It was announced on Monday that the Pontiac Silverdome - former home of the Detroit Lions (when they were still respectable), and host of Super Bowl XVI, the 1994 World Cup, and the 1988 and 1991 NCAA men's basketball Final Four tournaments - was sold on Monday for $583,000, to a Canadian firm no less!
An anonymous Canadian firm has bought the Pontiac Silverdome for $583,000 and plans to use the site for sports, including a soccer league that it hopes to bring to the stadium.
Fred Leeb, Pontiac's emergency financial manager, told The Detroit News that the winning company's name won't be released until terms of the deal are finalized. The company was one of four bidders that were considered for the Silverdome, which has been vacant since the Detroit Lions moved to Ford Field in 2002.
The purchase includes the 80,300-seat stadium and 127 acres of land next to the building.
By happenstance, I was perusing condo prices in Saskatoon today for fun. Now, I have written about the silliness of real estate prices in Saskatoon - a city in the middle of nowhere, surrounded by nothing, with balmy temperatures of -40C in the winter (a lovely city otherwise) - here and here, but I was flabergasted by what I saw. A condo of less than 2000 square feet and not even on the river going for $659,000! With less than two full baths nonetheless!
I attended undergrad at the University of Saskatchewan in Saskatoon, and I am blown away at how far the global liquidity bubble has reached. Unless the fixtures are made of gold and the floors of marble in the condo, that is a stunning valuation to me.
I am currently in the process of closing on a piece of land, which I will detail in the coming weeks, assuming everything goes as planned. This piece of land, too, is being sold at a stunning valuation, only this is stunning on the downside.
In the meantime, I will not be buying any real estate in Saskatoon until it crashes.
As it inevitably will.