• FLOODS of '08 VIDEO
It's a buyers market; dozens, if not hundreds of homes for sale, all at bargain prices.
"The city's going to be rebuilt one brick at a time, one nail at a time,” said Dennis Hill, who recently bought a home near Time Check Park. "There are a lot of people struggling with what to do. There's not a long line of people buying property here right now."
Hill is one of the few taking the risk with a flooded home. At a total price of around $17,000, it’s well below its pre-flood value of about $90,000.
"He was astute enough to say there's nothing I can do," said Hill of the seller, a retired sheet metal worker in his mid 70s. "He was delighted he sold it."
In a city with 7,000 buildings damaged, one house isn't much. But Dennis hopes it's a start.
"I just felt it was the right thing to do. I do think that everybody has to step forward."
Hill knows this isn't going to be a quick flip for profit. He'll have to pour tens of thousands of dollars into his new house. But Hill hopes by the time he retires, he'll at least break even.
"All of this is going to be long term rebuilding. There's going to be no quick fixes, but it'll be one less house that's a hole in the ground."Investing in Flooded Homes
