Housing
Detroit's Most Expensive Home Price at $2.5 Million
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In a city with tens of thousands of vacant homes, many of which will be bulldozed or sold for a few thousand dollars, a 13,000 square foot house is for sale for $2.5 million. Even the price and sales prospects of such an expensive mansion tell a great deal about the real estate market in Detroit. The home, built in 2009, went on the market for $7.2 million in April 2012. Based on the new price, the house at 2 Sand Bar Lane should be a bargain, except that it is in Detroit.
The house is gargantuan and sits just off the Detroit River. One of the drawbacks to owning the home is that the river is a source of pollutants that have plagued the western part of Lake Erie. According to MLive:
Roughly 80 percent of the water and 40 to 50 percent of the phosphorus entering Western Lake Erie comes through the Detroit River.
The home listing promotes proximity to the river:
PRIVATE 75 FT BOAT SLIP
For those intrepid enough to want to boat onto the river. For those who don’t, the home has views of the river from most rooms, as well as “magnificent views of Belle Island and Canada.” In many large U.S. cities, or their nearby suburbs, a home with six bedrooms, five baths, two master suites and an elevator would be worth millions of dollars more. In the richest suburbs in places like Greenwich, Conn., such a house would be worth in the tens of millions of dollars.
As for 2 Sand Bar Lane, the home may stay on the market for years, or it may sell for a fraction of its current listing price.
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