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Buy A House For $1.15 In This Scenic Italian Town

January 28, 2019

The average sale price of a single-family detached home in Lamorinda—comprised of Lafayette, Moraga, and Orinda—in 2018 was $1,651,390. But in the scenic Italian town of Sambuca, located in western Sicily, you can buy a home for one Euro—about $1.15. With residents fleeing to larger cities in recent years, local officials have devised a plan to sell dozens of vacant homes for virtually nothing to revive and repopulate the town. The homes range from 430- to 1,610 square feet, according to a CNBC report, but most come with a private grotto entrance. 

But wait. There is a catch. If you purchase a home you must invest $17,100 in renovations over the course of three years since many of the properties were abandoned and are cluttered wtih broken stones and furniture. You also must put down a security deposit of $5,700. So all in it’s more like $22,801. Nonetheless, it still could be a good deal. Sambuca, also known as the City of Splendor, was a nominee in 2016

Italy’s Most Beautiful Towns contest.  “This fertile patch of land is dubbed the Earthly Paradise,” said Guiseppe Cacioppo, Sambucca’s deputy mayor. “We’re located inside a natural reserve, packed with history. Gorgeous beaches, woods and mountains surround us. It’s silent and peaceful, an idyllic retreat for a detox stay.” 

Tagged With: Lafayette, Lamorinda, Lamorinda Home Prices, Lamorinda Real Estate, Moraga, Orinda, Sambuca, Sicily

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