The Dayton Arcade hit E-bay last Saturday- the starting bid is 4 million- but, hey, the city has put way more than that in it. Personally, I think high starting prices are always a mistake in an auction, I start all my auctions at $5. Either you believe in the free market- or you don’t.
But, in case someone in NYC or LA or SF or one of the other real estate boom towns is frustrated with paying a million for 1000sq ft apartment- the arcade would be the ultimate loft apartment for your buck. And, considering the owner is a charity- you could probably negotiate on the price- and still be able to write some of this off.
Of course, if you were worried what to do with the rest of the building- it would make a great brothel, casino, or place to store your Porsche collection. Quite frankly, it’s an awesome building for someone with cash to play with. Donald Trump- here is a real challenge for your teams of apprentices for your next season- and it’s even a real estate deal.
note: Owner Tony Staub is facing foreclosure on the property- meaning the County will seize the Arcade- and hold it’s own auction to secure back taxes- making Staub’s opening bid a laugh.Â If he was serious, he would have the opening bid be $100,000 plus back taxes- and he would clearly state what the taxes are. The only reason to start at $100,000 is to make sure bidders are serious.