How did this happen. Taxpayers go on the hook for 300-400 million dollar stadiums. Teams get this stadium free, the billionare owners make a fortune, sports players making 100 million a year etc.. and the jobs the stadium creates are minimum wage jobs paid by the county. Why do people vote for this? And then you hear people complaining about teachers and public services being cut or taxes having to be raised. New Jersey is still paying debt on a stadium built in the 70s.
Yep.. Detroit Silverdome sitting on 127 acres and built in 1975 for $55M ($220M in 2009 dollars) was auctioned for $583K last year.
During a bull market in real estate, it's all okay. During a bear market in real estate, it's all bad.
that is what happens when something reaches the end of its life. The cost probably indicates that the buyer may have to tear it down, and it is possible they are interested in the land. 35 years old for a stadium is generic. If that is all anyone bid for it, I am sure if it had perceived higher value others would also have bid,
These types of venues do generate $$millions for the local businesses every year, and much of that money comes from outside communities. That has to be factored in as well.
not bad at all when the government uses the revenue (massive tax boosts from the home town team / businesses around it) to pay off the "debt" associated with building the stadium. too bad for us that politicians never pay down debt, but simply squander any and all resources available to them to dig the taxpayers that they claim to serve an ever deeper and deeper hole. the dumbest thing ever is the system we have developed that allows our politicians to act purely on short-term debt that is going to end catastrophically.