Web designer sells lot for $1 per square inch

February 15, 2010 7:58:38 AM PST
A Web designer is hawking square inches of an empty lot in Detroit for a dollar each to show what can be done with vacant spaces. Jerry Paffendorf says nearly 600 "inchvestors" have bought some of the 10,000 plots for sale in the "Loveland" art-and-real-estate project on Detroit's east side.

The 28-year-old says he bought the lot for $500 and that profits are fed back into the project.

He says some inchvestors buy one plot while others have taken 1,000, and that they may do with the land as they wish. He says some plan to construct tiny buildings.

Paffendorf told The Detroit News that he is making a statement about what can be done with foreclosed property. He told the Detroit Free Press he will stream video of the site this spring.