That’s not a typo.

The former home of the Detroit Lions of the National Football League (NFL) and Pistons of the National Basketball Association (NBA) today sold at a Williams & Williams-coordinated auction for little more than a half-million dollars.

Keep in mind that the Silverdome was built back in 1975 for an estimated cost of $55.7 million. Not even factoring in inflation/appreciation on the 80,000-seat municipal stadium, which sits on 127 acres in Pontiac, Mich., the winning bidder — an unnamed Canadian firm, according to the Detroit Free Press — stands to make about a $50 million profit … at least.

Unless, of course, a move to block the firesale is upheld by a judge.

Silver Stallion Development Corp. had previously offered $20 million to purchase the Silverdome; however, the purchase agreement had expired and the company didn’t cough up the $250,000 minimum bid to participate in the latest auction.

The report indicates that an official ruling on the sale of the Silverdome will be released within a week.

If the auction sale goes through, the new owner “plans to use the complex for a men’s Major League Soccer team and women’s professional soccer.”

Sounds like an early score.

Gregory Holm (a photographer) and Matthew Radune (an architect) plan to freeze a foreclosure home in Detroit, Mich., and demolish it in spring 2010 to draw more attention to the alarming default situation that has plagued “Motor City” for several years now.

“Ice House Detroit” — one of more than 13,600 active distressed properties in Wayne County, according to third quarter 2009 statistics from Foreclosure.com — will eventually be razed and donated to the community when the unique project is complete sometime in 2010.

The two “artists” came up with the idea of spraying a house with water and freezing it while studying architecture at Rice University in Houston, Texas. It just so happens that Radune feels Detroit is the ideal canvas for their work.

Here’s a snip from Yahoo!:

“It’s a project that couldn’t be done in the same way in New York City and it wouldn’t necessarily make the same sense. Detroit was a place where we could make it into more than architectural installation.”

Holm and Radune have yet to select a specific abandoned house in the region. Once they do they will take photographs of the transformation of the house, which will be featured in a book and possibly a documentary film.

We’ll keep you posted on their progress as it becomes available. In the meantime, feel free to check out their “Ice House Detroit” Web site right here.

That’s the startling word from a feature article released today by the Associated Press.

Most of the homes currently on the auction block in Detroit, Mich., can not be had for a single George Washington; however, the fact that bids are starting out so low in some cases underscores the current economic turmoil that has choked “Motor City.”

The unfortunate high foreclosure rate in Detroit is tied to the struggles of the region’s largest employer, General Motors, which has been forced to layoff thousands of homeowners in the area because the automaker has fallen on hard financial times.

The article indicates that at least 1,800 homes are now available for purchase for a thrifty $10,000, which is about ten times less than the market value just a few years ago. It’s remarkable deals like this that has piqued the interest of international investors who are looking to gobble up land on the super cheap.

Here’s a snip from one of them, Darren Veness of England, on his reasoning for investing in Detroit real estate:

“Do the math, you can buy and rehab a home for $20,000, then rent for $900 a month. Three to four months of the year, rent is going to pay the taxes…. We just want to build our portfolio as big as we can. I know Detroit has been in a mess … and I think now is the time. The next 10 years, it’s going to change. If my investment still pays for itself, why am I going to leave it?”

Indeed, investing in Detroit foreclosure homes today will more than likely not earn you a staggering profit tomorrow. However, the long-term payoff could be significant if you are able to hang onto a property — maybe even rent it for a few years — and hope that the economy there turns around sooner rather than later.

It’s not often that you come across homes for less than $10,000 — or even $1 — in a major city such as Detroit. You may want to check out what’s available on Foreclosure.com right here before foreign investors snatch up all the good inventory.

And if you’re real serious we recommend reaching out to a local expert in the area through our Broker Network. Our local agents and brokers are on the ground and know what areas are right or wrong for you — it’s nearly impossible to make a sound investment decision without knowing as many facts as possible.

Photo credit: Sitescape, Inc.

Judy and Larry Vardon — who had their home super-sized and renovated on an episode of “Extreme Makeover: Home Edition” four years ago — will more than likely remain in their Oak Park, Mich., residence thanks to outside donations.

Earlier this month the deaf couple revealed that foreclosure was possible because of a mortgage payment that apparently “doubled since the makeover” and mounting medical medical bills resulting from treatment for their 16-year-old blind autistic son.

Once news of their struggles was released the unsolicited financial assistance began to pour in.

“Extreme Makeover: Home Edition” involves a team of designers, contractors and several 100 workers who all have just seven days to totally rebuild an entire house — every single room, plus the exterior and landscaping, according to the program’s official Web site.

The Vardon’s had their 980-square-foot house totally remodeled, featuring cameras and flat-screen monitors that let them monitor their son, according to an Associated Press report.

The Web site goes on to say that “the lives of the lucky families are forever changed when they learn that they’ve been selected to have their home walls moved, their floors replaced and even their facades radically changed.”

While the intentions are well-placed it is, unfortunately, not uncommon for families featured on the show to run into problems once the construction and camera crews wrap things up.

The Harper family of Lake City, Ga., in fact, had their refurbished house go into foreclosure when its construction business went under (the home was used as collateral) and Sadie Holmes of Florida has had to battle code violations as a result of her remodel, according to The Wall Street Journal.

Foreclosures in Detroit, Michigan ”primarily in Wayne County” are consistently among the tops in the nation.

It’s a slice of the real estate market that did not experience the highs of the real estate boom during the last few years, which is perhaps the reason distressed homes in the Motor City are now selling for less than cars, according to a recent Reuters article on FOXNews.com.

Here’s a snip:

… With bidding stalled on some of the least desirable residences in Detroit’s collapsing housing market, even the fast-talking auctioneer was feeling the stress.

‘Folks, the ground underneath the house goes with it. You do know that, right?’ he offered.

After selling house after house in the Motor City for less than the $29,000 it costs to buy the average new car, the auctioneer tried a new line: ‘The lumber in the house is worth more than that!’

Clearly, the foreclosure situation is bad news for affected homeowners. However, it also represents tremendous opportunities for investors to swoop in and purchase properties at rock bottom prices.

Not all properties, however, come dirt cheap. In fact, Mayor Kwame Kilpatrick recently announced that two condominiums in the city’s revitalizing downtown sold for more than $1 million each.

The key to success in a reeling city like Detroit, where the only way to go is up, is being able to weather the storm and hold onto the property long enough to realize a profit.

It could be months or years. Regardless, it’s a decision that could pay huge dividends if and when the situation sorts itself out down the line.