Americans bought abandoned $1 Italian homes: Was it worth it?

Table Of Content

• These Americans bought abandoned homes in Italy for as little as $1 and spent thousands renovating: Was it worth it?
• More real estate resources for Glendale, CA
• Looking ahead: 'The respect of the old town is the most important thing'
• Property for Sale in Mexico
• Cheap homes for sale in Glendale, CA
• Browse Cheap Homes For Sale in other California regions

In spring 2019, he made his first visit and toured 28 houses before buying his property. That was the case for Danny McCubbin, 59, who's originally from Australia and was living in London when he heard about Mussomeli's 1-euro program. That being said, "I never felt like this wasn't the right place for me to be, and that this wasn't the right project for me to work on or community to live in," she says. "I've learned so much about my family, which has been really special for me because my father passed away when I was a senior in high school."

These Americans bought abandoned homes in Italy for as little as $1 and spent thousands renovating: Was it worth it?

Many of them are being sold by families who've moved away or inherited multiple properties and see an influx of interested foreigners as an opportunity to make a profit. "My dream is that one day we will be able to provide jobs, especially for young people in the town," he says. Tabbone flew to see her new home for the first time in June 2019. She then bought the building next door through a private sale with the owner for 22,000 euros, or just over $23,000.

More real estate resources for Glendale, CA

How much does it really cost to buy and renovate a 1-euro home in Italy? And is taking on a major housing project across the world worth the money and the stress? CNBC Make It went to Sicily to talk to people who've gone through the process to find out.

Looking ahead: 'The respect of the old town is the most important thing'

To attract foreign investors to buy up the houses, rehab them and get dwindling population numbers back up. This could become a problem for incoming homebuyers purchasing old properties and renting places to stay during renovations. On the other hand, Nigrelli estimates roughly 90% of Mussomeli residents already own their homes, so rising real estate prices have a smaller immediate impact on locals. The additional purchase meant more space to build her dream vacation home. What started as a 40,000-euro budget to renovate 620 square feet grew to 140,000 euros to cover 2,700 square feet. In the last seven years, Mussomeli has sold off nearly all of its 1-euro homes, another marker of success.

In addition to houses in Glendale, there were also 68 condos, 16 townhouses, and 25 multi-family units for sale in Glendale last month. Glendale is a fairly walkable city in Los Angeles County with a Walk Score of 71. Glendale is home to approximately 190,871 people and 95,028 jobs. Use filters to narrow your search by price, square feet, beds, and baths to find homes that fit your criteria.

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About an hour's drive from Mussomeli is the town of Sambuca di Sicilia. In 2019, it went viral for auctioning off old homes with bids starting at 1 euro. In some towns, the 1-euro purchase was symbolic and just the start of more expenses down the line. For Rubia Daniels, though, the dilapidated building in Sicily also served as an exciting chance to build the home of her dreams — and it cost her almost nothing to get started.

Quarter-acre property a 'whimsical environment'

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Even if prospective homebuyers or curious tourists don't settle on a property to purchase, the increase in foot traffic has led to a boost for local restaurants, hotels and retail stores. Mussomeli's tourism sector increased by 3,000% within the first year of launching the 1-euro home program, according to Nigrelli. Large-scale renovations mean more jobs for carpenters, plumbers, electricians and other construction workers.

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The 1-euro campaign was first proposed in 2008 by TV personality Vittorio Sgarbi, then the mayor of Salemi in southern Sicily, where homes were destroyed in a 1968 earthquake. The house reportedly first hit the market in February at $1.499 million ... Conversions from euros to USD were done using the OANDA conversion rate of 1 euro to 1.05 USD on Oct 18, 2023. "A lot of people refer to this as a revival of this town," Tabbone adds. She's wary of fielding questions from foreigners like herself who want to buy an old home and turn it into an investment property.

Some of these homes are "Hot Homes," meaning they're likely to sell quickly. Most homes for sale in Glendale stay on the market for 32 days and receive 4 offers. Popular neighborhoods include La Crescenta, Sunland-Tujunga, Eagle Rock, Montrose Verdugo City, Linda Vista, Sunland, Atwater Village, Northeast LA, Glassell Park, and Griffith Park / Los Feliz. This map is refreshed with the newest listings in Glendale every 15 minutes. The pandemic delayed his plans to rehab a 1-euro house for the project. The home experienced extensive water damage while he was stuck in London for 10 months.

"This is definitely the exact kind of house where you would dream," Gambino said in an interview with USA TODAY. "It's a very special house where people immediately get, you know, emotionally connected when they're there." The home at 2538 Sundown Drive is for sale at $2.3 million, listed by Compass agents Carl Gambino and Ariel Putman, and was recently shared on real estate fan account Zillow Gone Wild.

The viewer is prohibited from copying, redistributing or retransmitting any of the data or information provided by MLSListing, Inc. Once Daniels landed on her properties, she got a rundown of what the dream would actually cost. The houses were sold for 1 euro each but also incurred a 500-euro realtors fee and 2,800-euro deed.