Emu_steve Member Username: Emu_steve
Post Number: 504 Registered: 11-2006
| Posted on Friday, November 16, 2007 - 5:18 am: | |
I assume most will be 2nd homes. Correct? Maybe executives who work downtown and will spend some weekday nights there??? Less likely the 60 year old, empty nest couple???? Just my guess. |
Iheartthed Member Username: Iheartthed
Post Number: 2209 Registered: 04-2006
| Posted on Friday, November 16, 2007 - 8:04 am: | |
This might also be useful: Book-Cadillac condos: Hot, hot, hot Link fixed. (Message edited by iheartthed on November 16, 2007) (Message edited by iheartthed on November 16, 2007) |
Charlottepaul Member Username: Charlottepaul
Post Number: 2036 Registered: 10-2006
| Posted on Friday, November 16, 2007 - 8:30 am: | |
http://www.detnews.com/apps/pb cs.dll/article?AID=20077111603 77 |
Miesfan Member Username: Miesfan
Post Number: 41 Registered: 11-2007
| Posted on Friday, November 16, 2007 - 9:42 am: | |
The people that own them. Why do you care exactly? Are you afraid that people who buy $400,000 condos will bring down the property values on Washington Blvd or something? What fun it must be for the owners of the Book-Cadillac condos to know their lives are being discussed on an internet chat board. |
Lowell Board Administrator Username: Lowell
Post Number: 4303 Registered: 10-2003
| Posted on Friday, November 16, 2007 - 9:47 am: | |
Just one anecdote, but I have a friend, fellow handball player, upper forties, software developer with wife who is moving there from the burbs. It will be their only home. |
Thejesus Member Username: Thejesus
Post Number: 2755 Registered: 06-2006
| Posted on Friday, November 16, 2007 - 9:56 am: | |
Miesfan: I think the question on peoples minds has been whether the purchasers were speculators or people who plan to live downtown. The article IHD posted gives a partial answer to that question |
Detroitduo Member Username: Detroitduo
Post Number: 890 Registered: 06-2005
| Posted on Friday, November 16, 2007 - 9:58 am: | |
B-C condos will be second homes? seriously? You must live in a hole over there in Ypsi... I thought you had been around here long enough to know what this project was. Or maybe one should do some research before opening a thread? I am envious of anyone who can afford one of these condos.... it will be PRIMO! and NOT a 2nd home. |
Leland_palmer Member Username: Leland_palmer
Post Number: 415 Registered: 08-2004
| Posted on Friday, November 16, 2007 - 10:20 am: | |
The was an article that suggested that some were being purchased as a "city homes" or for entertaining. I'm sure there are a few corporations that are buying them to put up out of town guests. |
Miesfan Member Username: Miesfan
Post Number: 43 Registered: 11-2007
| Posted on Friday, November 16, 2007 - 10:20 am: | |
Condo speculators during a housing market collapse? You guys don't even have a 401k do you? |
Thejesus Member Username: Thejesus
Post Number: 2759 Registered: 06-2006
| Posted on Friday, November 16, 2007 - 10:24 am: | |
^Most, if not all, of these units were purchased well before the housing market collapse. I recall an article from a year ago stating that 61 of the 67 had been purchased (btw, I'msurprised to see the number hasn't changed in a year), and that was back when downtown loft and condo sales were at their peak. |
Kenp Member Username: Kenp
Post Number: 873 Registered: 03-2006
| Posted on Friday, November 16, 2007 - 11:00 am: | |
That article is not the same thing I heard on WWJ yesterday, 11/15. In an interview, Ferchill said only 50 condos have been sold, and that the cheaper ones were not selling very fast. He didnt sound as positive as the above article. He also said some of the 50 condos that have a "sale" are not a done deal. |
Burnsie Member Username: Burnsie
Post Number: 1206 Registered: 11-2003
| Posted on Friday, November 16, 2007 - 11:57 am: | |
Have you noted the News of the error, Kenp? They'll put up a correction if the WWJ interview was accurate. |
Kenp Member Username: Kenp
Post Number: 874 Registered: 03-2006
| Posted on Friday, November 16, 2007 - 12:03 pm: | |
Im trying to find the wwj interview. That article in the News sounds like the one from months ago |
Emu_steve Member Username: Emu_steve
Post Number: 507 Registered: 11-2006
| Posted on Sunday, November 18, 2007 - 8:07 am: | |
quote: "B-C condos will be second homes? seriously? You must live in a hole over there in Ypsi... I thought you had been around here long enough to know what this project was. Or maybe one should do some research before opening a thread? I am envious of anyone who can afford one of these condos.... it will be PRIMO!•••• and NOT a 2nd home." Man, I don't understand that at all. Let me try again: Who won't live there: young families with children. Who might: As suggested, companies or individuals who need to house executives or other senior employees who need to spend time (say a week or more) in downtown Detroit. Maybe professional athletes who have their family in another city and this becomes a 'seasonal' home for them. Maybe executives who work downtown but don't want to commute to the 'burbs every night during the week. Like, who wants to work to 6, go to a Tigers' game, go out for a drink, trot out to the 'burbs during the middle of the night, and repeat the process the next day? (B-C would make a nice M-Th home). Some, as Lowell indicates, will be folks moving to downtown. Empty nesters? Some high salaried employees who work extremely long hours downtown and this is a life style thing. I actually wasn't thinking of these units as speculation bets. Some of this seems consistent with the fact that the MORE expensive units sold better and some were cash sales. The folks buying them are doing so, I'd guess, CONVENIENCE. (Message edited by emu_steve on November 18, 2007) |
Viziondetroit Member Username: Viziondetroit
Post Number: 1295 Registered: 11-2003
| Posted on Sunday, November 18, 2007 - 2:08 pm: | |
"^Most, if not all, of these units were purchased well before the housing market collapse. " ^^^^ didn't those go on sale either late last year or early this year? The housing slump didn't start this summer so that statement above doesn't fly. |
Danny Member Username: Danny
Post Number: 6814 Registered: 02-2004
| Posted on Sunday, November 18, 2007 - 3:19 pm: | |
Who would live the B.C. Condos? RICH FOLKS overlooking at the view of Downtown Detroit skyline filled with lots of vacant and abandon buildings around the corner. While the po'folks sleeping on the concrete ground. |
Livernoisyard Member Username: Livernoisyard
Post Number: 4642 Registered: 10-2004
| Posted on Sunday, November 18, 2007 - 3:55 pm: | |
How much money does any of those "purchasers" have to out down before closing? Have any of those units actually closed yet? Also, the subject of any BC condo association doesn't seem to be discussed much--if at all. What's the deal with that? |
Amiller Member Username: Amiller
Post Number: 8 Registered: 09-2007
| Posted on Sunday, November 18, 2007 - 3:59 pm: | |
Ahhh, isn't the Book-Cadillac beautiful?! Too bad I'll never be able to afford to stay or live there! |
Mackinaw Member Username: Mackinaw
Post Number: 4022 Registered: 02-2005
| Posted on Sunday, November 18, 2007 - 4:32 pm: | |
Never say never. Save your $. |
Detroitrise Member Username: Detroitrise
Post Number: 744 Registered: 09-2007
| Posted on Sunday, November 18, 2007 - 5:20 pm: | |
I'm sure a few celebrities or (cough, cough) rappers and rockers (gag, gag) associated with the city probably prucahsed one there for Summer homes or vacation spots. |
Bob Member Username: Bob
Post Number: 1601 Registered: 11-2003
| Posted on Sunday, November 18, 2007 - 6:35 pm: | |
Here is the question. Does anyone actually know anyone who has purchased at BC condo? |
401don Member Username: 401don
Post Number: 61 Registered: 11-2007
| Posted on Sunday, November 18, 2007 - 6:42 pm: | |
Lowell already said he does. Anyway, it's only 67 units, it's not like it's going to matter whether people live in them or not as long as they're sold. |
Thejesus Member Username: Thejesus
Post Number: 2775 Registered: 06-2006
| Posted on Sunday, November 18, 2007 - 7:15 pm: | |
I'd imagine a handful of pro athletes bought BC condos... I say this not just because they have the obvious wealth to afford them and because their work brings them downtown quite a bit, but also because a significant number of them are not raising families in the area...many are young and single and many others leave their families back home someplace due to the relatively short longevity of professional sports contracts... Lawyers also come to mind...many of the region's most lucrative jobs are located in Oakland County, but there are a significant number of law firms in downtown Detroit because the courts are located there...add up all the lawyers at Detroit's 10 biggest firms and you're looking at a couple thousand 6-figure jobs right there... (Message edited by thejesus on November 18, 2007) |