Most expensive house on block?

[Ahmad Nassar]

Im looking at the possibility of purchasing a home in a well known historic district in Detroit. The market is very hot right now with homes in that neighborhood bringing in multiple offers on the first day of the listing. I found a great house on the last block of that neighborhood. Prices on the last blocks tend to be priced lower than the rest of the neighborhood. The house I'm looking to purchase is completely renovated historic house. The purchase price is well in excess of the rest of the homes on the block, however not in excess of the remaining historic neighborhood. Could I reasonably expect that the value of the most expensive house on the block would also rise given the values rising rapidly in the remaining neighborhood? I would also expect that other homes on that block will be renovated and resold, bringing the comps up on that block? Does anyone have any insight or recommendations? Heres more details about the home: Asking price: 549K: 3500 square feet; 3 bedrooms; 3.5 baths; with comps on the block in the 300-400K range Remaining comps in historic neighborhood: between 400K-1 million The home is stucco. Any help would be appre