  Brienne Member Username: Brienne Post Number: 3 Registered: 10-2008 |
Here's some good news: The sales office at Riverfront Condominiums (300 Riverfront Drive) is downsizing, after nearly selling out in Tower 300. I started as one of four sales agents in 2004 as a representative of RAM Realty Services, the developer that converted all 289 apartments to condos. Today, we have only 23 left to sell, and our large sales center is no longer needed. What a victory for Detroit this project has been! | ||
French777 Member Username: French777 Post Number: 609 Registered: 10-2006 |
That's Great! but, doesn't that mean that people are being laid off? | ||
Brienne Member Username: Brienne Post Number: 5 Registered: 10-2008 |
The staff in our office is moving to The Ellington Lofts (another loft development) on Mack and Woodward, where there is still work to be done. No layoffs yet, thankfully! | ||
Detroit_pride Member Username: Detroit_pride Post Number: 36 Registered: 02-2008 |
What is the pricing for the Riverfront compared to the Ellington...weren't the Riverfront starting out at 100,000 and Ellingotn starting around 250,000....it has been awhile since I looked, sorry if I am wrong with the numbers. | ||
Brienne Member Username: Brienne Post Number: 6 Registered: 10-2008 |
You're right about Riverfront prices starting at $100,000. The Ellington is now priced from $160,000. A lot has changed with our prices (along with the rest of the City) in the last several months. Sales have been slowing down, but the interest is still there. | ||
Silverbeauty Member Username: Silverbeauty Post Number: 72 Registered: 11-2005 |
will they be working on the other towers at riverfront? or just the one tower nearly completed? | ||
Bvos Member Username: Bvos Post Number: 2313 Registered: 10-2003 |
A success for the Riverfront (and hopefully you'll be able to get the Ellington jump started). However you failed to mention that RAM can't wait to get out of Detroit and Michigan. They're quite the opposite of bullish on Detroit's future. | ||
Sean_of_detroit Member Username: Sean_of_detroit Post Number: 2202 Registered: 03-2008 |
Great news about Riverfront Towers. That place is like a tropical resort in the Summer. It's beautiful. We so almost moved there. It seemed like it was for people who desired peace quite, and seclusion though (just look at all the local "stars" who have resided there). We want something more urban and walkable. Both properties seem a little ahead of their time (which could make them good investments). Riverfront Towers will benefit from the West River Walk, while the Ellington will benefit from the new light rail line on Woodward, and further progress of lower Midtown. | ||
Sean_of_detroit Member Username: Sean_of_detroit Post Number: 2203 Registered: 03-2008 |
Riverfront Towers Condos: http://www.riverfrontdetroit.c om/ Ellington Lofts: http://www.ellingtonlofts.com/ RAM Reality Service: http://www.ramrealestate.com/# | ||
Lmichigan Member Username: Lmichigan Post Number: 6413 Registered: 10-2003 |
Bvos, how do you figure; what have you heard? | ||
Silverbeauty Member Username: Silverbeauty Post Number: 74 Registered: 11-2005 |
yeah Bvos, do tell? I guess that answers if they are planning on developing the other towers. | ||
Brienne Member Username: Brienne Post Number: 9 Registered: 10-2008 |
RAM does not plan on converting Towers 100 and 200 at Riverfront. There are already too many properties for sale in Detroit to maintain fair prices... so listing another 600+ condos (considering both towers)is just irresponsible. There has to be a balance in supply and demand for a business venture to make sense... and now is the wrong time for another condominium conversion. If the number is new listings were stopped, Detroit would still need several years to normalize property values. I hope The Ellington continues to sell. It's a beautiful, urban property... with a great location in southern MidTown. Overall, I think that RAM contributed a tremendous amount of value to Detroit. | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 1451 Registered: 01-2005 |
Brienne: I'd be interested in knowing the ratio of cash buyers to financed units at Riverfront. Do you know, if by going back to day 1, the project was a financial (pre-tax) success? What was the percentage of renters who became buyers? (It's usually very low.) Did the developer self-finance (take back mortgages) to get any of those sales? How long did it take to sell out to this point? Seems as if Ram did a pretty good job so far. |
