Monday, February 1, 2010
Real Estate Woes
A newspaper report informs me that the Pontiac Silverdome has sold for $600,000. The original cost in 1975 was over $50 million. Is it a bargain? Is any real estate in the depressed Detroit/Pontiac area a bargain? Here in Charlottesville, Virginia, the Albemarle County high schools are trying to raise about $150,000 each to complete fundraising for artificial turf fields. Maybe they should get together and buy the Silverdome. I know it is a silly thought but the price differential is not that great. It is the geographical distance that is the problem. Maybe the lesson is that you really need to have a long term perspective when you invest substantial sums. In the personal injury law world, it also pays to have a long term perspective. If you treat your clients well and do a good job, there is a future benefit. At Wilson & Hajek, our goal is to provide personal attention to each client and to do a good job for everyone. We might not all get to own a major league stadium, but we can do our part for our communities and our fellow citizens. Maybe then we will build value and not have to have fire sales like the one in Pontiac.