- Associated Press - Wednesday, March 22, 2017

DETROIT (AP) - A dilapidated Detroit house near the new Little Caesars Arena is back on the market for $5 million, making it the priciest house listed in the city.

Housing agent Darren Johnson said he re-listed the property last week. The house has been on and off the market in past years, each time returning with a higher price. It was last de-listed in May after failing to sell for $4 million, the Detroit Free Press (https://on.freep.com/2nJvRta ) reported.

Land records show the property last sold for $25,000 to a family partnership in June 2002, years before talks of the new $635 million arena. Johnson said the new asking price reflects the increased value of the lot since the Detroit Pistons announced in November that the NBA team would be joining the Red Wings at the arena later this year.

“That brings more value because that means there are more days of traffic down there,” he said.

The housing agent is marketing the property not because of the house, but because the lot would likely be dedicated to the arena district. Johnson said a commercial buyer would need a zoning change to use the lot as part of the arena district.

The home’s current occupant is living there rent-free in exchange for guarding the property from scrappers. He declined to comment, and a message left for the owners by the Detroit Free Press wasn’t returned.

The new neighboring arena will be home to the Pistons and the Red Wings in September.


Information from: Detroit Free Press, https://www.freep.com

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