Main | Thursday, November 19, 2009

A Stadium For The Price Of A House

Here's a grim indicator for Michigan. The Pontiac Silverdome, which when built was the largest NFL venue in the nation, has sold for 1% of its construction cost.
In a stunning sign of the imploding economy, Detroit is selling its $56 million sports dome for a bargain basement $580,000. The 80,000-seat Pontiac Silverdome, once home to the Detroit Lions, went for 1 percent of the cost to build it 35 years ago. The city of Pontiac owns the stadium, which was valued at $20 million just last year. Analysts say the price is a stark demonstration of the area's economic devastation. “It’s certainly one of the most severe points in history, because of the economic crisis and the falling housing prices,” said a local economics professor. The crisis is not just affecting blue collar workers, but "we're talking about well-paid, white collar professionals" as well, a county foreclosure counselor told the Christian Science Monitor.
A stadium for less than the cost of a house. The new owners plan to refurbish the venue and turn it into the home of a professional soccer team.

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