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Would You Pay $5Million For This Dilapidated Home?

searcher

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#1
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
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Mujahideen

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#2
I smell an imminent domain coming.
 

JFN111

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#4
The old real estate saying is true in this case- location, location, location..
 

dacrunch

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#6
1st 3 rules of real-estate =
- location
- location
- location
 

nickndfl

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#7
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.