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  1. #1

    Default Kudos to Brush Park Presivation Society for getting 229 Edmund place on the market

    I thought it had a date with the huge house eating excavator but recent developments are giving it a new chance at renovation.

    The longer you look and think at that house it has real possibilities.

    A full plate of NEZ abatements is a great way to start.


    http://detroit.curbed.com/2017/3/13/...pment-for-sale

  2. #2

    Default

    I'm delighted another building is saved, but does the city really think someone is going to pay $315K for that? The link below shows the backside of the building has collapsed (and has some good background):

    http://www.nailhed.com/2015/10/the-r...t-mansion.html

  3. #3

    Default

    Quote Originally Posted by archfan View Post
    I'm delighted another building is saved, but does the city really think someone is going to pay $315K for that? The link below shows the backside of the building has collapsed (and has some good background):

    http://www.nailhed.com/2015/10/the-r...t-mansion.html
    Exactly. That's ridiculous. You can still buy an intact house in Indian Village for that price.

  4. #4

    Default

    Quote Originally Posted by drjeff View Post
    Exactly. That's ridiculous. You can still buy an intact house in Indian Village for that price.
    Very true but when has what you could get somewhere else ever been relevant in real estate?

    This one didn't last long.

    https://www.redfin.com/MI/Detroit/30.../home/98436964
    Last edited by ABetterDetroit; March-14-17 at 12:28 PM.

  5. #5

    Default

    Quote Originally Posted by drjeff View Post
    Exactly. That's ridiculous. You can still buy an intact house in Indian Village for that price.
    Why is that ridiculous? This house has a close proximity to both the downtown and the District. Not to mention it is a historic house that sits in a neighborhood on the verge of a massive rehab. I am willing to bet this house will get the $315k asking price.
    Last edited by warsaw7; March-14-17 at 02:42 PM.

  6. #6

    Default

    Quote Originally Posted by warsaw7 View Post
    Why is that ridiculous? This house has a close proximity to both the downtown and the District. Not to mention it is a historic house that sits in a neighborhood on the verge of a massive rehab. I am willing to bet this house will get the $315k asking price.
    OK. I'm willing to bet it won't. The location is great, but the building is probably worth less than nothing, insofar as demolishing it would cost something. Lots in Brush Park aren't worth $300K yet. Maybe someday.

  7. #7

    Default

    Yes, but the backside hasn't collapsed on that one.

  8. #8

    Default

    Quote Originally Posted by mwilbert View Post
    OK. I'm willing to bet it won't. The location is great, but the building is probably worth less than nothing, insofar as demolishing it would cost something. Lots in Brush Park aren't worth $300K yet. Maybe someday.
    1400 sqf condos at Crosswinds sell for more than $300k and that's without NEZ or land. The Edmond listed for > $3M but not sure what it sold for. I doubt they poured more than a $mil into that one to get it into its current condition.

  9. #9

    Default

    Quote Originally Posted by mwilbert View Post
    OK. I'm willing to bet it won't. The location is great, but the building is probably worth less than nothing, insofar as demolishing it would cost something. Lots in Brush Park aren't worth $300K yet. Maybe someday.
    The thing about stating what some thing is worth you have to have a comp to show what someone paid recently that is comparable. If you don't have them then it's just speculation.

    Here is a vacant Brush Park lot on the market now:

    https://www.redfin.com/MI/Detroit/29.../home/96727405

  10. #10

    Default

    Quote Originally Posted by ABetterDetroit View Post
    The thing about stating what some thing is worth you have to have a comp to show what someone paid recently that is comparable. If you don't have them then it's just speculation.

    Here is a vacant Brush Park lot on the market now:

    https://www.redfin.com/MI/Detroit/29.../home/96727405
    And if they get anything close to that for it, then I'll be wrong.

  11. #11

    Default

    Quote Originally Posted by mwilbert View Post
    And if they get anything close to that for it, then I'll be wrong.
    You were saying...

    http://detroit.curbed.com/2017/3/16/...nsion-for-sale

    http://www.crainsdetroit.com/article...be-complete-by

  12. #12

    Default

    You're comparing new construction and a renovation to a collapsing wreck. But who knows, maybe they will get what they're asking.

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