1001 Woodward for sale for $160,000!?!?

[Gsgeorge]

http://www.zillow.com/homedetails/10...34575880_zpid/

Can someone explain this to me, please?

[mcsdetroitfriend]

maybe for an apartment lmao ha!...reading the description it sounds like the listing is for a retail space

[Chuck_MI]

Of course the listing is not clear. It's Detroit. Cut the price in half and now we are talkin' baby.

[DetroitZack]

Unbelievable

[East Detroit]

Detroit's first lady, Yvette Bing, announced Wednesday that she is joining the initiative to teach Detroit schoolchildren to read, and she is encouraging others to do so, as well.

http://www.freep.com/article/2010012...ngs-wife-urges

[jcole]

Seller's Description:
Tremendous location for this quick-serve franchise located in the high profile 1001 Woodward Building. Efficient operation 5 days a week 10am-6pm. New owner may transfer franchise or operate their own concept. 4 yrs left on lease w/5 yr option. New landlord aggressively leasing office space. Close proximity to Quicken Loans new office projecting 1,600 workers/day. Built in 2004 cost of over $460,000. P&L available with confidentiality

The 'located IN' is a hint.

[Rocko]

Clearly the entire building is one big quick-serve franchise.

Here's to hoping they can at least get some ground floor retail going there.....cheers!

[iheartthed]

Detroit's first lady, Yvette Bing, announced Wednesday that she is joining the initiative to teach Detroit schoolchildren to read, and she is encouraging others to do so, as well.

http://www.freep.com/article/2010012...ngs-wife-urges

Zing! Nice...

[apbest]

This is definitely either seriously erroneous or it's not a listing for the entire building. Read the listing:

"Tremendous location for this quick-serve franchise located in the high profile 1001 Woodward Building. Efficient operation 5 days a week 10am-6pm. New owner may transfer franchise or operate their own concept. 4 yrs left on lease w/5 yr option. New landlord aggressively leasing office space. Close proximity to Quicken Loans new office projecting 1,600 workers/day. Built in 2004 cost of over $460,000. P&L available with confidentiality agreement."

All the bolded text indicate it is not the entire building:

1)The listing is "located in" 1001, not the entire buidling
2) "4ys left on the lease", "new landlord" all indicate buyer would be a tenant in the building
3) Built in 2004 @ $460,000 - This building was built in the 60s and obviously cost WAY more that $460,000 to build

There's absolutely no way this building would sell for as little as $160,000. Absolutely no way, I don't care how bad the economy is or how bad the Detroit CRE market is. That is less than most suburban houses; buildings that are way more dilapidated have sold for 2 or 3 times that amount, just look at the DDA's recent transactions

[Hamtragedy]

After the Silverdome, anything's possible.

[RickBeall]

I was about to say, lets all chip in and buy it, move in, and then we could all duke it out in person when we post crazy stuff on the forum.

[DetroitSTAR]

I have it on extremely high authority that the building will not be sold anytime soon. The building is slowly being renovated floor by floor for future office use. When I was there last week it looked great.

[mikeg19]

I thought I'd read somewhere in the past, oh, maybe year or two that 1001 Woodward was going to be renovated into a loft apartment complex????

But hey if it's going to be future offices at least something is being done with the building.

[dtowncitylover]

Seller Facts:
-"Muti-Family"

lol.

Person 1: "This is this the house. First floor is the family room."
Person 2: "Oh, where do the kids sleep?"
Person 1: "Sixth and seventh floor. Play room is eighth. We're on the 10th floor"