Quote Originally Posted by davewindsor View Post
Hmm, it's surrounded by newer brick and aluminum clad condos that are listed for $84K http://www.trulia.com/property/10824...troit-MI-48201

They bought it for $50K as a low income rooming house. Put a mil. into it, and now want $2.5m?

How do they justify asking for that kind of money?

The neighbourhood doesn't support that price, the numbers don't support it, and a vacant building isn't going to show the kind of income financials to justify that price.

I'd like to see how quickly the bank manager laughs and kicks them out the bank the moment someone ask them for a mortgage on it based on that kind of fairytale value..
Not sure why you're comparing the prices of condos to the price of this entire building... But on an apples to apples comparison, they are selling the mansion at $227/square foot, and the condo you linked is selling for $96/ square foot. There is still a big difference, but it doesn't look as ridiculous as comparing an asking price of $85K to one of $2.5M.