How Much for All of Michigan?

silverdomeMichigan’s hard times continue. Real estate is especially telling with nearly free properties, mansions included, to historic once affluent neighbourhoods left to ruin, once the homes of American industry titans.

I remember being shocked in 2005 to hear Skydome was sold for $25 million, to Rogers Communications. It cost $570 million and was completed in 1989. In 2005 dollars, that’s approximately $900 million, an $875 million discount.

Last week the Pontiac Silverdome sold to a Canadian real estate group for $583,000. The 80,000 seat Silverdome cost $55 million to build, completed in 1975; in 2009 dollars, $220,000,000 million.

Skydome sold for 2.7% of it’s 2005 cost of construction. Silverdome sold for 0.27% of it’s construction, in 2009 dollars.

I do not have data on the profitability of these stadiums before the sales, and I do not know a measure of how “worth it” such investments are. From a realestate perspective they seem to be colossal bargains now, wastes of vast fortune to which better uses we could imagine.

silverdome-2andahalfd1 (Aside: The Silverdome also features certainly the most shitty 3D building on Google Earth. I’ll coin the term, and generously dub this 2½D. And so the recent sale price of this property might have suffered further, the purchaser affected by this eyesore.)

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