Discuss Detroit Archives - Beginning January 2007 Riverfront Towers looking for buyers... Previous Next
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Thejesus
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Username: Thejesus

Post Number: 623
Registered: 06-2006
Posted on Tuesday, February 20, 2007 - 9:46 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Not for individual units, but for the entire complex...

http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2007 0219/REG/70219003/1016
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Charlottepaul
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Username: Charlottepaul

Post Number: 540
Registered: 10-2006
Posted on Tuesday, February 20, 2007 - 10:05 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Always more good news!
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Tetsua
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Username: Tetsua

Post Number: 1112
Registered: 01-2004
Posted on Tuesday, February 20, 2007 - 10:20 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

When are we gonna get some more damn riverfront high rises.
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Ndavies
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Username: Ndavies

Post Number: 2451
Registered: 10-2003
Posted on Tuesday, February 20, 2007 - 10:30 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Never I hope.
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Mackinaw
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Username: Mackinaw

Post Number: 2439
Registered: 02-2005
Posted on Tuesday, February 20, 2007 - 10:30 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

The DEGC views the west riverfront as prime for high rises, from the Riverfront Towers to the bridge. They are not rushing this, though.

There are already mid-rises in the works for the east Riverfront, and there could always be surprises in terms of high-rises.

I heard a DEGC official speak recently, and I walked away thinking that Detroit will have a pretty good riverfront skyline within a decade or so. It may not be Miami or Chicago, but it will be a big change.
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Charlottepaul
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Username: Charlottepaul

Post Number: 542
Registered: 10-2006
Posted on Tuesday, February 20, 2007 - 10:45 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

I always think that many of the numerous high rises on the east riverfront up past the Belle isle bridge get left out on this issue. Detroit already has many many riverfront high rises...
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Mackinaw
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Username: Mackinaw

Post Number: 2440
Registered: 02-2005
Posted on Tuesday, February 20, 2007 - 10:48 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Well there are currently two in the East Riverfront district, both are old Albert Kahn buildings on Jefferson. But yes, from Belle Isle to Waterworks park there are numerous high rises new and old. You get a sense for it from Belle Isle, and if you only look at this slice of waterfront, Detroit looks a little like midtown Manhattan from over there.
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Apbest
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Username: Apbest

Post Number: 426
Registered: 03-2006
Posted on Tuesday, February 20, 2007 - 12:02 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

you mean lower manhattan? we dont really have an empire state building
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Charlottepaul
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Username: Charlottepaul

Post Number: 548
Registered: 10-2006
Posted on Tuesday, February 20, 2007 - 2:22 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I am always trying to find a good image of that skyline of detroit over there of the east riverfront that isn't downtown. I have enough images of the CBD from Windsor. Anyone out there that can guide me to a skyline pic of the east riverfront?
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Lmichigan
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Username: Lmichigan

Post Number: 5137
Registered: 10-2003
Posted on Tuesday, February 20, 2007 - 5:14 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Yeah, the northshore of Belle Isle.
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Croweblack
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Username: Croweblack

Post Number: 25
Registered: 02-2007
Posted on Wednesday, February 21, 2007 - 3:56 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Anybody thought to ask why are they selling?

Losing lots of money.

No demand.

But in detroit its "screw the demand we have tax credits to build something no one will live in"

Not only we will have empty "loft" projects and bankrupt 4 star hotels, in a few years we will now have empty high rises.



future looks pretty dim
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Spiritofdetroit
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Username: Spiritofdetroit

Post Number: 316
Registered: 11-2006
Posted on Wednesday, February 21, 2007 - 3:59 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

The downtown population has grown since 2000, and almost every loft conversion has sold out downtown, and most throughout midtown or elswhere are doing well to.
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Johnlodge
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Username: Johnlodge

Post Number: 156
Registered: 10-2003
Posted on Wednesday, February 21, 2007 - 4:00 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Do you know that, or are just assuming as well? If you know, please cite reference. Otherwise you're just as bad.
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Detroitstar
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Username: Detroitstar

Post Number: 498
Registered: 01-2006
Posted on Wednesday, February 21, 2007 - 4:01 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I am considering moving to Riverfront Towers when my lease here ends in August. Would this be a bad idea considering a change of management is possible?

Does anyone live there, how is the experience? Their website is very nice but anyone can make a website look nice...I want to know how the product really is.
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Gistok
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Username: Gistok

Post Number: 3677
Registered: 08-2004
Posted on Wednesday, February 21, 2007 - 4:02 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Croweblack... did you even bother to read the article?

Maybe if you had, you wouldn't have made such a blatantly pessimistic post!
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Croweblack
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Username: Croweblack

Post Number: 26
Registered: 02-2007
Posted on Wednesday, February 21, 2007 - 4:09 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Gistok,

No I just got the actual package for prospective buyers.
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Croweblack
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Username: Croweblack

Post Number: 27
Registered: 02-2007
Posted on Wednesday, February 21, 2007 - 4:22 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

The downtown population has grown since 2000, and almost every loft conversion has sold out downtown, and most throughout midtown or elswhere are doing well to.

Priceless. I hope you got your info from the projects website "only two left!" "better hurry!"

Been in the real estate business down here for a long time and they are not.

I think the only one that will do really well is that new project on woodward and mack. Great location and it appeals to single doctors and/or nurses that work at the DMC in terms of security, parking and what not.
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Fareastsider
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Username: Fareastsider

Post Number: 121
Registered: 08-2006
Posted on Wednesday, February 21, 2007 - 11:58 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I agree, where is any data that these lofts are selling I see so many signs but no lights or curtains does anyone have any data?
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Apbest
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Username: Apbest

Post Number: 432
Registered: 03-2006
Posted on Thursday, February 22, 2007 - 12:52 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

CharlottePaul

http://farm1.static.flickr.com /48/190305966_ed5a31a41f.jpg?v =0
http://farm1.static.flickr.com /184/365163873_e38fc9de87.jpg? v=0

sorta what you wanted not quite
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Rhymeswithrawk
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Username: Rhymeswithrawk

Post Number: 293
Registered: 11-2005
Posted on Thursday, February 22, 2007 - 1:31 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

TEAR THAT SCHITT DOWN!!!
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Fareastsider
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Username: Fareastsider

Post Number: 127
Registered: 08-2006
Posted on Friday, February 23, 2007 - 7:18 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

here is a view of the riverfront from downtown
http://i141.photobucket.com/al bums/r50/fareastsider/Detroit1 32.jpg
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Brandon48202
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Username: Brandon48202

Post Number: 144
Registered: 12-2004
Posted on Saturday, February 24, 2007 - 12:17 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Fareastsider- I've got the data, and it's not pretty at many places. Right now at 6533 Jefferson (lofts at Rivertown) there are at least 16 resales in the building now.
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Charlottepaul
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Username: Charlottepaul

Post Number: 559
Registered: 10-2006
Posted on Sunday, February 25, 2007 - 1:52 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Yeah Apbest, those were close...
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Darwinism
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Username: Darwinism

Post Number: 607
Registered: 06-2005
Posted on Monday, February 26, 2007 - 1:35 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Too many folks are repeating the info coming from developers and from sales agents. For goodness sake, of course they are going to tell you that they are sold out 24 units in 48 hours. Of course they are going to tell you that you should sign-up for Phase II.

People who are really in the real estate business knows. Brandon48202, Gdub and a few others here know the truth. Listen to them.
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Stecks77
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Username: Stecks77

Post Number: 280
Registered: 08-2006
Posted on Monday, February 26, 2007 - 9:58 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Quote

Does anyone live there, how is the experience?

Detroitstar:

I've been living at Riverfront Towers for almost four years and we have been renting the whole time. Since I knew we would be moving we had no interest in buying into the condo conversion of tower 100, so my experience is only as a renter.

Overall, we have enjoyed living there.

On the plus side

1) The view is great and I enjoy watching the big boats cruise down the river. If you get the right place, you can even watch the fireworks from the comfort of your own living room.

2) There are some nice amenities such as a dry cleaner, salon, restaurant/bar, and gym. The dry cleaner does a good job but his prices are somewhat expensive compared to the outside.

3)The gym is newly renovated and is really nice. You can even take yoga classes and get a personal trainer.

4)The maintenance crew is excellent. They keep the property in great shape and whenever you have a problem in your apartment its usually fixed the next day. I also like the fact that you can report a problem on their website.

5) There is an elevated private walkway to the People Mover and Joe Louis. This is very convenient as you can imagine.

6) This is by far the quitest apartment building I've ever lived in. It could just be that my neighbors are considerate but the concrete between the floors helps.

7) The demographics are diverse in age and ethnicity, plus most residents are friendly.

Now the negatives

1) The elevators are a consistent problem in tower 200. They are constantly breaking down or on the fritz. It is not unusual for only 1 of 3 elevators to be working and waiting 5 to 10 minutes for a ride. I've also had to scale 25 flights of stairs on two occasions. Why they don't fix this to avoid high maintenance costs who knows?

2) The rental units are starting to show their age, at least my unit. For example the kitchen stove and dishwasher while still working are looking tired and are basic models. The tile floors look grimy even after thorough cleaning. Our carpet before we even moved in had plenty of stains and wear. When they announced the condo conversion it seemed like perfect timing. Let new owners update the units at their cost.

3) When we first moved in we had a small market that carried most food items, and alcohol at a slightly higher price but it was convenient. They closed it down and bought the tenant out of his contract so they could renovate and it hasn't opened since. Last I heard it was suppose to open the summer of 2006 and while it looks near completion I have'nt seen any activity in awhile.

4) Living here does not give you the sense that your living in the dense urban environment of downtown. You can't just walk out your front door and head to a bar or store down the street. If this is what you want then Riverfront is not for you. Due to Cobo and the JLA, Riverfront Towers is isolated from the rest of downtown and this is exaggerated even more by the "walled off" compound feel of the facility. Don't get me wrong the security is good but sometimes I imagine I'm living in the "green zone" in Baghdad. This is a gross exaggeration but I don't know how else to compare it.

Overall

I would recommend this to someone who is moving to the city or urban environment for the first time and is use to suburban living. It provides good security and decent access to what downtown has to offer via the People Mover. Once you adjust to living downtown move somewhere else after a few years. But, if you've lived in other big cities and your looking for a place that offers a style of living more associated with Chicago or NYC then this is not the place for you.

Finally

Just a note about the potential sale of Riverfront Towers and the current condo conversion. Two years ago they claimed they had sold 70% of the units in tower 100. The letter about the sale I received last week claimed 75% of the units were sold. Either they were full of it about the 70% two years ago or the purchasing of units has come to an almost complete hault. I told another landlord two years ago that they claimed they had already sold 70% of the units and he told me that probably meant they had only sold 30% in reality. Who knows?

Also, last July prior to receiving our new lease agreement for another year Riverfront published a letter stating that residents in tower 200 would be able to live in their current units for a minimum of one more year. We had been lead to believe that were going to ahve to move but we didn't have to. For whatever reason they decided not to go ahead with the conversion of tower 200 as scheduled.

If you have any other questions just ask.. The things I mentioned above were those that just came to mind.

(Message edited by stecks77 on February 26, 2007)

(Message edited by stecks77 on February 26, 2007)

(Message edited by stecks77 on February 26, 2007)
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56packman
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Username: 56packman

Post Number: 1029
Registered: 12-2005
Posted on Monday, February 26, 2007 - 10:27 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

good post Stecks77--one other tidbit about the elevators: you can (and must) reserve an elevator to be locked down when you move in/out. I was involved with a move where the reservation was trumped by the Wayne Co. Sheriff, who needed the elevator for an eviction. So.....the guy who paid his rent all along had the elevator yanked away by a deadbeat.
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Redetroit
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Username: Redetroit

Post Number: 55
Registered: 04-2005
Posted on Monday, February 26, 2007 - 10:33 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

I'm not trying to sound like the "Detroit optimist" here, but at least things are still selling downtown. Almost every developer I know has stopped any residential project they've started in the surrounding suburbs. Considering the state of the economy, along with a huge majority of Michigan residents unaware if they will have a job tomorrow, the downtown market doesn't look too bad to me.

Brandon, you mentioned the Lofts at Rivertown having 16 resales right now. I don't see how that can be that negative of a point. I have lived at the Lofts for over 3 years and am quite comfortable with the investment I've made down there. The building has nearly sold 172 units in less than 4 years (they projected 6-7 years). A lot of people that I know in the building purchased their condos over 3 years ago and are selling them at a nice profit today because of this.

I mean let's face it, things aren't great, but in my opinion (for what it's worth) it's not that bad downtown.

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