Settling Aretha's Estate

[djtomt]

So...an investor bought it...with the PGA tour coming to the same course next year for a major tournament?? Ye gads...what was he thinking.

[swingline]

Lol...I love the little plug for Tiger Woods to rent it for the PGA Tour next June. Hope he’s got a good crew- a decent reno will take more then 6 months

It will be kind of interesting to see if the new owner goes for the $650k flip after a $40k Home Depot "renovation" or if he attempts a quality restoration. The place needs a lot of work.

[pkbroch]

More interior pictures from Detroit Curbed.

https://detroit.curbed.com/2018/11/3...old-renovation

The interior is a mess and that slate roof must leak a lot just look at the plaster damage. Slate roof repairs are expensive and he hopes to have it done by early summer!

[Bham1982]

Any decent renovation will be well into six-figures.

The slate roof alone is a total replacement? What would that be, like 60k for a house of this size? Windows would be what, 25k? Bathrooms are probably 15k-20k each. Kitchen could be 40k.

And people wonder why folks buy McMansions.

I love old homes but don't think I would ever live in one. I'd rather enjoy them vicariously. Way too much work.

[pkbroch]

Slate roofs are usually able to be repaired. Major repairs of slate roof 20-40k.
Total replacement of slate roof of 6200 square foot house $100,000. plus.

Bathrooms 30k each, new furnace[[boilers) 25,k. Kitchen 50-80k. Then there is electrical etc. I live in an old slate roofed house about a half mile away and I can't imagine leaving that house vacant for ten years, the hidden damage must be terrible.

[Maof]

More interior pictures from Detroit Curbed.

https://detroit.curbed.com/2018/11/3...old-renovation

The interior is a mess and that slate roof must leak a lot just look at the plaster damage. Slate roof repairs are expensive and he hopes to have it done by early summer!

What in the world!. Crappy taste.

[Bham1982]

Slate roofs are usually able to be repaired. Major repairs of slate roof 20-40k.
Total replacement of slate roof of 6200 square foot house $100,000. plus.

Bathrooms 30k each, new furnace[[boilers) 25,k. Kitchen 50-80k. Then there is electrical etc. I live in an old slate roofed house about a half mile away and I can't imagine leaving that house vacant for ten years, the hidden damage must be terrible.

Wow. So to get this house in near-mint, move-in condition [[which is what a lot of busy professional families want), you could spend 300k, easy.

I really do think a lot of higher income families just say F it and buy something out on Rochester Hills or Northville, not because they love the McMansion look, but because it's much easier/cheaper in the long run.

[iheartthed]

That Detroit home probably couldn't be replicated for $2 million, yet sold for 300k, and includes adjacent lot, and arguably on fanciest street in Detroit.

There's progress in the city proper, esp. downtown/midtown but a LONG way to go. Absurdly low property values. In a regular functioning big city, even the vacant lot on the best street should go for more than 300k.

It was a fire sale because they want to liquidate the estate as quickly as possible. They could have gotten much more for that house even in its current condition.