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Tabbone says she will never sell her Sambuca home despite getting many offers. "I have a cousin, [and] I've already told her she can use the house if I pass away before her. After that, it's going to be donated to the village." Tabbone is glad to have the chance to connect with her family history and considers the Sambuca project a "huge success" for bringing attention to the village. Even when young people return to Mussomeli, they can find the small town limiting. Federica Prezioso, 37, moved away to study in Palermo, Milan and London.
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That was the case for Danny McCubbin, 59, who's originally from Australia and was living in London when he heard about Mussomeli's 1-euro program. There, Meredith Tabbone, 44, of Chicago, bought and renovated a 1-euro house of her own. About an hour's drive from Mussomeli is the town of Sambuca di Sicilia.
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In 2019, it went viral for auctioning off old homes with bids starting at 1 euro. Toti Nigrelli, Mussomeli's deputy mayor who oversees the program, credits the town's success to a user-friendly website that lays out exactly how interested homebuyers can schedule a tour and get started. Tens of thousands of requests came in "immediately" after the site launched in 2017, he says. The town made its first 1-euro sale to a Belgian visitor within two weeks. Delve into the Roman ruins of Aquileia, where stand the remnants of stone pillars some two thousand years old. Discover the mystery behind how this sleepy village of less than 10,000 was once a bustling city boasting ten times that number of citizens.
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In some towns, the 1-euro purchase was symbolic and just the start of more expenses down the line. Browse our Services Directory and find useful contacts in the real estate industry. Why not use our property finding services and let our agents find a property for you. Our extensive network of Italian property agents from all over the country ensures you find the right fit. Stay in touch with developments and the latest properties in italy through our social media channels Facebook, Twitter & Pinterest.
Meanwhile, there are over 100 premium houses currently on the market, Milazzo says. Many of them are being sold by families who've moved away or inherited multiple properties and see an influx of interested foreigners as an opportunity to make a profit. Large-scale renovations mean more jobs for carpenters, plumbers, electricians and other construction workers. The project even brought a wave of Argentinian doctors who moved there and resolved a shortage of health-care workers.
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Roughly a dozen houses are left, says Natalie Milazzo, a local real estate agent. The additional purchase meant more space to build her dream vacation home. What started as a 40,000-euro budget to renovate 620 square feet grew to 140,000 euros to cover 2,700 square feet.
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She then bought the building next door through a private sale with the owner for 22,000 euros, or just over $23,000. Daniels is building the house of her dreams, "which I wouldn't be able to do back in California because the cost would be much higher," she says. Daniels plans to visit her Mussomeli home for vacations and split her time between California and Sicily in retirement. So far, she's focused on fixing up her vacation home and initially estimated renovations to cost $20,000.
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She's wary of fielding questions from foreigners like herself who want to buy an old home and turn it into an investment property. "I'm very grateful that I do not know anybody doing that, because I do not want this to be a village of Airbnbs," she says. Daniels feels strongly that historic renovation programs are beneficial in part because they're sustainable. Around the world, "we have destroyed so much of the environment building things instead of using what exists," she says. Houses that aren't being sold for 1 euro range between 5,000 to 25,000 euros, or $5,250 to $26,250. StreetTo volunteers say they list houses at a sustainable pace to avoid gentrification and out-of-control housing prices.
The pandemic delayed his plans to rehab a 1-euro house for the project. The home experienced extensive water damage while he was stuck in London for 10 months. By the time he returned, his 15,000-euro quote for renovations doubled. Get in touch with a Italy real estate agent who can help you find the home of your dreams in Italy.
How much does it really cost to buy and renovate a 1-euro home in Italy? And is taking on a major housing project across the world worth the money and the stress? CNBC Make It went to Sicily to talk to people who've gone through the process to find out.
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On one of the final days of the auction, Tabbone placed her bid of 5,555 euros for a property, sight unseen. "I thought it was too good to be true," Tabbone says, "but I checked when I saw the name Sambuca and took a look, and it was the same village that my great-grandfather came from in 1902 to the United States." Daniels is such a fan of the 1-euro initiative that she's encouraged friends and family to take the leap. On one recent visit to Mussomeli, Daniels brought along two fellow Californians, Alfredo Ramirez and his mother, Elena, to tour the houses.
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