IE 11 is not supported. For an optimal experience visit our site on another browser.

Detroit housing market feels car industry's chill

The housing market may be starting to cool off nationwide, but Detroit, Mich., has been feeling the chill for year.
/ Source: CNBC

The housing market may be starting to cool off nationwide, but Detroit, Mich., has been feeling the chill for year. Recent layoffs in the struggling auto industry have left a very depressed real estate market. So what's on the market for under $1 million dollars may surprise you.

For example, there’s a 12,000 square foot Italian renaissance-style mansion complete with an intricate, hand-carved walnut main staircase and imported wood paneling throughout. Sale price -- $950,000.

That may seem like a bargain considering the 1915 limestone house sits on over 2 acres and is just 3 miles from the city center. But then again, this is Detroit, Mich., and when the auto industry has a glitch the interest in real estate diminishes.

The 30-room mansion has been on the market for two years, despite its beautifully restored solarium, parlor room, enormous living room, study, dining room and original butler's pantry.

The kitchen has been completely renovated and there’s even an elevator up to the second floor where there are seven bedrooms, including the master suite, and four and a half bathrooms. And on the third floor, there’s a den that was once a ballroom.

How much does it cost to maintain a house like this? Realtor Wayne Sr. says carrying costs  -- including landscaping, property taxes and utilities -- will run the next homeowner nearly $40,000 dollars a year.