Even though some homes in Detroit literally sell for $1, we're still surprised to see how little an entire stadium fetches. In this case it's the famous Pontiac SilverdomeLook for a similar scenario to play out in our larger cities throughout the country.
Detroit News: Nearly 25 years after taxpayers spent $55.7 million building the Pontiac Silverdome and a year after a $20 million sale fell through, city officials have sold the arena once called the most desirable property in Oakland County.
The price: $583,000.
The broker, David J. Leitch, is quite upset about the final selling price. And hey, can you blame him?
"The property alone, at $10,000 an acre, should have gone for more than that. And you have the Silverdome, its contents, and the infrastructure already in place. I had estimated it would probably go for between $1.2 million and $3 million. I can't believe it."
Thursday, November 19, 2009
Detroit is the quintessential template for how to drive away business and totally screw up a city.
Posted by traderrob at 10:04 AM