We've been fascinated by a certain 1949 Palmer Woods home ever since it hit the market in January at $320K. We noted its virtues (maybe designed by famous architect, interesting niche wall, comps that sold well) and problem areas (lack of railing on the roof deck, ugly kitchen, $17K in back taxes). This house clearly had enormous potential, but at the initial list price, no one wanted to invest. The house sold recently, after three dramatic price chops. When we last reported on the place, in fact, we placed it in Curbed's pricechopper hall of fame because it had just dropped its price to $199K.
The home sold last for $47K, so when we tell you it sold in late September for $172.5K, try not to pity the sellers too much for having to accept an offer of little more than half of the initial list price. We'd love to see what the new owners do with this place, assuming they're in the mood to remodel. While the saga ends here, a new chapter (potentially) begins. If the new owners plan substantial updates, and would like to share the tale (and allow us to take pictures, of course), we'd be glad to share the story with Curbed readers in the not-too-distant future.
·Palmer Woods "Party House" Relists for Just $199K [Curbed Detroit
·$299K: Confused Party House Reveals Upstairs Wet Bar [Curbed Detroit]
·$225k: Palmer Woods Party House Goes on Clearance [Curbed Detroit]
·1520 Lincolnshire [Zillow]