This Italian village gained popularity for its $1 homes, but now the prices have increased.

Sambuca di Sicilia aims to maintain its success through its new plan to sell off abandoned homes at a low cost.

In 2019, the Italian village's old homes were auctioned off for bids starting at 1 euro, and the town repeated the process in 2021 with bids starting at 2 euros. The village is now planning to hold the auction again, with bids starting at 3 euros or $3.

According to CNN reports, Sambuca di Sicilia has approximately a dozen properties up for auction.

The mayor of the town, Giuseppe Cacioppo, informed CNN that the initial sale brought in 20 million euros or $21.5 million, revitalizing the local economy.

Since the viral scheme of Sambuca di Sicilia began, 250 homes have been sold beyond the initial auctions.

"Our town has gained recognition on the map, as indicated by Cacioppo. By numbering our batches, we anticipate an increase in sales in the future. There has been a surge in interest from foreign buyers in our homes, which has been successful so far."

This year's auction offers two to three-bedroom houses with one or three floors and ranging from 538 to 861 square feet. Some of these properties have courtyards and iron-wrought balconies, but they require repairs.

Cacioppo stated that the current homes for sale are as structurally sound as those already sold.

The properties will be sold to the highest bidder, and the winning bid will be opened in front of a judge. To participate in the auction, bidders must pay a 5,000 euro deposit or about $5,399. If you lose the bid, the money will be returned, but if you win, the money will become the initial deposit.

According to CNN, the new owners of the property must complete renovation work on their homes within three years or lose their deposit. However, the town hall has been flexible with deadlines due to the effects of the COVID-19 pandemic.

Sambuca di Sicilia has yet to announce the start date of the auction.

This buyer is content with her '1-euro' home in Sambuca di Sicilia.

Meredith Tabbone, a self-employed financial advisor, bought a property in the village's first $1 auction with a winning bid of 5,555 euros, even though she had never seen it in person.

The 44-year-old Chicago native bought the building next door for 22,000 euros, or just over $23,000, when she flew to see her new home for the first time that year.

Tabbone invested 425,000 euros, equivalent to about $446,000, in renovations.

Tabbone stated that since the moment he submitted the bid and checked his email daily to find out he won, there have been 4 million moments of frustration, exhaustion, and contemplation on how to proceed.

The journey of transforming an abandoned house into a home has been worth it for Tabbone.

"I always felt like this was the perfect place for me to be, and that this was the ideal project for me to work on and community to live in."

Tabbone is drawn to the town because it offers a lower cost of living and a slower pace of life, which allows her to prioritize personal fulfillment over work.

She was able to connect with her family history and highlight Sambuca di Sicilia through the opportunity she received.

"Tabbone stated that while many individuals refer to it as a revival of the town, he personally considers it a renaissance."

Despite receiving offers, Tabbone has no intention of selling her Sambuca di Sicilia home.

Tabbone stated that she has a cousin and has already informed her that she can use the house if she passes away before her. Afterward, the house will be donated to the village.

Using the OANDA conversion rate of 1 euro to 1.07 USD on June 10, 2024, all amounts were rounded to the nearest dollar.

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