The national (international?) economic crisis is being felt to different degrees across the United States. Some states, such as Massachusetts, seem to be fairing quite well (go us). (You might not think so if you’re one of the 10%+ of the Commonwealth’s unemployed, I realize.)
Jonathan Miller, appraiser-extraordinaire and writer of Matrix, does a fun little “back of the napkin” analysis of two pieces of land – Central Park, in NYC, and the parts of the city of Detroit, Michigan.
He found that, if one was to put a value on Central Park (if it was, in fact, “buildable” land), it would be worth $363,538,692,000, a far cry from its perceived value of over half a billion dollars, in 2005.
Meanwhile, in Detroit, a recent auction of 9,000 properties put an estimated value of $4.5 million on approximately the same amount of land.
The kicker (and the relevant point of this post?):
According to Jonathan, “vacant land in Detroit equals the entire footprint of Boston.”
** If you’re interested in following the hoped-for “rebirth” of Detroit, you should follow Time magazine’s “The Detroit Blog” where three reporters are spending one year in a home in the city to write about urban affairs, the economic crisis, and the people who make the city their home.
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