  Tetsua Member Username: Tetsua Post Number: 1392 Registered: 01-2004 |
The Developer sees it as a good thing that nobody closed on any of these condos, because it will be easier to convert the space to office space. It sucks to hear that the pre sales were so soft though. http://crainsdetroit.com/apps/ pbcs.dll/article?AID=/20080121 /SUB/801210332/1070/-/-/mid-me d-lofts-fail-office-space-next -try | ||
Norwalk Member Username: Norwalk Post Number: 175 Registered: 11-2006 |
13 units sold over a 2 year period with a $5000.00 non returnable deposit??? | ||
Kjwick Member Username: Kjwick Post Number: 83 Registered: 11-2003 |
seems like residential rental would have been the way to go with these properties. medical students and DMC residents are only going to be in town for ~4-5 years, and so they would probably favor renting. the location is ideal. with ~1200 medical students at wayne and a new msu med school group coming in, seems like the rental demand would be high. | ||
Rb336 Member Username: Rb336 Post Number: 4636 Registered: 02-2007 |
I think the rental situation would have been preferable as well | ||
Fareastsider Member Username: Fareastsider Post Number: 788 Registered: 08-2006 |
Once again this shows the reality of the condo "boom" in Detroit. I wish it was otherwise but the situation speaks for itself. | ||
Digitalvision Member Username: Digitalvision Post Number: 503 Registered: 11-2003 |
Agreed. Rental is what's hot - build rental. However, as a region, we've had an aversion to rental for a long time. Does anyone have an exact addy on this development? | ||
Lo_to_d Member Username: Lo_to_d Post Number: 40 Registered: 07-2007 |
This building does not show any reality to the condo "boom" in detroit. They were priced too high. They were higher than any other development around. Believe it or not condos are still selling better in Detroit than the rest of the region. | ||
401don Member Username: 401don Post Number: 217 Registered: 11-2007 |
I'm guessing the developer needs the cash because clearly rental would seem logical. Does he plan to sell the units for offices? Too bad he couldn't find a buyer with the cash to buy the project as a rental investment and convert to condo in the future. | ||
Viziondetroit Member Username: Viziondetroit Post Number: 1367 Registered: 11-2003 |
In the foreclosure age why do people still think there is a huge market for condo's- I don't get it. Rentals in Detroit would be huge. When you look in apartment finder books there are maybe 15 listed in the city and 3-4 of those are desirable... so an addition is needed. | ||
Russix Member Username: Russix Post Number: 65 Registered: 11-2006 |
I can't understand why this didn't work, its such an ideal Detroit neighborhood. Across the street you an asphalt surface parking lot, on the southeast corner you have a huge parking garage, the northeast corner another huge parking garage. The whole thing is rubberstamped urban living in a vibrant community. | ||
Detx Member Username: Detx Post Number: 60 Registered: 07-2007 |
It’s a bummer that the residential aspect of this project is being scrapped, as we could use all the people we can get downtown, but it’s great that the project can adapt in this awful housing market and is continuing on as something else. This reminds me of what Mayor Kilpatrick said a few weeks ago at the unveiling of the Cadillac Centre, “We can have ups and downs in the redevelopment of Detroit, but we can’t stop. We have to keep the momentum going.” Of course that’s a rough paraphrase, but the underlying message is the same. I’m very glad we didn’t lose this project, as we did with that housing development that was scheduled for the roof of the Book parking garage. I never thought I’d find myself quoting the big guy… | ||
Viziondetroit Member Username: Viziondetroit Post Number: 1369 Registered: 11-2003 |
The thing about it is... you can have the best neighborhoods but if basic services aren't around (grocery, reasonable retail, etc) the neighborhood isn't worth it... | ||
Detroitpetanque Member Username: Detroitpetanque Post Number: 46 Registered: 09-2006 |
The reality for me is, if you're going to start off with unrealistic prices, then you're going to fail because there's just so many other options for property buyers. Even before all of these mortgage/foreclosure woes. There's nothing wrong with wanting to make a profit, but it's not going to be a FAST profit in the housing/condo/loft industry. The investors who pony up the money for rehabbing these old buildings want their profits quickly - mini-Donald Trumps... but now they see their cash-cow lofts have turned into an anvil. Perhaps the venture capitalists had an unrealistic business plan. What might this mean for projects like Cadillac Centre, $150 million (at least) in residential/commerical investment space - those luxury apartments/lofts/shops need actual human beings to buy/inhabit/shop in those spaces. Who knows... but hopefully people will be in the real estate market for the longer haul. I think the smart move is to buy stocks in home improvement businesses as people decide to stay in their big-box homes longer. Lowes/Home Depot etc. | ||
Dnvn522 Member Username: Dnvn522 Post Number: 318 Registered: 11-2004 |
How are future projects ever gonna convince someone to put down a deposit on a place? | ||
401don Member Username: 401don Post Number: 224 Registered: 11-2007 |
Broderick Tower may be idle another 5 yrs + Any chance they would consider rental? As we've discussed everyone jumped on the condo bandwagon at the wrong time. The historic tax credits are a big advantage to renting 5 years first. Maybe if the Shelby units rent quickly the Broderick might consider it. | ||
El_jimbo Member Username: El_jimbo Post Number: 539 Registered: 12-2006 |
401don, Look what renting did for the Kales Building. I think rental at the Broderick tower would be a great idea. | ||
Fury13 Member Username: Fury13 Post Number: 3625 Registered: 10-2003 |
Believe it or not condos are still selling better in Detroit than the rest of the region. In the Midwest? They're selling better than in Chicago? Don't think so. | ||
Yaktown Member Username: Yaktown Post Number: 294 Registered: 02-2006 |
Someone say Office Space?  | ||
Genesyxx Member Username: Genesyxx Post Number: 852 Registered: 02-2004 |
LOL @ ^^^ Seriously, I thought I felt bad for all these lofts/condos not getting rental bids, but they all tried to overcapitalize on the city and its 'boom'. With the economy the way it is nationally, who has the ducats to shell out $200K+ nowadays? Those who can afford aren't really looking to move. | ||
French777 Member Username: French777 Post Number: 318 Registered: 10-2006 |
good news |
