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Would You Pay $5Million For This Dilapidated Home?

Discussion in 'Real Estate & Other Investments' started by searcher, Mar 22, 2017.



  1. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    Would YOU pay $5million for this dilapidated home? Fire-ravaged house is the most expensive in Detroit - because the owners don't want to give in to the new stadium just steps away
    • Detroit has been hit by bankruptcy and its population has fallen from 1.8million in 1950 to just 677,000 today
    • But a realtor has a dilapidated house on Cass Avenue on sale for $5million, 15 years after it sold for $25,000
    • House is right next door to the new home of the Detroit Pistons basketball and Red Wings ice hockey teams
    • The owner has refused to sell up to the stadium's developer and is now hoping to cash in on development


    Read more: http://www.dailymail.co.uk/news/article-4337968/Dilapidated-house-Detroit-hits-market-5MILLION.html#ixzz4c3eYKzGd
    Follow us: @MailOnline on Twitter | DailyMail on Facebook
     
    JFN111 and Mujahideen like this.
  2. Mujahideen

    Mujahideen Black Member Midas Member

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    I smell an imminent domain coming.
     
    Usury and mayhem like this.
  3. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Nuke the site from orbit, it's the only way to be sure
     
  4. JFN111

    JFN111 Silver Member Silver Miner

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    The old real estate saying is true in this case- location, location, location..
     
  5. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    doesn't matter what he paid for it as it is not material IMO,

    the guy bought it supposedly 15 yrs ago.

    he can ask whatever he wants but the cost of doing so is on him,
     
  6. dacrunch

    dacrunch Gold Chaser Platinum Bling

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    1st 3 rules of real-estate =
    - location
    - location
    - location
     
  7. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    I am always shopping for a real estate upgrade. A few years ago we were looking at a home that was on a wide part (500'+) of the Indian River in Palm City, FL . It was deep water too and the river view was from the front. There was also a small creek in back. A+ schools, prime location, no HOA, just perfect except for generational flooding. Consequently, the home had some remodeling done on the first floor, but was a hodge podge of additions and disrepair. Needed a new roof and the design was poor.

    The fact is the home needed knocking down and a new one on 12' pilings in its place. The owner was asking $299k at the time and even if one tried to save it, the home would never be airtight, reliable, leak free. It would always be subject to flooding in a hurricane because it was about 60 feet from the river with no seawall. A similarly priced vacant lot was around $200k at the time. So, it you run the numbers that $299k home was not priced right.

    Somebody eventually purchased that home and are living it it. They didn't knock it down either. I know they had to pay cash because it was so beat up it would never pass inspection for a loan. I wouldn't live there. Too much humidity, bugs, and just plain eyesore.
     
    dacrunch likes this.

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