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Yes, location, location, location.
A dilapidated home in close proximity to the Little Caesars Arena has returned to the market for $5 million. It's regarded as one of the last "holdouts" in the immediate arena district.
JC Reindl of the Detroit Free Press reports:
The two-story wood structure with peeling paint, at 2712 Cass Ave., is one of the last properties within the footprint of the city's coming sports and entertainment district that the Ilitch organization has yet to acquire. It neighbors one of the district's newly built parking decks and is steps away from the $635-million arena, which will become home to the Detroit Red Wings and Detroit Pistons when it opens in September.
The house has jumped on and off the market in recent years, each time returning with a higher asking price. It was last de-listed in May after failing to sell at $4 million.
Darren Johnson of Johnson Premier Realty Co., the agent for the home, says the $1-million jump reflects the increased value due to the Pistons being added to the stadium, the Freep. reports. The listing suggests the site would make a great spot for a nightclub, a restaurant, a hotel or a parking structure.
Someone is currently living in the home for free to protect it. The Ilitch organization declined to comment for the story.
