SAN FRANCISCO (KRON) – Here in the Bay Area, homes are selling out so fast and for so much money over asking price that some people with modest incomes don’t even stand a chance when it comes to owning a piece of real estate.
What if we told you there was a way to own a home and it would only cost you a dollar and some change?
Now you’d have to move to Italy, but there could be worse things, right?
The hilltop village is located on the north side of Mount Etna, sandwiched between Randazzo and Taormina. It is the seat of the Regional Enoteca for Eastern Sicily.
According to the town’s website, Castiglione di Sicilia has a rich history dating back to 1902. The town is also known for its “long and rich cooking tradition,” with local delicacies including cuddureddi and sciauni.
Here’s how the town describes itself on its website to promote tourism:
If fixing homes isn’t your thing, the town does have homes in better shape for sale ranging from between $4,800 and $6,000.
“We have a huge architectural heritage to rescue, packed with history. Over time, too many people have left, leaving behind a bunch of old, picturesque houses, many even dating back to the Renaissance,” Mayor Antonino Camarda told CNN. “We’ve carried out an in-depth study cataloguing each property based on maps and land registry data. According to their conditions buildings will be sold at different prices, starting from €1.”
This is no easy feat.
To apply for the house, you will need to provide information on what kind of home you’d like along with a detailed renovation plan.
If chosen, you will be required to complete renovations within three years.
“We are moving along two parallel paths: reaching out to old owners who are showing great interest in getting rid of their family homes, and new buyers,” Camarda told CNN. “We have already received many emails from investors and people across the world. There’s a wide choice here.”
The “program” launched in March 2021, with at least 400 properties in the town that are in “decent shape” and “require minimal renovation,” according to CNN.
Local taxes are low in Sicily compared to the rest of the country. Buyers can also take advantage of the Italian government’s “superbonus” scheme, which gives out tax credits of 110% for renovations which make houses more environmentally friendly, CNN reports.