  Deandub11 Member Username: Deandub11 Post Number: 92 Registered: 05-2006 |
What do you think is the most prevalent demographic of individuals who are buying condo's at the Book Cadillac? Just curious as to who are buying the condo's and which groups are targeted... | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 531 Registered: 11-2005 |
Rich and white. | ||
Kathinozarks Member Username: Kathinozarks Post Number: 298 Registered: 11-2006 |
White and rich. | ||
Mike Member Username: Mike Post Number: 873 Registered: 11-2003 |
ever think that people have not really bought them... that its a marketing gimmick to lure more residents, not just with the BC but with other devolopments downtown? or maybe they have been purchased, but no one is actually planning on moving in? | ||
Kathinozarks Member Username: Kathinozarks Post Number: 299 Registered: 11-2006 |
Nah Mike, I bet there really are people purchasing them. The floor plans look super cool to me. (I'm white with no money) so I'll just have to dream. | ||
E_hemingway Member Username: E_hemingway Post Number: 1114 Registered: 11-2004 |
empty nesters and dincs | ||
Scs100 Member Username: Scs100 Post Number: 654 Registered: 12-2006 |
Rich folk. | ||
Leland_palmer Member Username: Leland_palmer Post Number: 259 Registered: 08-2004 |
Hobos | ||
Psip Member Username: Psip Post Number: 1619 Registered: 04-2005 |
My guess would be workers at Compuware. Its close by and maybe they got a discount. Whatever it is, I think its great. Also, the Griswold building was not announced until after those units were sold. Maybe they were waiting to see how the sale went. The question now is how well those units sell. | ||
Dialh4hipster Member Username: Dialh4hipster Post Number: 1997 Registered: 11-2004 |
Dincs? Double income no credit? It's DINK. Double Income No Kids. Jesus, if you can't BE smarter, try to APPEAR smarter. | ||
Superduperman Member Username: Superduperman Post Number: 245 Registered: 01-2005 |
Carnies. | ||
Miketoronto Member Username: Miketoronto Post Number: 505 Registered: 07-2004 |
The downtown demographic is usually white, middle to upper middle class to rich. Not really immigrants, etc. Its funny, for being the centre of the city, and talking about diversity, most downtowns in North America are not that diverse resident wise, in most cases. (Message edited by miketoronto on March 25, 2007) | ||
Emu_steve Member Username: Emu_steve Post Number: 189 Registered: 11-2006 |
Mike, Agree that downtown demographics are not at all like the city as a whole (I'm talking cities in general, not just Detroit - that's happening in many cities). I see cities and suburban areas as having many 'housing markets' - there is a market for families, there is another market for singles and DINKs, empty nesters, seniors, etc. Would anyone want to raise a family in the Book Cadillac? Probably not. Probably not where an entry level professional would buy (too pricey). Yep, affluent empty nesters would be a good guess. That is why I've always believed that talking about "ONE Detroit" is missing the point. One must disaggregate Detroit into many neighborhoods and housing markets. Talking about a single population number misses much of the detail what is happening in Detroit. Heck, talking about ONE Midtown misses the point that there are affluent buying into it and also a large underclass of folks just trying to survive. Affluence and poverty side by side. There are neighborhoods and housing markets in deep trouble BUT there are also areas making a strong comeback. I see continued growth in Midtown, CBD, riverfront, etc. while other areas continue to decline. Kind of like a stock portfolio - some up and some down. (Message edited by emu_steve on March 25, 2007) | ||
Jjw Member Username: Jjw Post Number: 277 Registered: 10-2005 |
"The downtown demographic is usually white, middle to upper middle class, rich. Not really immigrants, etc. Its funny, for being the centre of the city, and talking about diversity, most downtowns in North America are not that diverse resident wise, in most cases." Not sure if I agree with you Mike. I live in Butchers Hill in Baltimore and it is unbelievably diverse. Maybe Baltimore is the exception but it seems every block has a lot of diversity in and near the downtown area. | ||
Chuckles Member Username: Chuckles Post Number: 62 Registered: 02-2007 |
""""What do you think is the most prevalent demographic of individuals who are buying condo's at the Book Cadillac? Just curious as to who are buying the condo's and which groups are targeted..."""" I would think, Wealthy, White/Black, Professional, tied to Downtown Detroit through their work or their office location, Friends of the Illitch's, a few Hockey players, Detroit Tigers...Executive type GM'rs from the RenCen, High level Cops, a few Drug Dealers, a few Chef's, a couple of better off Cabbie's or Taxidrivers...Danny, Lowell, Gannon, Mike and Drew, Jim Harper, Carmen Harlan, Emory King, Bill Bonds, Rich Fisher, Sonny Elliot, Ed Love, ...quite a varied Demo actually. hope the info helps. Regards | ||
Blondy Member Username: Blondy Post Number: 1117 Registered: 10-2003 |
People with dogs? | ||
Bobzilla Member Username: Bobzilla Post Number: 77 Registered: 11-2003 |
Call me naive, but there are 67 condos there, and sales are open to the general public. If blacks, or mixed-raced couples, or asians, or martians contact the sales office and have the financial means to purchase a condo, they won't be turned away. I would hope (and I expect) that out of 67 condos, there will be some diversity. | ||
Iheartthed Member Username: Iheartthed Post Number: 543 Registered: 04-2006 |
I'm curious of who is buying it as well. I was watching a segment on the news last night about the newly converted apartments for sale in the Plaza Hotel (NY). I think a 1 bedroom started at about $7M. It reminded me of the Book-Cadillac development, which has the potential to be a hotel/residence development in the same level of prestige. I personally see the success of this project as being the real test of whether this is the time for the city core to finally make it's comeback. A successful B-C project is gonna drive property values in that area through the roof, and probably spur more redevelopment of old abandoned structures downtown. | ||
Fnemecek Member Username: Fnemecek Post Number: 2412 Registered: 12-2004 |
quote: Oh, God! Not Carnies. They scare the crap out of me. LOL! | ||
Fnemecek Member Username: Fnemecek Post Number: 2413 Registered: 12-2004 |
Now for a serious comment. quote: I believe that has always been the plan. The B-C is the first development of its kind in Detroit in terms of its complexity. Things that are common in other areas (e.g., the use of historic preservation easements) are almost unheard of in Michigan. Success with the B-C gives developers a working model that they can follow. | ||
Developer Member Username: Developer Post Number: 10 Registered: 01-2006 |
Stop the stereotypes. The typical demographics are young urban professionals and empty nesters. Color/race/gender has nothing to do with it. It is sad to see that generational stereotypes are continuing with a very few uneducated people. Get over it. People are buying because they can afford it. Have you ever thought of that? Not because of their color/gender/race? I used to respect the comments and views of people on this site. It has severely dropped to nothing but smart ass insults and one liners. If you want to be a comedian, this is not your platform. Hey an occasional joke is nice. But the continuous, repetition of childish one lines is not where I want to spend my time interacting with Detroiters. Out of respect for Lowell, go to another site, or another city. You are the type of person that Detroit should be saying good riddance. | ||
Urbanize Member Username: Urbanize Post Number: 382 Registered: 02-2007 |
That's deep Developer, but the truth. | ||
Mr_onion Member Username: Mr_onion Post Number: 186 Registered: 11-2003 |
REPUBLICANS | ||
Urbanize Member Username: Urbanize Post Number: 384 Registered: 02-2007 |
Hate to go down that route, but the best buyers that will move into these lofts are Middle class folks who can careless about what business goes on in the streets of Detroit (and there's only a bunch, not a big amount of those folks around). | ||
Dialh4hipster Member Username: Dialh4hipster Post Number: 1999 Registered: 11-2004 |
You do realize that middle class does not mean rich, right? | ||
Urbanize Member Username: Urbanize Post Number: 385 Registered: 02-2007 |
"You do realize that middle class does not mean rich, right?" Hmm, hmm. If rich people don't live in downtown detroit as we speak, then what makes you think that a few new lofts will make a difference? | ||
Downtown_remix Member Username: Downtown_remix Post Number: 60 Registered: 03-2007 |
My Dad is interested in buying there(black insurance broker) so he can have full use of the banquet halls and meeting spaces.Having his clients meet him for lunch in the steak house in the lobby. | ||
Dialh4hipster Member Username: Dialh4hipster Post Number: 2001 Registered: 11-2004 |
"Hmm, hmm. If rich people don't live in downtown detroit as we speak, then what makes you think that a few new lofts will make a difference?" What are you talking about? I was just responding to your comment, on the BC condo thread, that the best buyers to move into lofts would be middle class folks. But the condos downtown are quite expensive and not really affordable for middle class folks. | ||
Dalangdon Member Username: Dalangdon Post Number: 132 Registered: 03-2006 |
I suspect that at least a few of the units will be sold to law firms and other corporations for housing execs and such. That seems to be thing to do these days - I suppose it's cheaper than paying for all those hotel rooms in the long run. | ||
Corktownmark Member Username: Corktownmark Post Number: 286 Registered: 12-2004 |
of course Blondy of course. who else would it be? | ||
Terridarlin Member Username: Terridarlin Post Number: 7 Registered: 02-2007 |
The Book Cadillac restoration made the travel section in The News & Observer in Raleigh, North Carolina. Good article about Detroit http://www.newsobserver.com/43 8/story/557117.html | ||
3rdworldcity Member Username: 3rdworldcity Post Number: 580 Registered: 01-2005 |
Developer: "People are buying because they can afford it." If I were a prospective purchaser, I'd want the developer to have somewhat higher standards. For example, When Riverfront opened the developer required each prospective tenant to complete a comprehensive financial statement which concentrated on sources of income. The prospects who were accepted were those that had an acceptable record of income from employment, investments (of money earned from employment etc.) What one couldn't do was walk in with assets of a couple of million bucks obtained as a drug dealer, mafioso etc. and expect to automatically rent an apartment because you could afford it. You had to show where you got your dough. Crooks in condos are not good for property values. Drug dealers tend to be magnets for violence. The first hit in the B-C in the condos will clear it out in a hurry. Try buying a co-op in NYC. You have more trouble getting approved by the Board than you'd have getting a high-level job with the CIA. | ||
E_hemingway Member Username: E_hemingway Post Number: 1115 Registered: 11-2004 |
Try Double Income No Children. Tard. | ||
Bob Member Username: Bob Post Number: 1421 Registered: 11-2003 |
Nice article from North Carolina. I thought the lobby was being restored to its original state also? | ||
Gistok Member Username: Gistok Post Number: 3901 Registered: 08-2004 |
I believe what was stated was anything that could be saved or recreated, would be done so. Such as the lobby ceiling, which was above the drop ceilings and flourescent light fixtures.  However, I don't know if the marble walls of the lobby and the railings of the lobby mezzanine are still there, or will be recreated, or just have less fancy replacements. I believe that the Grand Ballroom and the Italian Garden are the only rooms to be TOTALLY restored to their original design. | ||
Dialh4hipster Member Username: Dialh4hipster Post Number: 2002 Registered: 11-2004 |
quote: You're a 'tard. | ||
Blackhelicopter Member Username: Blackhelicopter Post Number: 7 Registered: 02-2007 |
I know a couple buying a mid-range condo at the BC, and they are certainly not "rich" (maybe "comfortable"). There's not generally a need to be -- most of the condos are in the 300's, and in the better real estate markets in the country (e.g. SF, Boston, NYC, Seattle), that may not even be enough for a 1-bedroom condo in one of the cheaper neighborhoods. In terms of the nationwide market, those condos are fairly affordable. The couple I spoke of are professionals from one of the cities on the West Coast, in their early 30's, African-American, and one of them is a native of northwest Detroit. For them a BC condo is a long-term investment, vacation home for visiting family, and a potential future home for retired parents. Besides the coolness of that building, the big factor for them was the central location and proximity to transit. They don't own a car or even have car insurance so it's a requirement for them to stay some place with lots of restaurants and shops nearby along with buses or trains so they can get around. Hopefully there will be a good mix of people at the BC of various social classes, ethnicities, professions, ex-Detroiters / locals / out-of-towners, etc. Variety is a good thing -- I think that the more people inside Detroit and outside see that Detroit has a little something for everyone, the more attractive the city looks as a place to live for a greater number of current and potential residents. Of course, those penthouse units are actually expensive even for the national market, so maybe my friends will get to run into some local celebrities on a few of their visits... | ||
Drankin21 Member Username: Drankin21 Post Number: 79 Registered: 12-2003 |
bald people | ||
Roomseller Member Username: Roomseller Post Number: 22 Registered: 03-2007 |
ME | ||
Burnsie Member Username: Burnsie Post Number: 918 Registered: 11-2003 |
Gistok wrote, "I believe that the Grand Ballroom and the Italian Garden are the only rooms to be TOTALLY restored to their original design" I really doubt that every last miniscule molded detail will be restored. It just doesn't seem possible with the realities of the budget, and perhaps not even technically possible if there aren't enough good CLOSE-UP photos and/or surviving drawings of the original detail. I'd be overjoyed to be proved wrong, though. | ||
Gistok Member Username: Gistok Post Number: 3920 Registered: 08-2004 |
Burnsie... those are not my words... but the words of the newspapers. Don't get stuck on the semantics of "TOTALLY"... they just said that those 2 rooms would get restored to their 1924 appearance. I use "TOTALLY" do differentiate from "PARTIALLY"... which appears is how the lobby will be restored. Make sense? | ||
Urbanize Member Username: Urbanize Post Number: 394 Registered: 02-2007 |
Gotta understand Gistok, there are literal folks on the site. | ||
Renfirst Member Username: Renfirst Post Number: 27 Registered: 12-2006 |
Don't forget about the investors hoping to purchase now at pre-construction pricing and sell after construction is complete. The condo boom's over, and many have gotten burned trying to do this, but I think it's a safe bet that the prices at BC will rise upon completion. Pre-construction flipping has been the trend in Florida, Arizona, Nevada. The only problem is now that the market's heading for a tailspin, they're stuck! I doubt that'll be the case with the BC though. | ||
Burnsie Member Username: Burnsie Post Number: 919 Registered: 11-2003 |
Gistok-- I'm not getting stuck on semantics or being overly literal. "TOTALLY restored" (especially with those capital letters) simply sounds like every last detail is being replicated. Make sense? | ||
Urbanize Member Username: Urbanize Post Number: 405 Registered: 02-2007 |
It's like saying something taste or seems perfect, although in reality, nothing is perfect, just tastes great. | ||
Dalangdon Member Username: Dalangdon Post Number: 133 Registered: 03-2006 |
When you get right down to it, generally speaking, Those old ballrooms are pretty symmetrical creations: If you've got the detailing around one window, you've got all the windows, if you've got one column, you've got all the columns, if you've got one railing, you've got all the railings.... The chandeliers might be trickier, but the original chandeliers were long gone anyway. I never understood why they went to all the trouble to construct that gorgeous ballroom, and only put in two chandeliers. | ||
Ray Member Username: Ray Post Number: 870 Registered: 06-2004 |
Speaking of new development, that new condo building next door to the BC looks pretty impressive | ||
Gistok Member Username: Gistok Post Number: 3924 Registered: 08-2004 |
Well I do think they will be totally restored. They did it with the Detroit Opera House, and 90% of the original plasterwork was toast. They may not use the same quality materials (more plaster, less marble), but those rooms could look like 1924 again. No one should underestimate the scope of the Manning Brothers Historical Collection, currently owned by Chuck Forbes. All the movie palaces and many other downtown building restorations depended on its' huge quantities of historic photographs to recreate interior and exterior details. That's why even the Michigan Theatre could be completely recreated from Manning Brother photos, ditto for the scavenged United Artists Theatre. So, I see no problem in a very close match to the original appearance of those 2 rooms of the B-C... especially if they said that those 2 rooms would be restored. | ||
Paddy Member Username: Paddy Post Number: 309 Registered: 02-2005 |
Hey guys , The Book Cad is just another white elephant for the city..........What a waste of good money that could could do so much good in other ways. | ||
Dialh4hipster Member Username: Dialh4hipster Post Number: 2004 Registered: 11-2004 |
No it's not. | ||
Gistok Member Username: Gistok Post Number: 3926 Registered: 08-2004 |
Thanks for the words of wisdom Paddy... (rolling eyes)... | ||
Jelk Member Username: Jelk Post Number: 4275 Registered: 10-2003 |
What are the other ways the public financing used for the Book-Cadillac could have been spent that would have provided more value than the Book-Cadillac? Please be specific. | ||
Rsa Member Username: Rsa Post Number: 1063 Registered: 10-2003 |
jelk; methinks someone is just trolling. | ||
Thejesus Member Username: Thejesus Post Number: 787 Registered: 06-2006 |
Mostly rich whites and some rich blacks, which is good, since the city is lacking in both... | ||
Jjaba Member Username: Jjaba Post Number: 5084 Registered: 11-2003 |
So what are the prices for the suites in the Book-Cadillac Hotel? jjaba was married there on June 14, 1964 in the ballroom. Full deal, with chupa, broken wine glass, cantor, rabbi, fully catered Kosher dinner, fine orchestra. Fine memories. jjaba remembers going up that escalator on the Washington Blvd. side in tuxedo. Sunday wedding, so we could park on streets. jjaba, Westsider. | ||
Gibran Member Username: Gibran Post Number: 110 Registered: 02-2007 |
what is the deal ...maybe I have been naive way too long but creating a new tax base and getting people to move into the city is great...then with life and renewal they can expand into surrounding areas, that would hopefully attract middle class of all races...But you have the schools,reasonable shopping and infrastructure...Make it easy to return a variety of attractive (yikes) retail. the key to Detroit is in it's families, schools and churches...incentives to move back for the middle class.Help for those on the bubble to afford housing and upkeep and re-invent the schools...but it has to start somewhere...so if that is empty Nester's and younger people with two incomes so be it....sure beats the alternative. I know I am stating the obvious...but look to baltimore and cities that re-invented themselves, it started with a few rich people, and is spreading,,,,but it is schools that will be the ultimate test to the viability of the city.... | ||
Detroitbill Member Username: Detroitbill Post Number: 187 Registered: 09-2006 |
I agree Gibran totally, you have to start somewhere , the downtown/midtown areas have already started the momentum quite well considering the local economics, you have to make the City a place to live for all people, one segment to the next, it takes time. | ||
Rhymeswithrawk Member Username: Rhymeswithrawk Post Number: 554 Registered: 11-2005 |
Gibran, the Prophet: http://www.kahlil.org/Cover-Vi sionsOfTheProphet.jpg | ||
Designerguy24 Member Username: Designerguy24 Post Number: 57 Registered: 10-2006 |
http://bookcadillacmovie.com/i ndex.htm found this cool site that has a movie about the book cadiallac wits worth a look | ||
Swiburn Member Username: Swiburn Post Number: 89 Registered: 07-2006 |
But will the Italian Garden room have the original "sound effects" in the glass ceiling? I read a book on the hotel and apparently there was thunder, rain noises; they could darken the ceiling, etc. Extraordinary, and it probably would cost too much to replicate that again. | ||
Urbanize Member Username: Urbanize Post Number: 457 Registered: 02-2007 |
Wow, that would be like the Rainforest Cafe for Rich People. | ||
Fnemecek Member Username: Fnemecek Post Number: 2419 Registered: 12-2004 |
Just for the record, I didn't tell Designerguy24 to post that link. | ||
Urbanize Member Username: Urbanize Post Number: 460 Registered: 02-2007 |
Did we say you told him? Now you making it as if you had something to do with it (guilt trip). | ||
Gistok Member Username: Gistok Post Number: 3995 Registered: 08-2004 |
Swiburn... I think that sound technology has improved a little since 1924... Maybe all they need now is a boom box!  | ||
Urbanize Member Username: Urbanize Post Number: 461 Registered: 02-2007 |
That makes it a little less "Upper Class" with just a boom box Gistok. How about a hidden CD Player would be much better with hidden speakers. | ||
Danny Member Username: Danny Post Number: 5700 Registered: 02-2004 |
Some person paid $1,000,000 for a big condo at the Book Cadillac. That's the sign that rich folks are coming back to Downtown Detroit. | ||
Urbanize Member Username: Urbanize Post Number: 462 Registered: 02-2007 |
In this day and age, $1,000,000 is just pocket change. back in the 60s, we would of been straight on rich people. $1 Million is middle class wealth in this day and age. | ||
Urbanize Member Username: Urbanize Post Number: 463 Registered: 02-2007 |
or if you wish, Upper Middle Class. |
