500k loft, good deal or overpriced?

(from detroitcurbed.com)



It was an epic journey to a closing price of $495,000, but on June 11th of this year, Corktown's famous 6,000 square foot sky loft (aka MegaLoft) finally made it to normal, private sales transaction. After flirting with the fate of a short sale and jumping through the hoops of foreclosure, the two-bedroom, two-bathroom got a makeover and a new owner. The recent buyer was awarded new storm windows, a new HVAC system, and some kitchen and bathroom decor upgrades that surely sweeten the feeling that you are lording over the Lodge Freeway.

Let's recap what it took to get here: · In 2012, the top floor of the 6th street lofts was listed for $475,000. It had some pretty weird stuff happening in interior decor. We called it "mind-blowingly awesome" anyway. It was not bought. · In 2013, the loft dropped the ask down to $399K. The interior was still pretty weird. No dice. · Between then and the next blog post, the property very quietly became a Bank of America Foreclosure and was auctioned off, undetected by this blog. BoA seized it in February 2013. It was purchased in an online auction for $173,250 according to public record. A source familiar with the deal explains that the buyers also had to pay off a substantial lien on the property. It is then apparent they dumped several hunks of cash into upgrades. · The loft made a triumphant return to internet fame in March of 2014 with new, sparsely furnished photos and the loss of that terribly tacky kitchen island. It was dubbed "heavenly." The kitchen was much, much better. It boldly sought an ask of $599,000. It promised that it had ditched energy inefficient ways with new HVAC and storm windows. · On June 11, 2014 the property was listed as off the market. It later closed at $495,000, a good $104,000 less than ask. Still! Someone could have nabbed it for $399 K in 2013. Was this deal well-played after all? By holding out some buyer was awarded some substantial upgrades. But are they worth $96,000?  




























I actually like this place a lot.

pretty cool...reminds me of the loft on 'Big Daddy'

It's obviously a completely personal preference, but I have no interest in lofts at all. Don't like the style. Maybe, just maybe, for a bachelor pad, but that's about it. Phone Post 3.0

6000 sq ft and only 2 beds/ 2 baths? Surely there is a sizeable dungeon that was omitted from the listing photos.

Kinda cool, but location location location

Too fucking cold up there

Also, when I think 500k in Detroit these days, I'm picturing a skyscraper or converted GM plant or something.

And no outside area? Phone Post 3.0

Cool but not my thing. Phone Post 3.0