 
Gistok
Member
Username: Gistok
Post Number: 2942
Registered: 08-2004
| | Posted on Saturday, October 14, 2006 - 3:35 pm: |    |
I would be interested to know what perks are included in the different "zone" designation that the BC has.
Itsjeff mentioned that the 8 year City/State income tax exemption does not include the Condos, only the lower floors of the building. But someone else mentioned that Ferchill WAS including them in the promotion of the building.
Anybody know what specific perks are being offered?? |
Tony_pieroni
Member
Username: Tony_pieroni
Post Number: 16
Registered: 02-2006
| | Posted on Saturday, October 14, 2006 - 10:36 pm: | |
Congratulations to all involved in the Vinton. It is a very creative approach and appears successful. I hope it works out and is profitable for all.
I spent many hours as a young lawyer working in the Vinton when it housed the Detroit Bar Association Law Library.
I'd consider particpating in future deals that make sense and I can possibly bring something positive to the table. |
Fnemecek
Member
Username: Fnemecek
Post Number: 2032
Registered: 12-2004
| | Posted on Sunday, October 15, 2006 - 9:26 am: | |
quote:I am willing to bet these articles are developer BS.
Is that an actual wager or just you flapping your gums?
I have $1,000 that says all 67 condos will be sold by May 31, 2007. (Lowell can serve as arbitor by holding on to our respective cash until said date.)
Take the bet or shut your mouth. |
Dalangdon
Member
Username: Dalangdon
Post Number: 88
Registered: 03-2006
| | Posted on Sunday, October 15, 2006 - 11:02 am: | |
Given what I've read about the Cadillac Hotel's death spiral in the 80's, I can see why a person might be cynical (the whole idea of it being converted into half hotel rooms/half "offices for non-profits" made me roll my eyes. Talk about your '80's naivete) But nothing about this development has made me think that it's anything but the real deal.
Remember this: Good hotels make good neighbors: There's 24 hour activity around them, and they tend to lead to the creation of smaller support businesses (dry cleaners, delis, flower shops, business centers, etc)
You should feel very good about this development.
(Message edited by dalangdon on October 15, 2006) |
Newlaster
Member
Username: Newlaster
Post Number: 192
Registered: 06-2004
| | Posted on Monday, October 16, 2006 - 4:26 am: | |
40 units sold on just the first (pre-sale) day, including at least 2 of the penthouses, which one person will combine into one unit.
“We sold 40 (of 67) units in four hours,” said Jon Grabowski, president of Esquire properties, the real estate firm marketing the condos. “[Saturday’s] success surpasses all of our expectations.”
http://thesouthend.typepad.com /tsenews/2006/10/bookcadillac_ co.html |
Apbest
Member
Username: Apbest
Post Number: 220
Registered: 03-2006
| | Posted on Monday, October 16, 2006 - 7:19 am: | |
wow |
Detroitduo
Member
Username: Detroitduo
Post Number: 734
Registered: 06-2005
| | Posted on Monday, October 16, 2006 - 7:29 am: | |
no kidding, wow.
Regardless of the discussion above, that's impressive. Even if it's half of a stretched truth.... it's still impressive. |
Dabirch
Member
Username: Dabirch
Post Number: 1902
Registered: 06-2004
| | Posted on Monday, October 16, 2006 - 7:39 am: | |
Wow. This was painful.
Can't believe I read through all of it.
Maybe I'm the idiot. |
Fnemecek
Member
Username: Fnemecek
Post Number: 2034
Registered: 12-2004
| | Posted on Monday, October 16, 2006 - 9:08 am: | |
quote:40 units sold on just the first (pre-sale) day, including at least 2 of the penthouses, which one person will combine into one unit.
I'm suddenly very, very sad that Crawford et al didn't accept my wager. |
Fjw718
Member
Username: Fjw718
Post Number: 59
Registered: 11-2005
| | Posted on Monday, October 16, 2006 - 9:29 am: | |
ugggh, so a 26 year old mortgage broker is buying the penthouse? Wish someone that appreciates it more would get it. I wonder what the turnover rate is on all these new lofts/condos downtown? Seems to me it would be quite high. |
Stecks77
Member
Username: Stecks77
Post Number: 120
Registered: 08-2006
| | Posted on Monday, October 16, 2006 - 10:02 am: | |
I don' think the turnover rate is that high right now but once all the property tax abatements being used to lure buyers cease to exist in 10 to 12 years you'll see some extremely high turnover unless the issue is addressed. |
Dabirch
Member
Username: Dabirch
Post Number: 1903
Registered: 06-2004
| | Posted on Monday, October 16, 2006 - 10:09 am: | |
quote:but once all the property tax abatements being used to lure buyers cease to exist in 10 to 12 years you'll see some extremely high turnover
Yeah, I would bet not, as you can only have turnover when you have potential buyers.
Paying full taxes on those properties means they don't move. |
Ndavies
Member
Username: Ndavies
Post Number: 2240
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 10:24 am: | |
The problem won't be in turnover. The problem will be in the resale values. Most people look at the total monthly cost. If you have high taxes on a property that reduces the amount people can afford to pay on the mortgage.
High property taxes lead to lower resale values. High condo and coop fees lead to lower resale prices. |
Track75
Member
Username: Track75
Post Number: 2410
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 10:38 am: | |
quote:Saturday, prospective buyers were required to put 5 percent of the total purchase price to hold their units.
Refundable or not? Makes a difference in understanding the sales figures. If it's refundable it's more like buying a purchase option, the cost of the option being the interest forsaken on the deposit amount. I think the BC project will do well in any case but I'm trying to figure out how to interpret the numbers. Did buyers have to be pre-qualified (thinking about the 26 y/o buying $2.7 million worth of penthouses)?
Also, anyone have actual $/ft2 figures? Sounds like $300 - $400. What are the condo fees? Are hotel services included in the fees, the condo price, or ala carte? |
Miketoronto
Member
Username: Miketoronto
Post Number: 331
Registered: 07-2004
| | Posted on Monday, October 16, 2006 - 11:27 am: | |
So much debate 
Just enjoy that downtown is getting people.
My cousin developes houses in Metro Detroit, and he also said business was very bad and he could not sell any houses latley in the suburbs.
I think the reason why the suburbs have no sales at the moment yet downtown is getting sales, is just a shift in pop.
Metro Detroit pop wise is very stagnet and hardly growing. So what you are seeing is a shift of people moving from suburbs into the city. They want something different. At the same time, many are young people who where probably living at home till now. So while the suburbs can't sell a house, downtown is attracting people because its just a shift in pop.
Enjoy it, and be glad downtown is holding its own right now, while the rest of the region is in economic problems.
This may sound bad, but maybe the time has come now where downtown is sucking some life out of the suburbs, just the suburbs did to downtown decades ago. |
Fjw718
Member
Username: Fjw718
Post Number: 60
Registered: 11-2005
| | Posted on Monday, October 16, 2006 - 11:59 am: | |
I'm just saying that someone thats 26 who is buying two million dollar penthouses does not sound like someone who is financially responsible.
If he is a broker, he probably is a "live by the sword, die by the sword" type who could lose it all in one year.
I work on wall street with many guys like this. Million dollar brokers who get fired then I get a call from a liquor store in Houston wanting to know if the 32,000 dollar partnership seperation check is real that this guy is trying to cash.
I will consider the downtown housing boom legit when real families and people move en masse and not just people who want to be part of the latest trend. |
Danindc
Member
Username: Danindc
Post Number: 1843
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 12:04 pm: | |
quote:I will consider the downtown housing boom legit when real families and people move en masse and not just people who want to be part of the latest trend.
Why does everything have to be predicated on families? People with school-age kids represent only 25% of the national population. By blindly focusing on families, you exclude the other 75%--who are more apt to move downtown. In reality, it's going to be the 75% of singles, young couples, and empty-nesters (with the occasional family) to get the ball rolling. |
Fjw718
Member
Username: Fjw718
Post Number: 61
Registered: 11-2005
| | Posted on Monday, October 16, 2006 - 12:08 pm: | |
because i think right now most of the movement downtown is impulse buying by young people who can afford to get burned and pick up and leave if things go south. |
Wordonthestreet
Member
Username: Wordonthestreet
Post Number: 125
Registered: 11-2003
| | Posted on Monday, October 16, 2006 - 12:17 pm: | |
FYI
There was a typo in the story regarding the mortgage broker buying two penthouses. I spoke to him at length on Saturday as I was buying my own unit. He and his wife purchased two smaller units on a lower floor. They are planning on combining the units to have enough room to raise their kids (future) at the Book Cadillac. |
Jt1
Member
Username: Jt1
Post Number: 8013
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 12:18 pm: | |
quote:because i think right now most of the movement downtown is impulse buying by young people who can afford to get burned and pick up and leave if things go south.
Yes, all young people are stupid, impulsive and irresponsible with money. What an ignorant comment. |
Ndavies
Member
Username: Ndavies
Post Number: 2241
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 12:19 pm: | |
Fjw718, The people moving downtown are a broad spectrum of our region. They don't fit the narrow stereotype you have of them.
The people you see are the most visible. However there are plenty of us that don't fit your narrowly defined world. I promise you none of the people moving into the Vinton fit that image.
I'm not young and a mistake on my part would greatly affect my ability to retire in the time frame I haved planned. |
Track75
Member
Username: Track75
Post Number: 2411
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 12:24 pm: | |
Wordonthestreet, you're the right person to answer my earlier questions, if you don't mind.
Deposit refundable or not?
Pre-qual required?
Price/square foot?
Condo fees?
Hotel services included in condo fees?
Thanks, and congratulations. |
Apbest
Member
Username: Apbest
Post Number: 221
Registered: 03-2006
| | Posted on Monday, October 16, 2006 - 12:32 pm: | |
empty nesters make up a large portion of new residents...
you are all fucking annoying the hell out of me w/ ur constant criticism of literally everything. Why must u analyize the hypothetical psychological state of the 26-yr old broker and critcizing him for his poor financial and life decisions...do you know him? or are you basing this solely on ur unprofessional, dumb, stereotypes that none of us care about because they hold no value? |
Fjw718
Member
Username: Fjw718
Post Number: 62
Registered: 11-2005
| | Posted on Monday, October 16, 2006 - 12:33 pm: | |
Hey, I'm young and "ignorant" and would move there in a heartbeat.....dont everybody get so pissy, ok? |
Rhymeswithrawk
Member
Username: Rhymeswithrawk
Post Number: 103
Registered: 11-2005
| | Posted on Monday, October 16, 2006 - 1:21 pm: | |
Goat,
You are thinking like a Canadian.
Ohhhhhhhh! You got served! |
Redetroit
Member
Username: Redetroit
Post Number: 38
Registered: 04-2005
| | Posted on Monday, October 16, 2006 - 2:00 pm: | |
Some people just make me laugh. The downtown market is doing well, despite the region being in a complete drought. Be happy, stop bitching. Why are we questioning the financial and logical steadiness of a young guy wanting to invest in the city? Good for him. I've met him a few times and he's a good guy. I feel like some people are so worried about this "young" crowd moving into the city. What do you think a large portion of almost every major city is comprised of? Like others have said, be happy and shut up. |
Naturalsister
Member
Username: Naturalsister
Post Number: 834
Registered: 11-2004
| | Posted on Monday, October 16, 2006 - 2:08 pm: | |
Apbest is right on point.
You - the ones he is referring to, sound like a bunch of jealous losers who want to pick apart someone else's actions.
Maybe because you wish you had the options you so criticise.
UNBELIEVABLE!
later - naturalsister |
Fnemecek
Member
Username: Fnemecek
Post Number: 2036
Registered: 12-2004
| | Posted on Monday, October 16, 2006 - 2:36 pm: | |
quote:Deposit refundable or not?
Pre-qual required?
Price/square foot?
Condo fees?
Hotel services included in condo fees?
After talking with a few folks at the B-C, I can answer at least some of those questions:
* Deposits are non-refundable;
* Pre-qualification is required; and
* Hotel services are an optional feature that are billed seperately. |
Artistic
Member
Username: Artistic
Post Number: 21
Registered: 09-2006
| | Posted on Monday, October 16, 2006 - 2:38 pm: | |
I personally like the diverse mix. I will be moving to 1001 Woodward next year and I hope that there are people from 25 to 70 in the building.I happen to be 44 and have spent alot of time in the city of Chicago,the city is great because of the entire mix of people. We all bring something different to the plate and should welcome all. |
Barnesfoto
Member
Username: Barnesfoto
Post Number: 2598
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 2:43 pm: | |
wow, I wonder if I can convert my garage to a condo and get 50k.
I am constantly amazed that when property was dirt cheap fifteen years ago, nobody wanted to by any (except for myself and a few friends). Of course, now I'm kicking myself for not buying MORE cheap property.
Just goes to show how much groupthink is involved in Real Estate markets.
Anyway, this is great news. |
Swingline
Member
Username: Swingline
Post Number: 600
Registered: 11-2003
| | Posted on Monday, October 16, 2006 - 2:48 pm: | |
Miketoronto, no offense, but I think that you're really overstating the impact of what is happening in the downtown residential market. The increased interest in downtown residential living is still a very very small niche market relative to entire region. This interest is certainly most welcome, but it is definitely not a signal of an impending shift in population patterns back toward an historic urban core. Rather, it is an important and positive sign that maybe, just maybe, some entrenched attitudes about the city are changing. The more those attitudes change and the more attractive the greater downtown area becomes for middle and upper middle class households, the better for the entire city. |
Track75
Member
Username: Track75
Post Number: 2412
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 4:26 pm: | |
Thanks, Fnemecek. That's a pretty strong indicator pointing toward the success of the BC condo project. Sometimes projects allow fully refundable or no-money-down reservations, with no pre-qual and then brag about a huge pre-sale rate. |
Mikeatthebook
Member
Username: Mikeatthebook
Post Number: 1
Registered: 10-2006
| | Posted on Monday, October 16, 2006 - 4:26 pm: | |
Hello -
I've been a reader here for a little while, and since I was one of the 40 people who did sign a purchase agreement on Saturday, I thought I'd provide what information I have.
- There is a 9 day 'cooling off' period, but once that has passed, the deposit is non-refundable except for some specific reasons (e.g. extended construction delays).
- Prequalification was NOT required. I guess the developers decided if you could come up with the cash to cover the 5% deposit, there was a good chance you would be able to land a mortgage when the time comes.
- The price per square foot is slightly less than $300 (at least for my condo).
- Condo fees are not set yet, but they estimate about $400/month.
- Some hotel amenities are included (business center, fitness facilities, etc..). Others are ala carte (maid services, room service).
From my observations, I would say most purchasers were in two groups: younger singles, and middle-age to older couples. At the point I picked my unit (I was the 23rd in line), my agent told me that no deals had been closed with families that had children.
I hope that helps.
Also, I'd like to thank all the people who have provided information on this forum over the time I have been visiting. I first started visiting here when my job with Compuware was moved downtown. |
Newlaster
Member
Username: Newlaster
Post Number: 193
Registered: 06-2004
| | Posted on Monday, October 16, 2006 - 4:48 pm: | |
A correction was added to The South End story.
http://thesouthend.typepad.com /tsenews/2006/10/bookcadillac_ co.html
CORRECTION APPENDED:
Mr. Gideon Pfeffer, mentioned in the above article, purchased a one-bedroom unit and a two-bedroom unit, which he plans to combine into one unit. He did not purchase two penthouse units as stated previously. The South End regrets this error. |
Apbest
Member
Username: Apbest
Post Number: 222
Registered: 03-2006
| | Posted on Monday, October 16, 2006 - 5:02 pm: | |
welcome Mike |
Docmo
Member
Username: Docmo
Post Number: 139
Registered: 10-2005
| | Posted on Monday, October 16, 2006 - 5:51 pm: | |
Histeric and Ndavies,
What's the latest projection for move-in at the Vinton? |
Thnk2mch
Member
Username: Thnk2mch
Post Number: 426
Registered: 02-2006
| | Posted on Monday, October 16, 2006 - 6:20 pm: | |
Nearly two-thirds of Book-Cadillac condos sold
October 16, 2006
Condominiums at the Book-Cadillac Hotel are going fast.
What happened: On Saturday, during the first by-invitation sales event held at the Detroit Athletic Club, 40 of the Book-Cadillac’s planned 67 condominiums sold. Buyers signed contracts and put 5% down.
What they sold for: Prices ranged form $280,000 to $1.5 million. That $1.5 million is believed to be the highest price ever paid for a condo in downtown Detroit, said Jon Grabowski, president of Detroit-based Esquire Properties. Esquire is handling the sale for Cleveland-based developer The Ferchill Group, which is renovating the hotel.
What it means: “People are really believing that Detroit can be their primary residence,” Grabowski said. “I think it shows that buyers are willing to pay for that level of service and that caliber of condo.”
Move-in dates: Summer to fall 2008, when the hotel reopens as the Westin Book-Cadillac with 455 hotel rooms and the 67 condos on upper floors.
Who’s buying: Grabowski said they ranged from young professionals to empty nesters.
What’s left: The 27 remaining condos for sale are one-and-two-bedroom units priced from about $300,000 to $450,000.
For more info: Call Esquire Properties at 313-580-2200 or visit the www.westinbookcadillacresidenc es.com.
Contact JOHN GALLAGHER at 313-222-5173 or gallagher@freepress.com.
from here:
http://www.freep.com/apps/pbcs .dll/article?AID=/20061016/NEW S99/61016040 |
Detroit313
Member
Username: Detroit313
Post Number: 208
Registered: 02-2006
| | Posted on Monday, October 16, 2006 - 6:52 pm: | |
That is great news. I am interested to see how deep the condo market goes! 313 |
Lmichigan
Member
Username: Lmichigan
Post Number: 4567
Registered: 10-2003
| | Posted on Monday, October 16, 2006 - 6:55 pm: | |
I don't see how anyone could paint this as a bad or disappointing thing. Originally a skeptic of this project, this is nothing short of amazing that the condos are selling so quick, and the million-dollar penthouses, no less.
I, too, am interested to see how this effects possible other projects, and perhaps construction of new construction condo towers. It seems quite clear, now, that there is a market for luxury, high-rise condominiums. |
Motownman
Member
Username: Motownman
Post Number: 35
Registered: 09-2006
| | Posted on Monday, October 16, 2006 - 7:06 pm: | |
I agree, they should build some high rises on some of the open lots downtown. Like the woodward block behind compuware. |
Apbest
Member
Username: Apbest
Post Number: 223
Registered: 03-2006
| | Posted on Monday, October 16, 2006 - 8:04 pm: | |
as far as that is concerned, I think Kraemer Design Group's rendering is the best idea Ive seen for Hudon block...but yeah, maybe the monroe block could be a highrise...the footprint of Hudsons is too big for a successfull huge highrise...make 15-20 stories at max |
Detroit313
Member
Username: Detroit313
Post Number: 210
Registered: 02-2006
| | Posted on Monday, October 16, 2006 - 11:13 pm: | |
Apbest, I am with you 110%. I really like that design and I commend The Kraemer Design for really utilizing the space. Not too tall and not a suburban look.
They should be commissioned to design the Monroe Block too. 313 |
Burnsie
Member
Username: Burnsie
Post Number: 694
Registered: 11-2003
| | Posted on Tuesday, October 17, 2006 - 10:02 am: | |
The design of the columns already in place at the Premier Garage prohibit anything much taller than 15-20 stories anyway.
Although it's interesting that people worry about keeping it "not too tall." What's wrong with having really tall buildings? I know, I'm in for a lecture about density and the desirability of not having something which is hard to fill. But it seems like Chicago and New York City ("world-class" cities which Detroit is supposedly trying to vie with) don't mind having a lot of skyscrapers jammed together...
It reminds me of when the Free Press editorialized about how it was nice that the Hudson's building demolition "opened up the skyline." Gee, maybe they should have imploded a few more buildings too, and really opened it up. |
Jt1
Member
Username: Jt1
Post Number: 8016
Registered: 10-2003
| | Posted on Tuesday, October 17, 2006 - 10:05 am: | |
Skyscrapers come when real estate is full and at a premium. In NYC it makes sense to build underground parking lots. Here there are flat lots for parking. Vastly different real estate markets and vastly different needs. |
Dabirch
Member
Username: Dabirch
Post Number: 1905
Registered: 06-2004
| | Posted on Tuesday, October 17, 2006 - 10:10 am: | |
quote:I agree, they should build some high rises on some of the open lots downtown. Like the woodward block behind compuware.
That is such a good idea. If only somebody would build some high rises on those empty lots.
Man this city would be buzzing with activity.
That would be great. |
Stecks77
Member
Username: Stecks77
Post Number: 124
Registered: 08-2006
| | Posted on Tuesday, October 17, 2006 - 10:16 am: | |
Build it and they will come.
Check out the Detroit residential market study recently completed by Katherine Beebe & Associates.
http://www.detroitrenaissance. com/newsletter/market_study.ht m
A complete pdf download of the report is available at:
http://www.detinvfund.com/Repo rtFinal_0601005.pdf
Just one quote from the report:
"Resident Profile: The results of a survey of new downtown residents describe a group that is young (57% of respondents were between 25-34), highly educated (83% had at least a bachelor's degree), and relatively wealthy (72% of new residents in the survey had an annual household income of at least $50,000 per year). Despite this influx of new wealth, the 2005 median income of all downtown residents ($19,800) still lags well behind the tri-county metropolitan Detroit area ($54,700)." |
Dnvn522
Member
Username: Dnvn522
Post Number: 145
Registered: 11-2004
| | Posted on Tuesday, October 17, 2006 - 10:26 am: | |
Wow. $50,000 is considered relatively wealthy?
I guess it is when you're single. |
Eric_c
Member
Username: Eric_c
Post Number: 865
Registered: 11-2003
| | Posted on Tuesday, October 17, 2006 - 11:17 am: | |
It is compared to $19,800! |
Dnvn522
Member
Username: Dnvn522
Post Number: 146
Registered: 11-2004
| | Posted on Tuesday, October 17, 2006 - 12:32 pm: | |
Once again the their definition of "downtown" might be different. A $19,800 median must include more area than the CBD. |
Ndavies
Member
Username: Ndavies
Post Number: 2244
Registered: 10-2003
| | Posted on Tuesday, October 17, 2006 - 12:47 pm: | |
Dnvn522, read the report. It specifies the area in question. They have two areas defined Downtown core and the greater downtown. The downtown core had a $29069 median, greater downtown was $18,468. |
Dialh4hipster
Member
Username: Dialh4hipster
Post Number: 1809
Registered: 11-2004
| | Posted on Tuesday, October 17, 2006 - 12:47 pm: | |
Must it? |
Dabirch
Member
Username: Dabirch
Post Number: 1907
Registered: 06-2004
| | Posted on Tuesday, October 17, 2006 - 12:50 pm: | |
It must. |
Dnvn522
Member
Username: Dnvn522
Post Number: 147
Registered: 11-2004
| | Posted on Tuesday, October 17, 2006 - 1:42 pm: | |
I see it does, but I'm still surprised by the downtown core number. |
Livernoisyard
Member
Username: Livernoisyard
Post Number: 1623
Registered: 10-2004
| | Posted on Tuesday, October 17, 2006 - 3:20 pm: | |
Somehow, I doubt if the income figures accounted for the homeless downtown. How come they're omitted? Oh, the humanity! |
Lmichigan
Member
Username: Lmichigan
Post Number: 4569
Registered: 10-2003
| | Posted on Tuesday, October 17, 2006 - 3:37 pm: | |
People tend to forget that there are a lot of senior citizens that live in the CBD on limited incomes. They make up a significant amount of population, I believe. Then, apart from them you have places like Trolley Plaza. It shouldn't be surprising. There are only 6,000 + persons living in the CBD at the very beginning of its revitalization. |
Apbest
Member
Username: Apbest
Post Number: 225
Registered: 03-2006
| | Posted on Tuesday, October 17, 2006 - 3:40 pm: | |
is trolley plaza low income? |
Lmichigan
Member
Username: Lmichigan
Post Number: 4570
Registered: 10-2003
| | Posted on Tuesday, October 17, 2006 - 3:42 pm: | |
No, but you don't have to be wealthy to live there. Isn't it the lowest rent out of the big apartment buildings (i.e. Millender Center, Riverfront Apartments...)? |
Cmubryan
Member
Username: Cmubryan
Post Number: 306
Registered: 11-2003
| | Posted on Tuesday, October 17, 2006 - 8:24 pm: | |
It's fastly becoming low income IMO. Its disgusting and a shame the way they take care of Trolley Plaza, when it has so much potential. Hopefully it will sell one day and the new owners will invest the money it deserves. |
Dougw
Member
Username: Dougw
Post Number: 1386
Registered: 11-2003
| | Posted on Tuesday, October 17, 2006 - 10:31 pm: | |
There are places in the CBD which are cheaper than Trolley Plaza, such as the Park Apartments:
http://www.apartmentreviews.ne t/ratings/mi-detroit-park-apar tmentsr16960.htm
I don't think there's a ton of CBD housing in this price range, though. And some less expensive places such as that senior apartment building (by the old Greektown parking garage) have been torn down. |
Titancub
Member
Username: Titancub
Post Number: 18
Registered: 08-2006
| | Posted on Tuesday, October 17, 2006 - 10:44 pm: | |
Right on CMU, Trolley Plaza aptmnts are subpar - they are slowly 'upgrading' them, but the halls and elevators and everything else are quite dumpy for sure. I did a research visit there and was overall unimpressed and disappointed in the entire building and experience especially in light of their asking rates. |
Detroitstar
Member
Username: Detroitstar
Post Number: 232
Registered: 01-2006
| | Posted on Tuesday, October 17, 2006 - 11:24 pm: | |
How does Trolly Plaza compare to Lafayette Towers? When I moved here, TP offered me $80 off each month trying to get me to go there instead. I had heard it was a dump, and never went through it. |
Darwinism
Member
Username: Darwinism
Post Number: 554
Registered: 06-2005
| | Posted on Thursday, October 19, 2006 - 8:19 am: | |
I am glad that the Westin condo project is taking off tremendously well.
It is certainly natural for many folks to feel pessimistic and concerned. After all, there is no denying the fact that people here are losing jobs and companies here are closing shop.
Take 2 hours to drive through the city and the inner ring, and one shall see that more challenges are ahead. People at Grubb & Ellis, L Mason Capitani and Colliers are saying that their buildings, office spaces, and industrial structures are all staying on the market with very little inquiries.
There is nothing wrong with a 26-year-old mortgage broker buying 2 units. I have also met Mr. Pfeffer before and can attest that he and his wife are wonderful people. Not many people in their demographic can achieve such status to make such a purchase. Therefore, kudos to them. Young couples whom I know(engineers, attorneys, optometrists, restaurant owners, and etc) won't even consider taking on a monthly estimated payment of $2700-$3500.
If the job market here improves, I am confident that we will see more such residential projects and less commercial properties staying vacant even at rock bottom per-sq/ft prices. Then and only then we can rejoice to the music of true renaissance. |
Mikem
Member
Username: Mikem
Post Number: 1872
Registered: 10-2003
| | Posted on Monday, January 19, 2009 - 3:47 pm: | |
Oops...
http://detnews.com/apps/pbcs.d ll/article?AID=/20090119/BIZ/9 01190370
Condo sales hit snag at Book Cadillac
Buyers can't come up with more for down payments; developer won't refund deposits.
quote:Just 16 of 50 buyers have been able to close on their condominiums three months after they had hoped to move into the historic downtown Detroit building.
Looks like Fnemecek owes Crawford $1000. Maybe he'll pay after he pays MCP001 his case of Faygo for beting that the Michigan delegates wouldn't be seated at the convention. |
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