands of vandals, so there should be plenty of sweat required to restore and maintain them.