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Wanna buy Ralph Wilson's house?

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There is some of the best smallmouth fishing in the world on Lake St Clair. Right there with Lake Erie minus the 10 foot rollers on the big lake.

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That's actually a lot cooler than I thought it was going to be reading some of the first comments.

 

Has a cool mid-century flavor to it.

 

It's not the direction I would go in, though, for $10 million.

 

 

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1 hour ago, whatdrought said:


I’ve always wondered if people who buy houses like this get mortgages, or just pay cash all at once...

It depends if their money can beat the interest of the loan. Right now interest rates are at an all-time low, so there's almost no incentive to pay cash. Pay the minimum amount to get the lowest interest rate and let your money sit in an interest bearing account. 

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31 minutes ago, Motorin' said:

Right now interest rates are at an all-time low, so there's almost no incentive to pay cash. Pay the minimum amount to get the lowest interest rate and let your money sit in an interest bearing account

 

... where it will earn less than the interest you're paying on the loan. (Banks lend at a higher rate than they give - that's one way they make money.)

 

People who can afford houses like that don't let their money sit in an interest-bearing account where it earns almost nothing - they invest it in mutual funds that offer a high rate of return. Your point is valid, though, that it doesn't make sense for them to pay cash in this economy.

 

 

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They say there’s no accounting for taste.  
 

A very stale listing for obvious reasons.  Yikes.

 

And I was assessed at about 1 million 2 years ago??

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Just tell Donald Trump that Bon Jovi is interested in buying it. He will front a faux grass roots group to smear the rocker and drive the price down so he can try to buy it on the cheap. (The preceding scenario is based on true events that have transpired in the Queen City )

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I'm going to get lambasted here, but that's what I signed up for.

 

Grosse Pointe is amazing. I don't care if you hate Detroit, or Michigan, or anything else. I'm from Buffalo (spoiler alert) so I love the shoreline and enjoy anything in our country, minus a stadium in MA. 

 

Full gut job if I could afford it, summer home, legacy. I'm all in.

 

I'm divorced.......can someone loan me $9,490,000?

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4 hours ago, Over 29 years of fanhood said:

 
1983 conference room Look, except the kitchen 


 

nobody is paying 9.5 for that. 

I thought $9.5 mil would buy you the city of Detroit.....

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Beautiful.  Very FLW-ish.   I'd like to see the art studio...

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28 minutes ago, apuszczalowski said:

I thought $9.5 mil would buy you the city of Detroit.....

Funny because that is true! 9.5 million would literally buy you a neighbourhood of streets in the detroit inner city. Those streets are literally filled with abandoned homes where people just walked away. Its vaguely like pripyat after the chernobyl explosion.

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1 hour ago, Livinginthepast said:

 Its vaguely like pripyat after the chernobyl explosion.

 

Yep, just like it.......🙄

 

Three-Eyed Fish Caught Near Argentinian Nuclear Power Plant

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It looks like what the Brady Bunch family would have lived in if they bought a mansion. Very dated, yet doesn’t have the classic charm of old mansions from decent eras of architecture. I went into it not expecting to be critical, man was I wrong. 

Edited by SirAndrew
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9 hours ago, Golden Goat said:

Property taxes alone are ~$150K a year. And, as mentioned, it's old and ugly AF.

Like the owner??

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9 hours ago, Buffalo_Gal said:

Location, location, location.... butt ugly house though.  Tear down or renovation project for the rich and not-so famous.

 

 

 

Ralph’s house is cheap!!!  :)

 

What is 4.5 acres on the water in Grosse Pointe worth? It appears there is a concrete seawall. I know that about 20 years ago a concrete seawall was about $1,000 per linear foot for each of those 450 feet. I’m sure the price hasn’t gone down in the last couple decades.

 

What does the zoning allow a developer to create on that site? You don’t have to like the house (though mid century modern has some loyal followers). I’d expect this to be purchased by a developer at a price well below asking, but well above what most would expect after looking at the photos. It’s not about the house, it seems to be about the dirt. 

 

I don’t know that area, but I know in our area buyers have sought to pay $1 mil per flat acre in Buckhead, and those are NOT on any water. I’ve never been to Grosse Pointe, but I hear it’s pretty Ritzy. High value properties often sell well below list price and this will probably be the case here. The house itself should be getting nervous. 

 

 

 

.

Edited by Augie
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1 hour ago, SirAndrew said:

It looks like what the Brady Bunch family would have lived in if they bought a mansion. Very dated, yet doesn’t have the classic charm of old mansions from decent eras of architecture. I went into it not expecting to be critical, man was I wrong. 

  The Brady's finally have a rendition of their classic TV home in LA.  There was even a multi-episode special last year about it.  Had home improvement personalities working with the actors.  I was way ahead of the trend and have my own Haney Place from Green Acres.  

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1 hour ago, Augie said:

 

 

Ralph’s house is cheap!!!  :)

 

What is 4.5 acres on the water in Grosse Pointe worth? It appears there is a concrete seawall. I know that about 20 years ago a concrete seawall was about $1,000 per linear foot for each of those 450 feet. I’m sure the price hasn’t gone down in the last couple decades.

 

What does the zoning allow a developer to create on that site? You don’t have to like the house (though mid century modern has some loyal followers). I’d expect this to be purchased by a developer at a price well below asking, but well above what most would expect after looking at the photos. It’s not about the house, it seems to be about the dirt. 

 

I don’t know that area, but I know in our area buyers have sought to pay $1 mil per flat acre in Buckhead, and those are NOT on any water. I’ve never been to Grosse Pointe, but I hear it’s pretty Ritzy. High value properties often sell well below list price and this will probably be the case here. The house itself should be getting nervous. 

 

 

 

.

 

 

It says only a portion of the house is mid-century mod.  The pictures document that the majority is 70's schlock.

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1 hour ago, Mr. WEO said:

 

 

It says only a portion of the house is mid-century mod.  The pictures document that the majority is 70's schlock.

 

It was their home, a place where they loved and lived with their family. Older people generally do not renovate to keep up with the times. It’s not a house, it was their home

 

The value is in the land. THAT was my point. How many buildable lots is that, and what is each one worth? 

 

I spent a couple decades in real estate, and there is a very real mid century modern following. Not my thing, but it was my job to recognize and evaluate it, often adapted to various degrees.  You don’t want to get me started, because I used to do this 10 hours a day. 

 

How many buildable lots do they have on the water? THAT is the real issue here. 

 

 

.

Edited by Augie

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