If you thought your home has lost value...
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    If you thought your home has lost value...

    The SilverDome sold for $583,0000. It cost $55.7 million to construct.

    Link:
    Silverdome sale price disappoints | detnews.com | The Detroit News


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    Re: If you thought your home has lost value...

    Included in the sale was 127 adjacent acres!


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    Re: If you thought your home has lost value...

    Ouch... Sounds like the upkeep was killing them though.



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    Re: If you thought your home has lost value...

    That's why you're supposed to sell in good markets and buy in bad, not the other way around.

    Just goes to show you how bad things really are up there. I wonder what the RE taxes will be on it? Under private control, they could cut the operational costs by a few hundered thousand, but I'm sure the property taxes will more than eat up any savings.


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    Re: If you thought your home has lost value...

    I've heard you can purchase entire city blocks in Detroit for around $10,000. Not too sure about the neighbors you'd have, though...


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    Re: If you thought your home has lost value...

    Quote Originally Posted by usedcarguy View Post
    That's why you're supposed to sell in good markets and buy in bad, not the other way around.

    Just goes to show you how bad things really are up there. I wonder what the RE taxes will be on it? Under private control, they could cut the operational costs by a few hundered thousand, but I'm sure the property taxes will more than eat up any savings.
    Assuming a valuation by the assessor of 55.7 million and using rates a business would pay in Iowa, probably around $2 million per year.



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    Re: If you thought your home has lost value...

    Quote Originally Posted by cytech View Post
    Assuming a valuation by the assessor of 55.7 million and using rates a business would pay in Iowa, probably around $2 million per year.
    Sounds like they'll get their money back soon enough!


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