Treasury Today Country Profiles in association with Citi

Buy a town to ‘reduce’ your bank balance

Town for sale sign

Small US town up for sale for US$1.5m.

In major cities like Hong Kong, New York and London, US$1.5m doesn’t buy you much property. However, in the Pennsylvanian countryside you can buy a whole town for the same amount.

The tiny town of Reduction, originally built to house workers at a long-vanished garbage-processing plant has come up for sale.

It is now home to just 60 residents who live in 19 houses and currently pay rent to the Stawovy family, proprietors of the unincorporated village for the past 70 years.

“This was the original recycling plant,” said David Stawovy, 67, who owns Reduction with his three siblings.

In 1948, David’s father, John, owned an adjoining farm and was thinking about buying one of the larger homes in Reduction for his growing family.

“My mother and father wanted their own place,” Mr Stawovy said. “And the man said: ‘Why don’t you buy them all?’

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