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This Charming Italian Town In Sicily Is Selling Houses For $3

Those who missed the opportunity to buy Italian houses for 1 dollar 4 years ago will have another chance. 

Sambuca di Sicilia, in the Province of Agrigento, will put 10 houses under the hammer starting at as little as 3 dollars, authorities announced. 

Following the great success that the 1-dollar homes had in 2019 and 2021, which brought $21.5 million into the local economy, the Sicilian village is ready to further expand its “Little America” town. 

“Foreigners are flocking to buy our homes, it’s been a hit so far,” Mayor Giuseppe Cacioppo told CNN. 

Cacioppo also said that interested buyers are welcome to come visit this summer and take a look at the properties for sale. 

“The timing is perfect,” he said. “Tourists and interested buyers currently traveling to Italy and those planning a trip in the summer can come take a look.”

With this viral scheme, the town has managed to sell 250 homes outside of the original auctions.

What’s the catch?

This time around, Sambuca di Sicilia is offering two-to-three-bedroom properties built on one or three floors and approximately 538 to 861 square feet. Houses are located in the old Saracen district.

Some houses boast courtyards with fruit trees, terraces, wrought iron balconies and beautiful majolica tiled floors.

Although the available properties are as “structurally stable as those so far sold,” they are far from ready to move in.

Buyers will need to undertake repair work ranging from €30,000 for basic renovations to over €200,000 for a full makeover. 

The restoration work must be done during the first 3 years after the purchase or buyers risk losing the €5,000 deposited during the auction.

How to enter the auction?

All homes will be sold using the method of increasing bids and awarded to the highest bidder. The final part of the process will be supervised by a judge.

To participate in the auction, potential buyers are required to pay a $5,399 deposit. 

The winners’ money will become the initial deposit. Those who are not lucky will have a full refund.

The starting price is €3, but if we check previous auctions, houses have been sold between €5,000 and €10,000.

For further information, visit the Municipality of Sambuca di Sicilia’s official site. 

A Happy Buyer

Meredith Tabbon’s new Italian home after renovation

Meredith Tabbone, 44, a Chicago native, was one of Sambuca di Silicia home winners when the scheme was first launched.

She ended up paying €5,555 for the property. But when she traveled to the town to meet her new house, she decided to also buy the next-door building for $23,000.

Tabbone spent a total of $446,000 on renovations.

“A lot of people refer to this as a revival of this town,” Tabbone said. “I like to think of it more as a renaissance,” she told CNBC Make It.

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