There was a story in our local newspaper this week written by a reported who is covering the winter Olympics. She has apparently really grown to like the Whistler Olympic Prk area where many of the alpine venues are and decided to pick up a local real estate book to see what might be available. What she found were luxury, 900 Sq. Ft. condos going for about $1.2 Million.
Hmmm. I'll bet you could buy a nice small home in California for that or a nice mansion in Dallas or Atlanta OR you could buy almost every one of the 282 houses that are for sale in Detroit for under $5,000. (the total value of them is $1.3 Million). Since they average about 1,000 Sq Ft, you would have about 280,000 Sq Ft of living space - room to stretch out a bit.
If you had thought about buying a totally optioned out Cadillac Escalade for around $80,000, you could buy 14 houses in Pontiac, Michigan instead or 16 more houses in Detroit. You don't even have to be super-wealthy to be able to afford to buy much of Detroit. For just a little over $6 Million you can buy every one of the 829 homes that are on the market for under $10,000. Any Lotto winner in any state could afford that.
However, if you are super-rich, you can buy every house on the market in Detroit from the lowest shack to the biggest mansion on the market for a total of slightly less that $115 Million. For that you would own 2,980 homes, which averages out to $38,568 per home. Of course those homes would be in a market that is still declining, so by the time you got done closing on all of them, they'd likely only be worth $110 Million.
So, the next time you have some spare pocket change, call me up and I'll sell you a Detroit house for $3-5K. Heck that's only about 10% of the taxes that you would have had to pay on that luxury 900 Sq Ft condo.
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