MILWAUKEE — Now might be the perfect time to build your own home in Milwaukee. The City is selling plots of land for just $1.
"Will the city make a ton of money from selling dollar lots? No, but it's a long term play. And it's about what (will) this neighborhood look like 10 years from now. 15, 20 years plus," said Michael Emem, the president of the Emem Group and the contractor that will be helping build the homes.
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It's a city initiative to increase homeownership in the Lindsey Heights neighborhood. The plots of land are available at 20th and Walnut and 12th and Lloyd.
"It's all about creating a community, and creating a neighborhood, and, you know, infilling the vacant land that's there now," Emem said.
Buy a plot of land for $1 in Milwaukee and start your journey to owning one of these homes 🏡 pic.twitter.com/yFTlz4PmSY
— James Groh (@JamesGroh_) June 18, 2020
The plots are not a free-for-all though. You can only buy a plot if you are seriously interested in building a home and pass a few
qualifications first.
"We don’t want people, you know, just buying and holding a lot that won’t be acceptable," Emem said.
Once you are approved for a plot, you have three options of homes you can build the Rosa, Malcolm, and Martin. You can click on each name for more details, but here is a snapshot of what the homes feature.
- TWO-STORY │1,724 SQ. FT. │3 BED │ 2.5 BATH │ 2-CAR GARAGE │ BASE PRICE: $247,900
- TWO-STORY │2,003 SQ. FT. │4 BED │ 3 BATH │ 2-CAR GARAGE │ BASE PRICE: $257,900
- TWO-STORY │2,031 SQ. FT. │4 BED │ 2.5 BATH │ 2-CAR GARAGE │ BASE PRICE: $279,900
There are 62 plots available and the first few buyers will get a $30,000 forgivable second mortgage.
This isn't an entirely new idea. The city was planning to do something similar to this particular project in 2008; however, the financial crisis delayed that until now.
You can find all of this information you need to know at this link andthis one.
Plots are available right now.