Detroit Property @ $25 Million an Acre?

Here is an interesting read from Crain's.

In the shadow of Little Caesars Arena, owner seeks eye-catching price for sliver of land

• Owner of 0.07 acres wants $1.8 million, or the equivalent of roughly $25 million per acre
  
• He says proximity to arena and announced redevelopments commands asking price

Ridiculous you say? How about this from the same article? Nothing new, it turns out.

The former Varsity Shop building in downtown Birmingham at 277 Pierce St. That sold in 2016 for $3.15 million, according to CoStar, for 0.11 acres, or the equivalent of $28.38 million per acre, although it also included the 8,400-square-foot building sitting on it. Bloomfield Hills-based Kojaian Management Corp. was the buyer; the company plans to tear the building down for a mixed-use development.

The Great Frame Up property, also in downtown Birmingham at 215 Peabody St., sold for $1 million, or $25 million per acre, according to CoStar. It is 0.04 acres.

The current Wahlburgers property in Detroit's Greektown neighborhood sold in February 2012 for $1.65 million for the 2,600-square-foot building and the 0.06 acres of land on which it sits. That's $27.5 million per acre.

https://www.crainsdetroit.com/voices...catching-price

"Location, location, location."

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Originally Posted by Lowell

The former Varsity Shop building in downtown Birmingham at 277 Pierce St. That sold in 2016 for $3.15 million, according to CoStar, for 0.11 acres, or the equivalent of $28.38 million per acre, although it also included the 8,400-square-foot building sitting on it.

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The building was very old, and had extensive water damage, which is why the Varsity Shop moved in the first place. So the price was for the property alone.

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The Great Frame Up property, also in downtown Birmingham at 215 Peabody St., sold for $1 million, or $25 million per acre, according to CoStar. It is 0.04 acres.

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Surprised it sold for that little. A developer already bought up all the adjacent properties to build a large mixed-use building, and The Great Frameup building was the last holdout. Great store, by the way, they moved to Maple and Lasher. Highly recommended if you need something framed, they do good work.

If it was on the Brush Park side it would be worth even more. Land values are whizzing past Birmingham so this is likely the most valuable land in the entire state of Michigan and I think it has potential to go a lot higher.

Seems like a ton of loot to have shitty neighbors.

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Originally Posted by Satiricalivory

If it was on the Brush Park side it would be worth even more. Land values are whizzing past Birmingham so this is likely the most valuable land in the entire state of Michigan and I think it has potential to go a lot higher.

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There’s an empty lot across from LCA on corner of Woodward and Alfred. What do you think that’s worth?