According to CNN, Sambuca, an idyllic town in Sicily, Italy, is selling off dozens of old homes for the mere pittance of €1, just over $1 USD.
Several other Italian towns have opted for this kind of deal as well, from Sardinia, which also sold off homes for a dollar, to Candela, which offered to pay potential residents to move there.
And much like these other towns, Sambuca has suffered from a dwindling population since residents have either passed away or moved to big cities.
However, the town officials of Sambuca claim that their deal is better than the rest because if you want a house, you’ve got a house. “As opposed to other towns that have merely done this for propaganda, this city hall owns all €1 houses on sale. We're not intermediaries who liaise between old and new owners. You want that house, you'll get it no time,” Giuseppe Cacioppo, Sambuca's deputy mayor and tourist counselor, told CNN.
But much like the other towns mentioned, there’s a few rules you must follow. First, all new homeowners must agree to refurbish their new homes. And as you might have guessed, they are in dire need of some TLC.
According to CNN, the “crumbling” homes can range from anywhere between 40 and 150 square meters (430 to 1,614 square feet). In case you’re wondering, 430 square feet is about the size of an 11-by-39-foot room — which is about the size of a spacious New York City studio.
Plus, the cost of renovating these places costs about €15,000 (about $17,200 USD) to start, CNN reported.
In addition, the new homeowners must pay a €5,000 (about $5,700 USD) security deposit, which is fully refundable once renovations are complete. So, your $1 investment just became about a $22,901 investment.
But Cacioppo says it’ll be worth it, since Sambuca is known as the “City of Splendor” and an “Earthly Paradise.” “We're located inside a natural reserve, packed with history. Gorgeous beaches, woods and mountains surround us. It's silent and peaceful, an idyllic retreat for a detox stay,” Cacioppo told CNN.
Are you going to Think Realty @wethinkrealty in Dallas in February? I am! Or, will you keep looking at this picture where I'm looking at myself. If you want a change of pace, let's meet in Dallas so we can laugh about this picture and talk about your real estate investing strategy in 2019. See you soon!
PLACE OF THE WEEK // 43 Orford Street, Tarragindi. ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Situated on a quiet street in the heart of Brisbane’s inner-west, this address is set amongst an abundance of schools and greenspace. Chicly styled, the wooden feature entry door opens to a magnificent stair case, granting one a feeling of the home’s space and proportion.
See more via the link in our bio.
Is this kitchen goals 😍 or what?!
In what room do you spend the most time when you’re home? 🏡 🤔
I spend most of my time in my room/office & the kitchen 👩🏻🍳 🥦 🥩 •
Comment down below your fav room!! 🏡💁🏻♀️👇🏼👇🏼 #realestatewithlaurat
Fresh to market this week - 2 Tamarind Ave in Bogangar. 200m stroll to Cabarita sand. Auction onsite on Feb 16th at 12pm AEDT. Open for inspection Saturday at 12pm. Details on website, or call @brentsavage for the details.
🚨🔥HOT DUPLEX DEAL 🚨🔥 1556 & 1546 SW 6th St., Miami, FL 33135
· Two buildings in the heart of little Havana
· 11 apartments.
· Both under renovation and completion by early 2019.
· (7) 1 bed/1 bath & 4 Studios
· long term tenants. · New:-
2. electric panels & meters
3. fire and safety equipment
4. Impact windows
5. washer and dryer installed in the laundry room
6. exterior fence
7. exterior lighting
Today we’re thinking about to our crowdfunding campaign through @ifundwomen and we are still so thankful to all of our contributors! For those looking to start a crowdfunding campaign, our biggest tip for you would be to make sure your brand is thoroughly defined. When it comes to sharing your brand message and connecting with contributors, it is crucial to have a clear idea of how these actions reflect on your brand.
Have you tried crowdfunding? How did you guarantee success?
1 44an hour ago
Tomorrow is a huge day full of open homes and I look forward to meeting you there! Swipe across for all times.
💙BEACH SIDE OASIS💙
Nestled on the beach side position of Marcus Beach, this home offers the new owners a wonderful home to entertain, relax and enjoy the beach lifestyle all in one character filled home.
🏡 For Sale $1,150,000
📍18 Callitris Crescent, Marcus Beach
📲 @damienstyringnoosa 0409 685 211
1 222 hours ago
Homes is what I do.
1 66 hours ago
Have you seen our Batmobile? 😏 We’ll be showing clients homes in Huntington Beach and Garden Grove this weekend 🙋🏻♀️ We love it when one of us or my daughter, Sadie, receives random texts from our friends with our car pic letting us know they spotted us on the street somewhere 🤗 Let us know when you see us 😊
@ mrbangslife #loanrx#kellerwilliamsrealty
Tag friends to live here with! ~
One of the only new construction homes in Hancock Park, this spectacular Spanish-Contemporary is situated on a private cul-de-sac and overlooks unobstructed views of the Wilshire Country Club golf course. Grand-scale living spaces include an elegant parlor room with restaurant-caliber bar, marble fireplace, butler's pantry and wraparound terrace. An incredible chef's kitchen features a Carrara marble island and Wolf and Miele appliances. Automated Fleetwood walls of glass flow to a spacious grassy backyard, infinity-edge pool and built-in bbq. ~
Upstairs holds four ensuite bedrooms, two with private terraces, and a gorgeous master suite with dual showroom closets, exquisite marble bathroom with oversized shower and soaking tub, and French doors to a private terrace overlooking the golf course. A plush cinema, light-filled office, distinctive powder room and Crestron system complete the offering. This exquisite estate was built by GME Development and designed by award winning Apel Design ~
Listed at $9,995,000 or available for mortgage at $38,990/month, would you live here? #yesno ~
Listed by Ben Bacal
Follow @affluentbillionaires for more! 👈 ~
In collaboration with @instascenex