After spending 242 days on the market, a $3.25 million mansion that once belonged to K-Mart founder S.S. Kresge still doesn’t have a buyer, according to an active listing on Realtor.com from Keller Williams Advantage.
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The 20,000-square-foot mansion is located in Detroit’s North End at 70 West Boston Blvd. and costs about 75 to 85 times what an average home does in the Michigan city.
In the last month, real estate brokerage Redfin reports that 313 homes were sold in Detriot at an average price of $43,000. This average is 9.6 percent higher than it was last year. Moreover, the brokerage notes that the Detroit market is “somewhat competitive” with home buyers paying $38 per square foot on average, which may signal why the Kresge mansion hasn’t snagged a buyer as of yet.
If the mansion was listed at the market’s average rate, getting 20,000 square feet would cost $760,000. However, this is not accounting for the mansion’s 14 bedrooms, nine full bathrooms, 3.75 acres of land and rich history.
The owners who bought the mansion in 1993 for $245,000 have restored the Mediterranean Revival home, according to the listing, which includes its marble floors, ornate ceilings, two indoor fountains and 10 fireplaces.
In an interview with the Detroit Free Press in June, Kresge mansion owner Roland Radinski said, “It looked like a bomb had gone off.”
However, Radiniski and his wife, Jeanne, were able to revive this large estate’s damaged interior into its “original splendor” in the last 25 years.
Outside the mansion, there are two carriage houses in the backyard, which have two-bedroom apartments in each. A short distance away are the estate’s many koi ponds, shrubs, trees and hedges. Parking is available on property and can fit up to nine cars.
The Kresge mansion was originally built in 1914 and is being priced at $163 per square foot. It is considered one of Detroit’s largest residential properties and appears to be the only fenced property in the neighborhood.
There are HOA fees associated with this mansion at $8 per month, according to the listing.
If a mansion of this stature was located in a richer large city, it could cost up to $30 million, as reported by 24/7 Wall Street.
This mansion is a stark contrast from the rest of the Detroit housing market, which has thousands of homes unoccupied.