PONTIAC SILVERDOME -- The Deal Of The Century?
Yesterday the Pontiac Silverdome was sold at auction. When completed in 1975, at a cost of $55.7 million (the equivalent of around $70 million today), it was the largest stadium in the National Football League, with seating for 80,368 loyal Detroit Lions fans. And every seat was indoor thanks to the 10-acre Teflon coated fiberglass roof supported by no less that 1,700 tons of structural steel.
The selling price: $583,000.
That's not a typo. The selling price was a mere Five Hundred Eighty Three Thousand Dollars.
This amount is virtually the same as the asking price for the luxury high-rise condominium I was recently looking at in downtown San Antonio. I was told that this was a bargain the likes of which I would never, ever see again.
When I broached my semi-trusty Century 21 agent about the purchase price of the Silverdome he found the news so shocking it turned his sports coat a hideous yellow vomit color. Oh wait, it was already that way. But, now his face was just a half-shade off to match his jacket.
Just for fun, let's make some simple comparisons -----
Silverdome -- 430,000/sf
Luxury Condo -- 2,150/sf
Price Per Square Foot:
Silverdome -- $1.36/sf
Luxury Condo -- $271.00/sf
Silverdome -- 1,240 Luxury Suites
Luxury Condo -- 1 Master/1 minuscule Guest Bedroom
Silverdome -- 1 Full Service Epicurean Restaurant supplemented by 42 Concession Stands
Luxury Condo -- 1 average-sized kitchen -- with built-in disposal, trash compacter and granite counter tops. Yipeee...
Silverdome -- 12,464 on-site, with another 8,700 off-site
Luxury Condo -- 2
Oh yes, the purchase of the Silverdome includes 132 acres of land. The Luxury Condo does not include any land whatsoever.
To be totally fair, my refrigerator now sports a Century 21 Refrigerator Magnet -- a gift given to me even though I have not made a purchase. I also have a Century 21 Key Chain. How can they afford such largesse?
All kidding aside, there obviously is no comparison. But is bigger really better?
Just ask any woman...