  Urbanoutdoors Member Username: Urbanoutdoors Post Number: 463 Registered: 11-2005 |
http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2007 0723/SUB/707210319/-1/newslett er02 | ||
Revaldullton Member Username: Revaldullton Post Number: 504 Registered: 07-2007 |
If he can afford to sit it out then bless him. Detroit will turn around and turn around big, question is when? the good rev | ||
Revaldullton Member Username: Revaldullton Post Number: 509 Registered: 07-2007 |
To be honest, 50 million is not all that much considering. These developers in the NY metro area are multi billionares so sitting on those towers won't hurt them at all. They know how too make a failing property stay afloat and even turn it around . Not too many developers here go broke. the good rev | ||
Flybydon Member Username: Flybydon Post Number: 149 Registered: 01-2005 |
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3rdworldcity Member Username: 3rdworldcity Post Number: 801 Registered: 01-2005 |
I don't know what the buyer paid; could be $50 million, or more, or less. My guess is that whatever the buyer paid, it was at the very top of the market. There is no such thing as a bargain in real estate. My view is based on the claim that 10 prospective purchasers looked at the deal. Assume they were all sophisticated or the seller would not have turned over all the financials and other info that one would need to make an offer. So, 9 sophisticated prospective purchasers were not willing to pay what the purchaser paid. When a property is exposed to the market and draws several offers and you're the high bidder, it makes you have second thoughts. | ||
Revaldullton Member Username: Revaldullton Post Number: 510 Registered: 07-2007 |
I think the 9 just did not have the funds or the guts to sit out and wait Detroit's rebirth. There are many speculators who can afford to wait. The co. that purchased these towers knows that down the line Detroit is going to be a vacation mecca and I just think they are waiting for that boom. Just my opinion. the good rev | ||
Urbanoutdoors Member Username: Urbanoutdoors Post Number: 464 Registered: 11-2005 |
I wonder what this means for the west riverfront? | ||
Mackinaw Member Username: Mackinaw Post Number: 3331 Registered: 02-2005 |
Those towers desperately need some neighbors and some context. | ||
Revaldullton Member Username: Revaldullton Post Number: 511 Registered: 07-2007 |
Its coming, just be patient. Detroit will rise again only this time it will be a vacation resort and not and industrial city. Those days are over. the good rev | ||
Mackinaw Member Username: Mackinaw Post Number: 3332 Registered: 02-2005 |
I agree. The DEGC and Riverfront Conservancy have big dreams for the W. Riverfront. | ||
Revaldullton Member Username: Revaldullton Post Number: 516 Registered: 07-2007 |
Oh Mack, I see Detroit becoming the Hamptons of the Midwest. Its already started, stalled a bit but it will pick back up in full force within the new year sometime. So those of you that own crappy homes on the east side, hold onto them another year or 2 and it will pay off. the good rev | ||
Lmichigan Member Username: Lmichigan Post Number: 5838 Registered: 10-2003 |
Talk about optimistic. lol | ||
Detroit313 Member Username: Detroit313 Post Number: 403 Registered: 02-2006 |
I believe it will be hot on the West River. BTW, how do I get my hands on the great aerial fotos??? <313> | ||
Mackinaw Member Username: Mackinaw Post Number: 3334 Registered: 02-2005 |
Hamptons, eh? When I think about the possibility of a strand of high-rise residences on the water, I think of Miami or Chicago. The Hamptons are nice, too, but more synonymous with GP? | ||
Revaldullton Member Username: Revaldullton Post Number: 521 Registered: 07-2007 |
Im just being optomistic here, thats all. When I said Hamptons, I meant a travel destination for the rich. If the economy holds up(keeping fingas crossed) the D will bounce back big. the good rev | ||
Mackinaw Member Username: Mackinaw Post Number: 3336 Registered: 02-2005 |
That is a goal. We need to be a place to visit AND a place to live, though. |
