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Saturday, November 11, 2017

REAL ESTATE WRAP-UP: Bay City Academy's Former Madison Arts Building Price Plunges; Former Perry House Hits Market With $649,9000 Asking Price!

Sold for $248,000 on April 20, 2016, Steven Ingersoll's former “Perry House” is back on the market—with an eye-popping $649,9000 asking price.

While the 2230 Center Avenue property, located in Bay City's Center Avenue Historic District, underwent a significant amount of exterior work during the past year, the listing states the home is ready and waiting for you to finish your “Dream Kitchen”—ch-ching!

A total kitchen gut rehab in a home built in 1912 would likely set you back: permits, plumbing, electrical, structural...oh my! Never mind the new appliances and custom cabinetry, along with an architect. But while the Perry House blooms, it's all gloom and doom at the Bay City Academy's former Madison Arts building, located at 400 N. Madison Avenue.

Originally listed back in September at $513,000, the Chemical Bank-owned Madison Arts returned to the market with a new broker and a much lower price: $425,000.

It's a tough sell for Chemical Bank, trying to squeeze what it can from the lemon it inherited when Steven and Deborah Ingersoll left it holding a $1,735,506.03 default bag.

In the Bay City market, unlike hotter areas, a property is only worth what someone is willing to pay for it.

1 comment:

  1. Thank you again, Miss Fortune, for keeping the Bay City community aware of all things Ingersoll and their likes. Wow, - $649,000. You wonder how much money was put into this home after it was purchased for $248,000. I'm sure the upgrades were not anywhere near $400,000 more to make the asking price $649,000. Thank you in advance for keeping us up-to-date on these properties and how the Ingersolls have "improved" the real estate values of Bay City (all at the lending institutions' and taxpayers' expense).