People believe I am bragging when I tell them a house that my daughter Celine rented out a house with six friends two summers ago that sold for $2.5 million. Then I show them a photo of the house and they burst out laughing.
I include the actual photo of the house to giggle at.
I don’t bring up the story to brag. I want to point out the absurdity of Silicon Valley where my daughter is now a senior at Stanford University.
My wife Abs walked through the house and said: “No daughter of mine is ever going to stay in a dump like this again.”
Would you pay $2.5 million for this? Would you even pay $80,000 for this piece of crap? If you think the exterior is rough, the inside is worse.
It is a one story two bedroom postage stamp of a house with low ceilings and wood paneling. The kitchen is small and the floor uneven. If the Property Brothers owned it they would tear the entire thing down and start all over.
And I’ve got news for you. If you were to offer $2.5 million for the house the new owners would laugh at you and slam the door in your face because this house is back on the market for sale for the low, low price of $3.3 million.
When people move to Michigan they are amazed at how much house they can get for the money. The other day a house on Union Lake sold for $1.1 million. It is five times bigger than the Celine house, more modern and its on a lake.
During the same trip the family piled into a cab for a trip from a North Beach restaurant in San Francisco to a shopping destination. We saw a run down apartment building and I told the gang you could not pay me to live there. That’s when the cabbie perked up and told us rent for a one bedroom unit cost more than $4,000 a month.
There is good news. The ridiculous price of real estate has scared Celine off from beginning her career in California. She’s running back to the Midwest (Chicago) where you don’t have to live in a card board box just to make ends meet.
We may not be a sexy destination like New York, California or Las Vegas but we are much more affordable. People are moving here because of the rebirth of downtown Detroit and they are stunned how much house for the money they get here although Dan Gilbert is doing his best to inflate prices.
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