So which would you rather buy in metro Detroit. This 3,200 square foot condo;
or the Pontiac Silver Dome:
Because for one week they were essentially selling for the same price. Yes sir, if you had the right bid, you could have bought the Pontiac Silverdome in metro Detroit for a little less than $600,000. The carrying costs on the Silverdome are a little higher, about 1.5 million a year, but the opportunities are endless.
The buyer, Andreas Apostolopoulos, made a business decision to buy the property. He seems to be a successful commercial real estate investor in Canada. If I had to guess, he had enough money to say, what the hell, I bought a stadium for 600k.
And if you are wondering, construction of the Silverdome cost 55 million to build in 1975.
A Toronto developer has purchased the 80,300-seat Pontiac Silverdome near Detroit for $583,000 (all prices U.S.) – a little more than 1 per cent of the cost of building the domed sports stadium in 1975.
“It’s something different,” Andreas Apostolopoulos of Triple Properties in North York said in an interview Monday. “I’m happy.” The Star
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Perhaps the steal of the century….in Detroit at least
I've always wondered how they keep that roof inflated.
Unbeliveable! Detroit is the armpit of the US.
Talk about depreciation! The new owners quote: "I'm Happy." You think? What a deal.
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