BUSINESS

Detroit Real Estate Market So Bad A House Is Worth An iPhone 6 (Maybe)

10/08/2014 11:09 EDT | Updated 10/08/2014 11:59 EDT

Canadian home buyers grappling with record-high house prices might feel a tinge of jealousy when they hear this story of a home owner selling his house in exchange for an iPhone 6.

Then again, maybe not. Because the house is in Detroit.

Realtor Larry Else says the client he represents dropped the price on his run-down (to say the least) inner city house several times, before essentially giving up the ghost and putting it on sale in exchange for an iPhone 6.

“It sounds to me like he wants the [iPhone 6+] version, but I think he's willing to negotiate," Else said, as quoted by the local Fox affiliate.

The homeowner would also consider a 32 gigabyte iPad, or he would likely be happy to sell for $3,000, as specified in the home's listing on Zillow.

In bankrupt Detroit, inner city houses have been selling for as little as $1, many of them long abandoned and condemned.

The broker told HuffPost U.S. his client lives in Austria and bought the house in 2010 for $41,000, likely believing it to be a smart investment as a rental property. Though it looked good on paper, the house was probably never in as good a shape as the owner was led to believe.

"The seller was a victim himself," Else said.

The house Else represents is running the risk of going into foreclosure.

The windows are broken, there is no front door, and Else himself hasn’t been in the property because his agency won’t allow realtors to go into unsecured houses, ABC News reports.

Since Fox first reported the story on Monday, Else has received several offers, one for an iPhone 5, one for $700, and one for $850. iPhone 6 or no, Else said he doesn't expect to get any commission on the property.

— With files from Ryan Grenoble

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