Pricey, run-down Detroit home on market for $5M; near Little Caesars Arena

Posted at 2:45 PM, Mar 22, 2017
and last updated 2017-03-22 16:29:16-04

A home just a few steps away from the new Little Caesars Arena has been called dilapidated, ugly and an eyesore.

It may net the owner $5 million, giving them the last laugh.

“Why wouldn’t it be worth $5 million?” asked Darren Johnson, the housing agent that re-listed the property last week after it failed to sell under the guidance of another broker.

“Keep in mind, we’re not selling the house,” added Johnson. “We’re selling the land and the location, location, location.”

It wasn’t long ago that the home was listed for $4 million. It failed to sell, but Johnson pointed out that a lot has changed since that time.

The Red Wings have planned to play in downtown Detroit for quite some time, but the Detroit Pistons recently announced they’ll also play in the new arena. Johnson said it’s the sort of thing that will double the foot traffic, and supersize the profitability for the right investor.

“I had heard it was $4 million!” said Cody Kirchoff, a construction worker who works nearby. “We thought it was pretty funny, now that it’s $5 million. That’s crazy!”

Kirchoff said he and his co-workers have been talking about the home for months now. He said it looks even worse from behind. He understands that a business is most likely to swoop in and rebuild on the land, but he still can’t imagine it because of the way it looks now. However, that doesn’t mean he isn’t rooting for the homeowner.”

“I hope he gets it!” he said laughing.

Whether the owner is a savvy business-mind, or someone who just lucked into the property isn’t known.

The only person that 7 Action News could confirm was living inside declined comment, he said that the owner asked that he not comment on the situation.

The property, according to recent land records, show that the property sold for $25,000 to a family partnership in June 2002. At the time, talks of the $635 million arena were far off.

Johnson, the realtor, said that the deal is a win-win for the owner, and whoever they end up making a deal with.

“Real estate is location, location, location,” said Johnson. “So the value is in the eye of the beholder.”