Pontiac Home Goes Viral with $1 Listing Amid Renewed Investment Interest

In a unique marketing ploy that has captured widespread attention, a house in the north-central section of Pontiac was listed for just $1 on Wednesday. Within 24 hours, it garnered over 60,000 views on Zillow and was featured on the popular “Zillow Gone Wild” social media feed.

According to Crains Detroit, realtor Hubel, of Good Company Realty in Royal Oak, listed the house, emphasizing that this strategic price was a means to show the property’s true market value. Hubel has long wished to deploy this tactic, inspired by similar past listings that have sparked significant interest.

“Investors, this is your moment to shine,” reads the listing. “Whether you’re dreaming of flipping for glory or embarking on a lucrative leasing venture, this home’s potential is as limitless as your imagination. So, if you’re a visionary, a risk-taker, or simply someone who thrives on life’s little curveballs, this home is calling your name.”

The home, needing renovations estimated between $20,000 for self-contractors and up to $45,000 for retail pricing, has potential post-renovation values around $120,000, according to Hubel. Despite the $1 listing, the realtor clarified that the owner, a long-time client with several properties in the area, isn’t likely to accept a singular $1 offer.

“The roof might have seen better days, but hey, it’s not leaking yet — it’s just keeping you on your toes, providing an unexpected shower of excitement when you least expect it,” reads the listing. “Let’s talk about the unique features that make this place stand out — like the avant-garde ‘floor hole’ art installation conveniently located next to the furnace.”

Hubel anticipates that the 725-square-foot home will fetch a final selling price between $45,000 and $50,000, with offers due next week. He suggests the property will attract small investors, targeting it as a medium-term leasing opportunity. This estimation stems from the property’s condition and price range, likely making it less appealing for larger institutional investors.

Historical property records indicate multiple enforcement actions for the house over the years, including issues as an unregistered rental property. However, current records confirm all such concerns have been addressed and resolved.

Pontiac’s property market has seen fluctuating sale prices recently. A comparable property on the same street fetched $65,000 in March, while a slightly larger home sold for $135,000. 2021 Census data listed the median value of owner-occupied homes in Pontiac at approximately $79,000.

This innovative listing approach aligns with Pontiac’s evolving status. The city, whose population declined by nearly 20% since 1980 to just over 61,000, is poised for new investments and growth. The outcome of this listing could serve as a temperature check for the city’s property market and investor interest.