Wednesday, November 25, 2009

Michigan summary statistic

Here's all you need to know about the real estate market in Michigan: The 80,000-seat enclosed Silverdome, built for $55.7 million in 1975 to house the Detroit Lions, has sold for $583,000. ...

The Silverdome's new owner, Canadian real estate developer Andreas Apostolopoulos, mailed in a bid for the dome on a whim, when he saw an ad for building's auction in the back of a newspaper, according to this piece in the Toronto Globe and Mail.

According to the paper:

In fairness, Mr. Apostolopoulos didn't expect his bid to be chosen. The 57-year-old doesn't have any experience managing large venues or sports facilities, but does see opportunities. He'll visit the stadium next week, his first real look at the facility.
--Frank Ahrens, Washington Post, on the market's verdict on Pontiac, MI, home of a 35% unemployment rate. HT: Marginal Revolution

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