N. Rosedale home renovated by Grandmont Rosedale Development Corp. can be yours for $89,000

A North Rosedale Park colonial is getting the finishing touches on a complete renovation courtesy of Grandmont Rosedale Development Corp. The three bedroom, 1 1/2 bath, brick home includes a two-car garage, full basement, newly remodeled kitchen/great room, new energy-efficient thermal windows, new high-efficiency gas furnace and central AC, new gutters, updated electrical, and freshly refinished hardwood floors throughout. When all is said and done, GRDC will sell 16759 Edinborough for $89,000.

The home ended up in GRDC's hands after its longtime residents had sold the property on a land contract. When the contract buyer defaulted, they transferred ownership to GRDC through a bargain sale, which is the sale of a piece of property for less than 20% of its market value. "The rest (of the value) is considered to be a donation, making it a win-win situation," says Tom Goddeeris, the organization's executive director. "They were able to get some money for their transition, they owed a little bit of money on the property, and they paid some back taxes that the land contract buyer had not paid. ... Plus they got a tax deduction."

The transaction made financial sense, but Goddeeris thinks there was a bit more to the deal. "They felt so good about the neighborhood. They lived here a long time, raised their kids here," he says. "The seller clearly had sentimental feelings for the neighborhood and the house itself."

Contact Goddeeris for more information at 313-387-4732, ext. 111.

Source: Tom Goddeeris, GRDC
Writer: Kelli B. Kavanaugh