Sambuca from Sicily hopes to continue the years of success with its latest scheme to sell abandoned houses at a very low cost.
The Italian village first went viral in 2019 when it auctioned off old houses with bids starting from 1 euro. The city did it again in 2021 with bids from 2 euros and wants to repeat this for the third time with bids from 3 euros or $3.
This time, Sambuca di Sicilia auctioned about a dozen properties CNN reports.
The city's mayor, Giuseppe Cacioppo, told CNN that the first sale helped revive the local economy with an influx of 20 million euros, or $21.5 million.
Since Sambuca di Sicilia started its viral program, 250 homes have been sold outside of the original auctions.
“Our city is now definitely on the map,” Cacioppo said. “We just want to make it clear that by numbering these batches, more sales will probably follow in the coming years. Foreigners are coming to buy our houses en masse, it has been a bull's eye so far.”
Sambuca di Sicilia announced that it has several homes for sale from 3 euros.
Juan Carlos Fotografia | Istock | Getty Images
For this year's auction, the city is selling two- to three-bedroom homes built on one or three floors and approximately 538 to 861 square feet. Some properties have courtyards and iron balconies, but these are in need of repair.
Cacioppo said the current homes for sale are “as stable as the homes sold to date.”
The properties are auctioned and sold to the highest bidder, and the winning bid is opened before a judge. To participate in the auction, bidders must pay a deposit of 5,000 euros or approximately $5,399. If you lose the bid, the money will be refunded, but if you win, the money will become the first deposit.
CNN reports that part of agreeing to purchase the property means the new owners must complete renovation work on their homes within three years or risk losing their deposits. However, City Hall has been flexible with deadlines due to the impact of the COVID-19 pandemic.
Sambuca from Sicily has not yet announced the start date of the auction.
Sambuca di Sicilia first went viral in 2019 for selling houses for 1 euro.
Deniseserra | Istock | Getty Images
This buyer has no regrets about her '1-euro' home in Sambuca di Sicilia
When Sambuca di Silicia announced the village's first $1 auction, Meredith Tabbone, a self-employed financial advisor, bought one with her winning bid of 5,555 euros. She had never seen the building in real life.
The 44-year-old Chicago native told CNBC Make It that when she flew into her new home for the first time that year, she ended up purchasing the building next door for 22,000 euros, or just over $23,000.
Tabbone spent a total of 425,000 euros, or about $446,000, on renovations.
Meredith Tabbone is from Chicago and heard about Sambuca di Sicilia's 1 euro house auction in 2019.
Mickey Todiwala | CNBC Make it
“From the moment I placed the bid, checked my email every day and found out I had won, there have been four million moments of frustration, exhaustion and thinking about how to move forward throughout this entire process,” says Tabbone . said.
For Tabbone, her purchase and her journey to turn the abandoned house into a home have been worth it.
“I never felt like this wasn't the right place for me, and that this wasn't the right project for me to work on or for the community to live in.”
The city also offers Tabbone a lower cost of living and a slower pace of life, which makes her want to “let the focus of my life be on just personal fulfillment in general,” rather than just work.
Meredith Tabbone says she has never done a renovation project like this before, but she was inspired by the work of her father, who was an architect.
Mickey Todiwala | CNBC Make it
It also gave her the opportunity to connect with her family history and raise awareness of Sambuca di Sicilia.
“A lot of people are calling this a revival of this city,” Tabbone said. “I prefer to see it as a renaissance.”
Tabbone has no plans to sell her house in Sambuca di Sicilia, despite offers.
'I have a cousin, [and] I already told her that she can use the house if I die before her. Then it is donated to the village,” Tabbone said.
Conversions from Euros to USD were performed using the OANDA exchange rate of 1 Euro to 1.07 USD on June 10, 2024. All amounts are rounded to the nearest dollar.
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