Metro Phoenix Real Estate Info

Posted on 16. December 2009 19:10 by

In 1974, the Pontiac Silverdome was brand-spanking new. Shiny and impressive in size, it was the new standard for sports venues.

Opened officially in 1975, it was home to the Detroit Lions, the Detroit Pistons and hosted Super Bowls and other huge spectacles, such as a mass by the pope that drew the largest crowd ever at the dome, more than 93,000 people.

The Silverdome cost about $55 million to build, and taxpayers anted up. In today’s dollars, that’s about $220 million – not a huge amount, compared to what the new Yankee Stadium or Cowboys Stadium cost recently, but still a lot of money.

It recently sold for $583,000.

Yes, $583,000. You don’t have to be a math genius to figure out that’s slightly more than 1 percent of what it cost to build, which means it lost nearly 99 percent of its value over the years. We hear about homes that have lost 60, 70 percent off their peak values of the housing boom, and we cringe. But how about 99 percent?

That might make it the worst real estate investment ever. It’s at least the poster child for the real estate problems in Detroit. According to an article in the Detroit News, a broker estimated the 127 acres the Silverdome sits on to be worth at least $10,000 an acre, which means the land alone was probably a steal for the new owners of the site.

Such is what is going on with distressed property sales in the area. The auto industry, long a source of jobs in Motown, has struggled. Unemployment is high, foreclosures are high, and real estate is going at bargain-basement prices.

Of course, 35 years ago it would have been difficult to foresee all the factors that led to the Silverdome’s fate: the move of the Lions in 2002 to brand new Ford field – ironically named for a struggling automaker that itself has become a symbol of Detroit’s woes – the loss of manufacturing jobs, the overall decline of the area.

With no crystal ball for those responsible for the investment, it’s hard to call it the worst investment decision of all time. Heck, all the speculation during the real estate boom that ended only three years ago led to decisions that probably qualify as much worse.

But even if it was a good decision at the time, the numbers don’t lie. Statistically speaking, by losing nearly all of the original $55 million, it might be the worst real estate investment of all time.

Posted on 9. December 2009 16:45 by

'Learn how to avoid costly legal and tax mistakes from top professionals'

This is good stuff - several of my team members are very motivated and passionate, just as myself, in educating homeowners who are in distress about the ins and outs of the many times overlooked segment of tax liability and legal challenges in a short sale.

For example, here's just a couple things you should think of:

**In what circumstances does the anti-deficiency law pertain to you?

**Do you know the tax consequences if you short sale/foreclosure an investment property?

**Do you know what laws pertain to you if you short sale/foreclose on an a primary residence?

**Does your lender have the right to file a deficiency judgment?

**What exceptions can preclude a taxpayer from owing on the taxable cancellation of debt income following a short sale or foreclosure?

**Learn if you can benefit from the Mortgage Forgiveness Debt Relief Act of 2007

Are you aware that today, 1 out of every 10 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify and know your options.  One of the excellent options available for homeowners who need to sell, and who owe more on their homes than they are worth is the "short payoff" or "short sale".

BE CAREFUL... 

There are many intricacies to avoiding foreclosure through a short sale, including tax liabilities and a host of other potential pitfalls.  To help educate you, you can rub elbows with some of the top industry professionals including attorneys and Certified Distress Property Experts at our "Home Rescue Seminar" in Tempe, Arizona in mid-January.

SPACE IS LIMITED

Limited space is available and it will fill up fast, so if you want to hear about this 1st before it is released to the general public, email me at Joe/at/HomeStyleTeam.com and I'll make sure you get one of the first invites.

DO NOT miss this 'Home Rescue' seminar

The information and insight you will receive is worth hundreds of dollars in consulting fees and may save you and your family from future financial hardship.  You should be able to develop a plan of action on how to proceed based on current real estate law, tax laws and short sale negotiation techniques that can be applied to your unique circumstance after this seminar.

Knowing your options BEFORE listing your home is crucial. Visit my Short Sale site at: http://www.AzSPO.com for more info.