Cass Corridor house on sale for $4 million next to Red Wings arena site

In Detroit a run-down burned out house in the Cass Corridor is listed for sale for nearly $4 million.

"It's not that big but big enough to build something nice," said Catina Willis of Keller Williams.

Buyer beware you're next door neighbors are undergoing some renovation. And when the $626 million dollar arena is done the construction noise will be replaced with the repeated chants of "Let's go Red Wings" 

"The investment group believes that the closer we get to this new up and coming spot in Detroit that it becomes more valuable," Willis said.

A theory reflected in the recent price increases at the property. In 2002, it sold for $25,000. And 13 years later, it went on the market at $3.5 million.

Now a group called CM and S Family Limited Partnership is asking $4 million.

Willis, a listing agent, says the property is intriguing.

"I'm receiving three to four calls a day but no offers yet," Willis said.

The house has 19 rooms, 3,300 square feet and was built in 1880.
 
"Once upon a time it was a dentist office and attorney's office," she said. "Three dwellings."

Willis is asking buyers to use their imagination.

"It could be a bed and breakfast, a nightclub or a restaurant," she said.

Most recently a family with foster kids lived there.

"Neighbors say no one lived here for three years," Willis said. "And looking at the back you can see why. Fire did extensive damage to the property."

"There are no comps because it's so unique."

The house next door sold in 2010. but the sales price is not publicly disclosed.

There are currently two tenants living in that blue house but even they don't know how much longer they'll be allowed to stay.

"It's scary, I don't know what I'm going to do when I leave here," said Carl Ellis, a neighbor.

As for the $4 million  price tag, Willis says it is a matter of supply and demand and right now supply is limited.

"Hopefully the price doesn't increase," Willis said. "Act now."