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Berkshire Hathaway HomeServices The Loft Warehouse Condo Market Report Downtown Detroit June 30th 2018
Condo Market Report
Downtown Detroit - June 2018 DEVELOP WITH CONFIDENCE
Copyright 2018 The Loft Warehouse Inc.
Contents
Introduction
Market Outlook
Development Map
Desirability Analysis
Development Markets
• New Development Market
• Hybrid (New + Resale) Development Market
• Resale Development Market
Condo Market Report
Downtown Detroit - June 2018 DEVELOP WITH CONFIDENCE
Copyright 2018 The Loft Warehouse Inc.
Introduction
Welcome to our Detroit Condo Market Report! This report is aimed at listing all significant condominiums project in Detroit, and organizing essential information about them so that buyers. sellers, developers and real estate agents can use it to quickly find relevant information and aid in their decision making process.
It includes key metrics such as sold price per sf, desirability index, as well as a list of the most recent sales, with unit size, price, and close date.
We hope it becomes an essential tool for anyone already involved in our very dynamic and growing market, as well as an exciting introduction for those considering a move to our City either a new residents or as investors and developers.
Definitions • New Development - A project that is new to the market and has never been sold before. Only projects that are publicly
offered for sale are reported. Contact us to learn more about upcoming developments.
• Hybrid (New + Resale) Development - A project where both developer sale and existing owner sales happen at the same time.
• Resale Development - A project that was sold out by its developer and only has existing owner sales.
• Average Absorption - Units sold per month over last ten sales or last three years.
• Launch Year - Year that closings started or that closings are expected to start for new developments.
• Sold Out Year - Year when the last developer owned unit was sold. For older projects this is often an estimate.
• Average Listing Price/SF - This is applicable only to new developments, and represents the average of the price per square foot of the units that are publicly marketed at the time this report is issued. It does not include the price per square foot of units under contract and not yet closed, as this is not public information.
• Address - When a development has multiple addresses (as is typical for townhome developments for example) the unit number is a short form of the street address comprised of the street number followed by a letter code indicating the street.
• Condominiums/Cooperative - This report only covers condominiums in the city of Detroit and excludes cooperative units that are usually bundled with condominiums on the MLS. Due to the specific type of ownership and ownership restrictions, the cooperative market does not follow the same dynamic than the condominium market.
• Desirability Index - The Desirability Index reported for resale developments is an average for the units sold during the period. The Desirability Index reported for new developments (units not yet sold) is based on the publicly available information.
• Sources - Realcomp II Ltd. is the source of all sale data. Other data is credited to each project specific website and other marketing materials.
• Amenities - The visual key below has been used to describe the amenities available for each Development.
Valet Concierge Hotel Storage Fitness Lounge Food
& Drink Outdoor Parking Pool
Condo Market Report
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Market Outlook
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1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019
Book Cadillac
CBD
Midtown
Detroit Average
With an average sold price at $225/sf, the Detroit market has confirmed a complete recovery from the 2008 economic crisis and is now
well surpassing its historical high. That recovery is lead by the Central Business District (CBD) and Midtown, both neighborhoods well
above $300/sf.
The Westin Book Cadillac is still the market leader even in a full resale mode and outperforms even new construction condominiums with
an average above $500/sf.
The market dynamic at play for the last few years has been a severe lack of new inventory compared to the accelerating pace of demand.
More and more people come and work downtown in the new office buildings being renovated by the likes of Dan Gilbert and his Bed-
rock group or for employers that see significant growth such as Meridian Health or Olympia Entertainment. These new employees are
attracted to the City where they can now find amenities (especially food & beverage, entertainment) that easily compete with surround-
ing communities while offering the benefits of a reduced commute.
The residential market started to respond over the last 3 years with an increased supply of rental inventory, but the for sale demand has
not been addressed until 2018. We are now seeing the first new condo inventory coming on the market with Selden (12 units), Fort
Shelby Residences (56 units) and City Modern (104 units).
This lag in inventory response to the market demand combined with the major improvements in the City’s infra-
structure, are fueling a sharp appreciation at rates of $50/sf/yr to $75/sf/yr.
Price/sf vs. Close date
10-year sales history
Condo Market Report
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Leland Lofts
Lofts at New Center
Grinnell Place Lofts
Campau Farm in Elmwood Park
55 West Canfield
Canfield Lofts
Stuber-Stone Lofts
Riverfront Tower Condos
Lofts at Rivertown
Indian Village Manor
Detroit Towers Condos
Shoreline East Condos
Park Shelton Condos
Art Center Town & Carriage Homes
200 River Place Lofts
FD Lofts
Gramont Manor Condos
Westin Book Cadillac Residences
Spinnaker Tower
Research Lofts
Garden Lofts
Woodward Place at Brush Park
Ellington Condos
Carola &Lamar Lofts
Map of Coverage
Saint Charles - 1454 Townsend Street
The Selden - 438 Selden Street
Fort Shelby - 525 W. Lafayette Boulevard
9 on 3rd Townhomes - 4402 - 4434 3rd Street
Cass & York - 5935 Cass Avenue
Ashton Detroit - 659 Howard Street
City Modern - 318 Edmund Place
Franklin Lofts - 2987 Franklin Street
64 Watson - 64 Watson Street
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Willys Overland Lofts - 444 W. Willis Street
Great Lakes Tower - 250 Harbortown East Drive
Garden Court - 2900 Jefferson Avenue
Carlton Lofts - 2915 John R. Street
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Resale Developments New Developments
New + Resale Developments
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Desirability Analysis A Buyer Behavior Model
The Desirability Index is a proprietary index developed by Berkshire Hathaway HomeServices The Loft Warehouse, that
represents how desirable a property is for a typical buyer. It is a number from 0% (least desirable) to 100% (most desira-
ble), based on a statistical model of buyer behavior extracted from past and current sales data. The desirability index is the
cornerstone of a new statistical method to model condominium markets that allows us to predict the sale price of any con-
dominium unit based on its location, finishes and amenities.
Changes in the buyer behavior occur because of long term trends in buyer taste and changes in available construction and
material technology, but also more rapidly, through the influx of new residents to the City moving from surrounding com-
munities, as well as bringing fresh expectations from other Cities & States.
As we update regularly our model, we are able to see trends in buyer behavior such as the continued importance of park-
ing, or the evolution away from industrial lofts toward refined products featuring higher quality finishes. More importantly,
we are able to quantify these changes and their impact on perceived value.
Market Model
The use of the Desirability Index allows us to compute a very simple market model as the relationship between the Desira-
bility Index and the Price/sf is linear. By separating the Buyer model from the Market model, we can observe “pure” market
changes independently.
For example, we are able to detect early any signs of a market change that would be otherwise hidden by the variation of
product offered for sale. Our recent observations of the Detroit condo market is that it is progressing slowly (the price/sf
for a product of a given desirability does not change much) but that the inventory is shifting quickly toward more desirable
product either through the release of new product or improvement of existing resale units.
Model Usage
We support developers as they work on the concept for their future product by applying this model. It allows us to precise-
ly value and compare various options for finishes and amenities, and fine tune the product design to optimize its cost vs.
the expected sale price.
The model gives us a deeper understanding of what matters for a buyer and how to best choose a site for a given product,
or what product best fits an existing site. The chart below illustrates, as an example, the relative importance of Location,
Finishes and Amenities for a condo buyer as of the time of this report.
Finally, we have calculated the average Desirability Index for each development in this report and illustrated their relative
position on the graph on the next page.
Condo Market Report
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Desirability Analysis
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
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Leland Lofts
Lofts at New Center
Grinnell Place Lofts
Campau Farm in Elmwood Park
55 West Canfield
Canfield Lofts
Stuber-Stone Lofts
Riverfront Tower Condos
Lofts at Rivertown
Indian Village Manor
Detroit Towers Condos
Shoreline East Condos
Park Shelton Condos
Art Center Town & Carriage Homes
200 River Place Lofts
FD Lofts
Saint Charles - 1454 Townsend Street
The Selden - 438 Selden Street
Fort Shelby - 525 W. Lafayette Boulevard
9 on 3rd Townhomes - 4402 - 4434 3rd Street
Cass & York - 5935 Cass Avenue
Ashton Detroit - 659 Howard Street
City Modern - 318 Edmund Place
Franklin Lofts - 2987 Franklin Street
64 Watson - 64 Watson Street
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Willys Overland Lofts - 444 W. Willis Street
Great Lakes Tower - 250 Harbortown East Drive
Garden Court - 2900 Jefferson Avenue
Carlton Lofts - 2915 John R. Street
A
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Resale Developments New Developments
New + Resale Developments
Gramont Manor Condos
Westin Book Cadillac Residences
Spinnaker Tower
Research Lofts
Garden Lofts
Woodward Place at Brush Park
Ellington Condos
Carola &Lamar Lofts
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New Developments The following section contains sale information and updates for actively selling
developments and upcoming condo projects in the Detroit market.
Project List:
Saint Charles Residences
The Selden
Fort Shelby Residences
9 on 3rd
Cass & York
Ashton
City Modern
Franklin Lofts
64 Watson
9 on 3rd Townhomes
Saint Charles Residences
Selden
Fort Shelby Residences | Residential Lobby
New Development Downtown
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Fort Shelby
Located above the Downtown Hilton-DoubleTree hotel, the Fort Shelby Residences offer hotel amenities to its residents, as well as great views of the Detroit River and the downtown skyline.
Unit Type SF Closing Price $/SF Closed
11C 1/1 939 $300,000 $319 6/24/18
12B 3/2 1848 $550,000 $298 6/24/18
20B 3/2 1848 $600,000 $325 6/24/18
17A 2/2 1405 $435,000 $310 5/31/18
16B 3/2 1848 $548,500 $297 4/23/18
18B 3/2 1848 $533,000 $288 4/23/18
1623 $494,400 $306 Averages:
Most Recent Closed Sales
Desirability Index : 58%
Sale Status
Address
525 W. Lafayette
Boulevard Total Units
56
Launch Year
2018
Developer MCP Development Average HOA Fees $400-$600/Month
Average Absorption 2 units/month
Average Listing Projected
Price/SF $314
Available list prices as of June 2018:
One Bedroom:
Starting Listing Price: $300,000+
Size: 939-1173 SF
Listing Price/SF: $298—$346
Two Bedroom:
Starting Listing Price: $365,000+
Size: 1223-1443 SF
Listing Price/SF: $281—$347
Three Bedroom:
Starting Listing Price: $533,000+
Size: 1848 SF
Listing Price/SF: $288—$325
25 closed 9 in contract 22 available
New Development Downtown
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Ashton Detroit
Located just a few blocks West of the Central Business District Ashton Detroit is an ambitious project as the first high-rise residential building in several decades. Finishes are modern, and reminiscent of big City architecture such as Chicago or Toronto. Desirability Index : 72%
Sale Status
Address
659 Howard Street
Total Units
96
Launch Year
2020
Developer Eric Means & Brian Holdwick Average HOA Fees $123/Month
Average Absorption TBD
Average Listing Projected
Price/SF $437
Available list prices as of June 2018:
One Bedroom:
Starting Listing Price: $267,990+
Starting Size: 602-1063 SF
Starting Listing Price/SF: $420—$486
Two Bedroom:
Starting Listing Price: $554,752+
Starting Size: 1223-1334 SF
Starting Listing Price/SF: $390—$446
Three Bedroom:
Starting Listing Price: $835,332+
Starting Size: 1917 SF
Starting Listing Price/SF: $436—$443
0 closed 9 in contract 87 available
New Development Midtown
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Address
438 Selden
Total Units
12
Launch Year
2018
Developer
Ferlito Group
Average HOA Fees
$295/Month
Average Absorption
1.5 units/month
Last Six Months Price/SF $123 (123 units)
The Selden Condominium
The Selden is a 12-unit luxury condominium ideally situated near the Woodward corridor in the heart of Midtown Detroit, with easy access to shopping, dining, art and the Q-LINE rail system just a few steps away.
Unit Type SF Closing Price $/SF Closed
302 2/2 1165 $469,900 $403 4/7/18
301 2/2 1185 $469,900 $397 4/7/18
304 2/2 1158 $489,000 $422 3/23/18
404 2/2 1155 $518,000 $448 2/20/18
402 2/2 1165 $489,900 $421 1/26/18
401 2/2 1185 $525,000 $443 1/18/18
201 2/2 1185 $469,900 $397 1/17/18
204 2/2 1155 $454,000 $393 1/17/18
1169 $485,700 $416 Averages:
Most Recent Closed Sales
Desirability Index : 55%
Sale Status
9 closed 2 in contract 1 available
Available list prices as of June 2018:
Two Bedroom:
Starting Listing Price: $454,000+
Size: 1155 - 1185 SF
Listing Price/SF: $393 - $448
Developer Ferlito Group Average HOA Fees $295/Month
Average Absorption 1.3 units/month
Average Listing Projected
Price/SF $421
New Development Midtown
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9 on 3rd
A row of nine attached townhouse-lofts with front stoops facing the sidewalk, rear below-grade parking, and brick exteriors. The properties include the features of a loft but the comfort of a town home, exposed brick and high ceilings. Each of the 1,100-square-foot condominiums offers an open-plan first floor, including a master bedroom on the second floor, as well as a second one that can easily be converted to a studio. Each condo includes a 2-car (tandem) attached garage.
Unit Type SF Closing Price $/SF Closed
4434 1/1.5 1100 $328,000 $278 4/16/18
4426 1/1.5 1100 $351,800 $320 4/17/18
4402 1/1.5 1100 $306,250 $298 4/24/18
1100 $328,700 $299 Averages:
Most Recent Closed Sales
Desirability Index : 42%
Sale Status
Address
4402 - 4434 3rd Street
Total Units
9
Launch Year
2017
Developer Confidential Average HOA Fees $300/Month
Average Absorption 3 units/month
Average Listing Projected
Price/SF $299
Available list prices as of June 2018:
Two Bedroom:
Starting Listing Price: $312,000+
Starting Size: 1100 SF
Starting Listing Price/SF: $284—$314
3 closed 2 in contract 4 available
New Development Midtown
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Cass & York
CASS & YORK provides the vibrancy of center city living with the scale and composure of an urban neighborhood. It includes ground floor retail with an outdoor plaza. Residential units are planned to accommodate day-to-day comforts while detailed to be modern and distinct. No two units are alike.
Desirability Index : 66%
Sale Status
Address
5935 Cass Avenue
Total Units
53
Launch Year
2020
Developer The Platform Average HOA Fees $456-$936/Month
Average Absorption TBD
Average Listing Projected
Price/SF $550
Available list prices as of June 2018:
One Bedroom:
Starting Listing Price: $395,000+
Starting Size: 890 SF
Listing Price/SF: $444—$482
Two Bedroom:
Starting Listing Price: $545,000+
Size: 1247-1773 SF
Listing Price/SF: $433—$993
Three Bedroom:
Starting Listing Price: $850,000+
Starting Size: 1788 SF
Listing Price/SF: $475
0 closed 1 in contract 53 available
New Development Brush Park
Condo Market Report
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City Modern
City Modern is a largescale project comprising of 104 units, over 3 phases and 3 years of construction. The variety of designs (townhomes, carriage homes and “duplettes”) all in a very contemporary style are very attractive to the modern buyer. Project offers multiple customization options. Desirability Index : 48%
Sale Status
Address
318 Edmund Place
(Various) Total Units
104
Launch Year
2018
Developer Hunter & Pasteur Homes Average HOA Fees $417-$579//Month
Average Absorption TBD
Average Listing Projected
Price/SF $371
Available list prices as of June 2018:
Townhomes Three Bedroom:
Starting Listing Price: $865,00+
Starting Size: 2,300+ SF
Starting Listing Price/SF: $376
Townhomes Two Bedroom:
Starting Listing Price: $747,000+
Starting Size: <2,000 SF
Starting Listing Price/SF: <$374
Carriage Home Two Bedroom:
Starting Listing Price: $508,000+
Starting Size: 1,400+ SF
Starting Listing Price/SF: $363
0 closed 75 in contract 29 available
New Development Brush Park
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64 Watson
64 Watson is the address of the former Devon building, now demolished to make place for this stately new development. Residences will have dark walnut flooring, private outdoor space, and a garage for residents. Desirability Index : 59%
Sale Status
Address
64 Watson Street
Total Units
5
Launch Year
2018
Developer Devon Renewal Average HOA Fees $234 Month
Average Absorption TBD
Average Listing Projected
Price/SF $416
Available list prices as of June 2018:
One Bedroom:
Starting Listing Price: $311,710
Starting Size: 854 SF
Starting Listing Price/SF: $365
Two Bedroom:
Starting Listing Price: $683,400+
Starting Size: 1608-1754 SF
Starting Listing Price/SF: $425-$507
0 closed 2 in contract 3 available
East Riverfront New Development
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Franklin Lofts
These luxury lofts have spectacular views of downtown Detroit, and each has a private rooftop deck, 12-foot ceilings, and exposed brick walls with open floor plans that are perfect for entertaining and relaxation. The professional kitchen includes Miele appliances and Berloni cabinets, and reclaimed hardwood floors flow throughout the space.
Desirability Index : 38%
Sale Status
Address
2987 Franklin Street
Total Units
10
Launch Year
2017
Developer On Your Fork LLC Average HOA Fees $195-500/Month
Average Absorption <1 units/month
Average Listing Projected
Price/SF $305
Available list prices as of June 2018:
One Bedroom:
Starting Listing Price: $224,000+
Starting Size: 602-1135 SF
Starting Listing Price/SF: $325
Two Bedroom:
Starting Listing Price: $492,000+
Starting Size: 1769-2188 SF
Starting Listing Price/SF: $300
Three Bedroom:
Starting Listing Price: $532,500+
Starting Size: 2315-4000 SF
Starting Listing Price/SF: $230—$350
1 closed 5 in contract 4 available
New Development Islandview/West Village
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Saint Charles Residences
Phase 1 is located in a 1912 school being renovated into 25 condo units. The residences feature large open spaces, abundant natural light from soaring windows, lofty ceilings and luxury finishes. This development includes additional new constructions phases planned in 2019-2020. Desirability Index : 49%
Available list prices as of June 2018:
One Bedroom:
Starting Listing Price: $365,000+
Size: 933 - 1171 SF
Listing Price/SF: $377 - $401
Two Bedroom:
Starting Listing Price: $375,000+
Size: 939 - 1636 SF
Listing Price/SF: $399 - $498
Parking:
Price: $15,000
Address 1454 Townsend Street
Total Units
25 (phase 1)
10 (phase 2) Launch Year
2018
Developer Banyan Investment Average HOA Fees $400/Month
Average Absorption TBD
Average Listing Price/SF
$415
Sale Status
0 closed 10 in contract 15 available
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New Development + Resale Market The 2008 economic crisis slowed down considerably the sales effort of developments
that opened their doors in the 2006-2008 timeframe. Developers adopted various strat-
egies to face the temporary lack of demand for market priced condominiums.
In 2016-2018 we have seen a number of these projects selling their developer-owned
inventory thanks to favorable market conditions while the original owners were also ac-
tive on the resale market having now recovered fully their lost equity.
Project List:
Great Lakes Tower
Garden Court
Willys Overland Lofts
Carlton Lofts
Harbortown | Great Lakes Tower
Willys Lofts
Garden Court
Carlton Lofts
Midtown New + Resale Development
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Willys Overland Lofts
The Willys Loft building was built in 1912 as a showroom for the Willys Overland vehicles. The building’s conversion to upscale loft condos is almost complete with only two units still available.
The Willys Lofts residences range from unique live/work retail spaces to two-story penthouses with 250 square feet, private rooftop terraces, and indoor parking. The building, located in the heart of Midtown and the Cass-Canfield neighborhood, features common outdoor terraces, an on-site art gallery and boutique shops.
Unit Type SF Closing Price $/SF Closed Sale Type
414 2/2 1842 $532,500 $289 6/8/18 Resale
411 2/2 2292 $825,000 $360 3/16/18 New
415 2/2 1388 $492,500 $355 3/16/18 Resale
304 1/1 1100 $322,500 $293 2/28/18 Resale
401 2/2.5 2484 $828,000 $333 2/26/18 Resale
313 2/2 1388 $460,000 $331 2/16/18 New
315 2/2 1388 $460,000 $331 2/16/18 New
302 2/2 1356 $455,000 $336 2/16/18 New
515 2/2 2830 $832,592 $294 1/19/18 New
311 3/2 2287 $739,826 $323 9/24/17 New
1836 $616,800 $325 Averages:
Most Recent Closed Sales
Desirability Index : 49%
Address
444 W. Willis Street
Total Units
75
Launch Year
2006
Developer
George John
Average HOA Fees
$240-$440/Month
Average Absorption
123 units/month
Last Six Months Price/SF $123 (123 units)
Developer Norwinds Development Average HOA Fees $240-$440/Month
Average Absorption 1.5 units/month
Last Six Months Price/SF
$342 (9 units)
Brush Park New + Resale Development
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Carlton Condominiums
Located in the former Carleton Plaza Hotel in Brush Park, The Carlton Lofts contain 50 condominium units that reveal the original architecture of the building in a true loft fashion: exposed brick walls & ceilings, concrete structure & columns, and polished concrete floors. The developer added modern finishes such as heated floors, upscale kitchens and bath-rooms. Balconies offer great views of Brush Park and Down-town.
Woodward avenue and the entertainment district is just a couple blocks away and the Q-Line connects residents easily with Downtown to the South and Midtown/New Center to the North.
Most Recent Closed Sales
Desirability Index : 40%
Address
2915 John R Street
Total Units
50
Launch Year
2006
Developer Dominic Liburdi
Average HOA Fees
$250-$325/Month
Average Absorption
<1 units/month
Last Six Months Price/SF $307 (2 Units)
Unit Type SF Closing Price $/SF Closed Sale Type
308 2/2 1242 $390,000 $314 4/13/18 New
203 1/1 832 $246,000 $296 3/23/18 New
302 1/1 870 $259,700 $299 12/15/17 Resale
307 2/2 1140 $348,000 $305 9/1/17 New
204 1/1 768 $243,000 $316 8/30/17 New
211 1/1.5 1017 $295,000 $290 7/10/17 New
401 1/1 706 $229,900 $326 6/30/17 New
305 2/1 870 $275,000 $316 3/28/17 New
707 2/2 1701 $510,000 $300 10/14/16 Resale
202 1/1 870 $252,000 $290 9/2/16 New
1001 $304,900 $302 Averages:
East Riverfront New + Resale Development
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Harbortown | Great Lakes Tower
This building is located in a gated & secured development that offers resort-like amenities to its residents. It includes 3 multi-family buildings and a number of townhomes. The complex has a direct private access to the Detroit Riverfront walk and its own marina.
The Great Lakes Tower is the largest of these buildings, located on the East side of the complex. It has its own swimming pool and fitness center. The architecture of the building dates back to 1989 and offers multiple bay windows thus maximizing the fantastic Detroit River views.
*For the purpose of this report we have considered as developer sales (marked as “new: in the table below), the sale of 95 units that were purchased by an investor and that were never sold individually before. That investor has been working through a project to gradually upgrade all 95 units and sell them on the retail market.
Unit Type SF Closing Price $/SF Closed Sale Type
506 2/2 1031 $243,000 $236 6/27/18 New
1112 2/2 1214 $250,000 $206 6/22/18 Resale
211 1/1 748 $152,000 $203 6/4/18 New
902 1/1 748 $168,300 $225 6/3/18 New
1302 1/1 746 $187,500 $251 5/30/18 Resale
1006 2/2 1031 $259,200 $251 5/6/18 New
802 1/1 746 $188,400 $253 5/6/18 New
1107 2/2 1023 $233,050 $228 5/6/18 New
311 1/1 748 $169,000 $226 5/4/18 New
209 2/2 1214 $268,000 $221 4/3/18 New
925 $211,800 $230 Averages:
Most Recent Closed Sales
Desirability Index : 32%
Address
250 Harbortown East
Drive Total Units
172
Launch Year
2017
Developer Bow River Capital
Average HOA Fees
$645/Month
Average Absorption
4.5 units/month
Last Six Months Price/SF $229 (10+ units)
East Riverfront New + Resale Development
Condo Market Report
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Garden Court
Garden Court is a 9-story 1915 building by famed architect Albert Kahn. It offers and great views of Downtown and the Detroit River in a classical architecture style typical of the early 20th century. The building was registered on the national registry of historical places in 1985.
There were only a few units owned by the developer at the beginning of the year and they are now sold. Some home owners have beautifully restored & upgraded their units with breathtaking results.
Unit Type SF Closing Price $/SF Closed
Date Sale Type
B6 4/3 3000 $375,000 $125 11/9/17 Resale
D102 1/1 764 $163,000 $213 7/31/17 Resale
B1 3/3 2952 $339,000 $115 7/19/17 New
B3 3/2.5 3047 $345,000 $113 4/20/17 New
D101 1/1 718 $149,900 $209 3/24/17 Resale
A801 1/1 771 $145,000 $188 2/9/17 Resale
A701 1/1 771 $140,000 $182 2/9/17 Resale
C2A 1/1 1049 $116,970 $112 12/16/16 New
A2 1/1 901 $115,000 $128 5/10/16 New
A3 3/2 1893 $215,000 $114 4/1/16 Resale
1587 $210,300 $150 Averages:
Most Recent Closed Sales
Desirability Index : 30%
Address
2900 Jefferson Avenue
Total Units
66
Launch Year
2007
Developer Farbman
Average HOA Fees
$262-$681/Month
Average Absorption
1 units/month
Last Six Months Price/SF No Recent Sales
Condo Market Report
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Resale The Detroit condominium market is still largely dominated by resales that represent the
very large majority of transactions. Most of these happen in developments that launched
in the mid 2000s, most of them resulting from the adaptive reuse of historic structures.
Project List:
Leland Lofts
Lofts at New Center
Grinnell Place Lofts
Campau Farm in Elmwood Park
55 West Canfield
Canfield Lofts
Stuber-Stone Lofts
Riverfront Tower Condos
Lofts at Rivertown
Indian Village Manor
Detroit Towers Condos
Shoreline East Condos
Park Shelton Condos
Art Center Town & Carriage Homes
200 River Place Lofts
FD Lofts
Gramont Manor Condos
Westin Book Cadillac Residences
Harbor Spinnaker Tower
Research Lofts
Carola & Lauer Condos
Woodward Place at Brush Park
Ellington Condos
Carola & Lamar Lofts
Westin Book Cadillac Residences
200 River place Lofts
Lofts at Rivertown
Resale Development Downtown
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Westin Book Cadillac Residences
The Westin Book Cadillac Detroit is a histor-ic skyscraper hotel. Designed in the Neo-Renaissance style, and constructed as the Book-Cadillac, it embod-ies Neo-Classical elements and building sculpture, in-corporating brick and limestone. It includes 65 exclu-sive luxury condominiums and penthouses on the top eight floors. It reopened in October 2008 after com-pleting a $200-million reconstruction project.
Residents benefit from the full suite of hotel amenities: private concierge, maid service, room service, 24/7 valet & security and access to the fitness center, swim-ming pool, on site restaurants and Starbucks coffee shop.
This condominium is the definitive Detroit market lead-er in price/sf.
Unit Type SF Closing Price $/SF Closed
2512 2/2 1270 $645,000 $508 10/17/17
Unk 3/2.5 2500 $1,795,000 $718 6/2/17
2501 2/2 1137 $470,000 $413 4/7/17
2709 2/2 1179 $575,000 $488 3/28/17
2507 1/1.5 977 $425,000 $435 2/14/17
2606 2/2 1420 $657,900 $463 2/14/17
2905 3/2.5 4470 $1,200,000 $268 11/1/16
2802 2/2 1277 $575,000 $450 9/23/16
2509 2/2 1162 $530,000 $456 7/27/16
2404 2/2 1250 $450,000 $360 6/9/16
1664 $732,300 $456 Averages:
Most Recent Closed Sales
Desirability Index : 73%
Address
1135 Shelby
Total Units
65
Launch Year
2008
Developer Ferchill Group
Average HOA Fees
$570-$2779/Month
Sold Out
2014
Last Six Months Price/SF No Recent Sales
Resale Development Downtown
Condo Market Report
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Riverfront Tower Condominiums
Riverfront Tower is a luxury high-rise residential community of Detroit Downtown. These spacious one and two bedroom apartments come with multiple floor plans to suit all needs and tastes. Spectacular views of the Detroit River and Wind-sor skyline and easy connection to downtown entertainment offer residents a great lifestyle.
Most Recent Closed Sales
Desirability Index : 45%
Address
1001 Jefferson &
300 Riverfront Total Units
295
Launch Year
2006
Developer Riverfront Condominium
300 Average HOA Fees
$335-$723/Month
Sold Out
2008
Last Six Months Price/SF $308 (6 units)
Unit Type SF Closing Price $/SF Closed
14 D 1/1 690 $215,000 $312 6/29/18
26 D 1/1 713 $224,900 $315 5/25/18
27 D 1/1 690 $225,000 $326 4/27/18
18 J 1/1.5 793 $220,000 $277 3/30/18
20 D 1/1 713 $210,000 $295 1/12/18
5 I 2/2 1041 $335,000 $322 1/5/18
Unk 2/2 1019 $255,000 $250 12/29/17
29 E 2/2 1491 $380,000 $255 12/29/17
25 F 1/1.5 751 $215,000 $286 12/29/17
21 E 2/2 1019 $311,000 $305 11/21/17
892 $259,000 $294 Averages:
Resale Development Midtown
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Canfield Lofts Condominiums
Placed on the national and local historical registries in 1999, this structure was built in 1921 and occupied by Buick Motor Co. Canfield Lofts feature exposed con-crete martini columns throughout, new windows, first-floor parking garage for 22 cars, an outdoor lot, an 800-square-foot common outdoor roof deck, storage area on first and second floors, an alarm system.
Its location makes it the favorite of many Detroiters and it regularly reaches price/sf records.
Unit Type SF Closing Price $/SF Closed
302 1/1 868 $275,000 $317 4/30/18
208 1/1 786 $317,500 $404 3/12/18
309 1/1 1087 $350,000 $322 11/7/17
106 1/1 900 $309,000 $343 10/30/17
304 1/1 1087 $360,000 $331 10/17/17
308 1/1 900 $315,000 $397 5/31/17
208 1/1 786 $250,000 $318 1/26/17
303 1/1 1081 $329,000 $304 10/31/16
104 1/1 914 $330,000 $361 10/25/16
216 1/1 782 $225,000 $288 10/6/16
919 $306,100 $339 Averages:
Most Recent Closed Sales
Desirability Index : 47%
Address
460 W. Canfield Street
Total Units
35
Launch Year
2000
Developer Canfield Lofts LLC
Average HOA Fees
$262-$375/Month
Sold Out
2006
Last Six Months Price/SF $358 (2 units)
Resale Development Midtown
Condo Market Report
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55 West Canfield
The Lofts at 55 West Canfield is an urban redevelop-ment of a 1922 warehouse building that features wide open floor plans for flexible usage, exposed structural elements, demising walls engineered for sound attenu-ation, and large anodized aluminum insulating glass warehouse style windows.
The first floor of the building is occupied by the Bikram Yoga studio.
Unit Type SF Closing Price $/SF Closed
206 1/1 922 $286,000 $310 10/20/17
303 1/1 877 $285,000 $325 7/5/17
307 1/1 718 $240,000 $334 5/3/17
210 1/1 944 $260,000 $275 10/28/16
302 1/1 911 $272,000 $299 10/25/16
304 1/1 750 $270,000 $360 8/4/16
310 1/1 944 $260,000 $275 6/30/16
867 $267,600 $311 Averages:
Most Recent Closed Sales
Desirability Index : 40%
Address
55 Canfield Street
Total Units
38
Launch Year
2007
Developer Wayne South University
Village Average HOA Fees
$246-$300/Month
Sold Out
2013
Last Six Months Price/SF No Recent Sales
Resale Development Midtown
Condo Market Report
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Stuber-Stone Lofts
Located in the national historic district, the Stuber-Stone building was built in 1916 to serve as a dealer-ship for the Columbia Motor Car Company. These lofts feature one-bedroom units w/loft and bath, large open floor plans, 16-foot ceiling heights, as well as two-story lofts.
Most Recent Closed Sales
Desirability Index : 45%
Address
4221 Cass Avenue
Total Units
13
Launch Year
2006
Developer Bob Slattery
Average HOA Fees
$235-$285/Month
Sold Out
2016
Last Six Months Price/SF $302 (1 unit)
Unit Type SF Closing Price $/SF Closed
1300 2/1 1356 $410,000 $302 6/29/18
700 2/1 1198 $367,500 $307 7/14/17
600 2/1 1872 $345,000 $184 12/13/16
Unk 1/1 1250 $380,000 $304 3/25/16
1419 $375,600 $274 Averages:
Resale Development Midtown
Condo Market Report
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Park Shelton Condominiums
This is Midtown Detroit unique high rise condominium, with history, character, mystique, exclusivity, and com-fort all in one place. The building is an architectural landmark next to the Detroit Institute of Arts, the De-troit Historical Museum and the extraordinary Detroit Public Library main branch 1921 building.
The original 1926 Wardell hotel building has been brought back to its former grandeur, with a thorough structural and thorough interior modernization. It fea-tures a grand lobby with a full-time professional staff in attendance.
The Park Shelton boasts legendary design and modern amenities, combining posh with urban chic while offer-ing the convenience of many on-site amenities such as shops, restaurants, coffee shops, and a Q-Line station.
Unit Type SF Closing Price $/SF Closed
723 0/1 574 $170,000 $296 6/13/18
620 1/1.5 860 $242,000 $281 4/12/18
Unk 0/1 513 $175,900 $343 2/21/18
1230 1/1 402 $175,000 $435 2/16/18
1126 1/2 936 $247,500 $264 2/12/18
1211 2/2 1470 $412,000 $280 1/23/18
621 1/1.5 910 $245,000 $269 1/8/18
822 3/2 1729 $450,000 $260 11/30/17
221 1/1.5 786 $220,000 $280 9/19/17
810 2/2 1470 $355,000 $241 8/25/17
965 $269,200 $295 Averages:
Most Recent Closed Sales
Desirability Index : 42%
Address
15 E. Kirby Street
Total Units
227
Launch Year
2004
Developer BRG Custom Homes
Average HOA Fees
$258-$924/Month
Sold Out
2017
Last Six Months Price/SF $294 (7 units)
Resale Development Midtown
Condo Market Report
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Ellington Condominiums
The Ellington offers unprecedented loft-style luxury. Located adjacent to the Detroit Medical Center and Wayne State Uni-versity, The Ellington also is less than half a mile from De-troit's Central Business District, which includes Comerica Park, Ford Field and General Motors and Compuware corpo-rations. World-class dining and entertainment are also near-by.
Unit Type SF Closing Price $/SF Closed
502 1/1.5 1147 $350,000 $305 6/22/18
503 1/1.5 862 $312,000 $362 6/21/18
407 2/2 1331 $410,000 $308 10/3/17
212 2/2 1180 $375,000 $318 6/30/17
204 2/2 1226 $363,700 $297 6/23/17
308 1/1.5 967 $319,000 $330 5/31/17
409 2/2 1150 $335,000 $291 7/6/16
1123 $352,100 $316 Averages:
Most Recent Closed Sales
Desirability Index : 49%
Address
3670 Woodward Avenue
Total Units
36
Launch Year
2006
Developer RAM
Average HOA Fees
$389-$642/Month
Sold Out
2013
Last Six Months Price/SF $330 (2 units)
Resale Development Midtown
Condo Market Report
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Art Center Town & Carriage Homes North
This development is located on the East side of Midtown in the Art Center residential district. These townhomes are of recent construction with the last phase having just been completed.
Unit Type SF Closing Price $/SF Closed
267 4/4 2223 $389,900 $175 6/17/18
274 1/1 1132 $179,000 $158 6/8/18
265 4/4 2223 $382,900 $172 3/2/18
292 3/2.5 1500 $310,000 $207 1/5/18
275 3/3 1458 $330,000 $226 12/1/17
271 3/3 1458 $334,900 $230 8/2/17
286 1/1 1128 $180,000 $160 7/24/17
273 3/3 1458 $339,900 $233 6/30/17
290 1/1 1128 $159,500 $141 3/3/17
281 1/1 1128 $122,600 $109 10/10/16
1484 $272,900 $181 Averages:
Most Recent Closed Sales
Desirability Index : 31%
Address
E. Palmer Street
Total Units
60
Launch Year
2006
Developer George John
Average HOA Fees
$155-$195/Month
Sold Out
2017
Last Six Months Price/SF $178 (4 units)
Resale Development Midtown
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Research Lofts
Research Lofts offers modern styled units in a nationally listed historic industrial style building. Includes: dramatic open spaces, high ceilings, volumes of natural daylight, ex-posed brick, martini glass style columns, exposed wood beams and timbers, all provided in the historical charmed setting of Old Detroit. Near some of Detroit’s finest neigh-borhoods: Wayne State University, Midtown, Woodbridge Historic District, & New Center.
Unit Type SF Closing Price $/SF Closed
208 2/1 896 $267,000 $298 6/21/18
215 3/2 1729 $442,500 $256 6/12/18
110 1/1 780 $245,000 $314 5/30/18
207 2/1 1032 $290,000 $281 5/17/18
204 1/1 1083 $245,000 $226 7/26/16
102 2/1.5 947 $242,000 $256 5/27/16
1078 $288,600 $272 Averages:
Most Recent Closed Sales
Desirability Index : 36%
Address
5766 Trumbull Street
Total Units
35
Launch Year
2004
Developer John Biggar &
Chadd Fox Average HOA Fees
$190-$220/Month
Sold Out
2008
Last Six Months Price/SF $280 (4 units)
Resale Development Brush Park
Condo Market Report
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Garden Lofts
Very popular Garden Lofts in Brush Park with view of Comerica Park. Perfect location near Downtown, Midtown, Wayne State and the DMC. Open, airy and bright third floor unit with wood floors, stainless steel appliances and own washer/dryer. Building has workout room and outdoor common space with great view of ballpark. Secure indoor parking. Rent includes heat and water, so tenant pays only electricity.
Unit Type SF Closing Price $/SF Closed
456 1/1 830 $286,500 $345 5/31/18
322 1/1 770 $294,000 $382 5/4/18
452 1/1 864 $293,000 $339 2/2/18
451 2/2 1138 $395,000 $347 1/9/18
442 2/2 1333 $437,150 $328 8/24/17
327 1/1 1017 $310,000 $305 7/18/17
444 2/2 1138 $385,000 $338 7/12/17
Unk 1/1 949 $299,000 $315 6/9/17
443 1/1 819 $268,000 $327 5/1/17
215 1/1 848 $249,000 $294 1/12/17
971 $321,700 $332 Averages:
Most Recent Closed Sales
Desirability Index : 53%
Address
66 Winder Street
Total Units
62
Launch Year
2006
Developer Crosswinds Communities
Average HOA Fees
$285-$410/Month
Sold Out
2012
Last Six Months Price/SF $352 (4 units)
Resale Development Brush Park
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Woodward Place at Brush Park
This townhome development has seen a great renewal of interest from buyers. First with the announcement of the Q-Line that passes and stops right by, and more recently with the Little Caesar Arena across the street.
This project is now in one of the most coveted locations in town and the appeal of its large floorplans, secured parking and nice landscape is making this a favorite for many sports enthusiasts.
Unit Type SF Closing Price $/SF Closed
Date
41 WI 2/3 2294 $475,000 $207 5/18/18
2541 JR 3/1.5 1456 $375,000 $258 11/20/17
82 AD 3/1.5 1468 $350,000 $238 10/13/17
98 AD 2/1.5 1468 $320,000 $218 8/7/17
2660 WO 3/2 1456 $375,000 $258 7/28/17
2555 JR 3/1.5 1468 $349,900 $238 7/18/17
2440 WO 3/1.5 1468 $365,000 $249 5/26/17
29 WI 2/2.5 2288 $485,000 $212 3/9/17
127 WI 3/2 1468 $342,000 $233 1/19/17
2666 WO 3/2 1470 $335,000 $228 12/13/16
1630 $377,200 $234 Averages:
Most Recent Closed Sales
Desirability Index : 34%
Address
** Winder Street
***** John R Avenue ** Adelaide Street
**** Woodward Avenue
Total Units
550
Launch Year 2006
Developer Crosswind
Average HOA Fees
$204-$314/Month
Sold Out
2008
Last Six Months Price/SF $207 (1 unit)
Resale Development Brush Park
Condo Market Report
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Carola Condominiums
The Carola building was originally constructed as an extended stay hotel. The seven-story building was abandoned for many years when the development team purchased the building and began the reconfiguration to luxury condominiums. With three units per floor, and each having a balcony, the raw concrete and exposed clay tile ceiling spaces are quite dramatic.
The building offers a unique parking solution with a row of garages in the back of the property.
Unit Type SF Closing Price $/SF Closed
Unk 1/1 990 $270,000 $273 4/13/18
22 1/1 900 $205,000 $228 5/31/17
27 1/1 900 $245,000 $272 10/7/16
26 1/1.5 917 $280,000 $305 7/6/16
9 1/1 1135 $280,280 $247 5/1/16
10 1/1 1240 $287,700 $232 4/7/16
1 2/1 1611 $300,000 $186 2/15/16
1099 $267,000 $249 Averages:
Most Recent Closed Sales
Desirability Index : 33%
Address
78 Watson &
112Watson Total Units
21
Launch Year
2003
Developer George John
Average HOA Fees
$220-$336/Month
Sold Out
2018
Last Six Months Price/SF $273 (2 units)
Resale Development Corktown
Condo Market Report
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Grinnell Place Lofts
The Grinnell Place Lofts project redeveloped the former Grinnell Brothers Piano Factory building into 38 for-sale condominium units. All units have a balcony and the 4th floor lofts all have access to a rooftop terrace with prime view of the Downtown skyline.
Parking is located in a first floor garage.
Grinnell Place Lofts holds the record of the highest price/sf outside of the Central Business District thanks to its high quality of construction/renovation and fin-ishes, and its location ideally placed between trendy Corktown and Downtown.
Unit Type SF Closing Price $/SF Closed
211 2/1.5 1135 $375,000 $330 10/10/17
402 2/1.5 1036 $499,000 $482 10/2/17
307 2/2 1345 $448,000 $333 8/18/17
414 2/2.5 1572 $700,000 $445 8/15/17
205 1/1 808 $315,000 $390 6/29/17
311 2/2 1122 $385,000 $343 6/16/17
Unk 2/2 1290 $531,313 $412 11/23/16
1187 $464,800 $391 Averages:
Most Recent Closed Sales
Desirability Index : 45%
Address
2003 Brooklyn
Total Units
38
Launch Year
2006
Developer Marl Wilcox &
Christopher Hajek Average HOA Fees
$250-$300/Month
Sold Out
2014
Last Six Months Price/SF No Recent Sales
Resale Development Eastern Market
Condo Market Report
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FD Lofts
The FD (Fire Department) Lofts are located in a 1917 DFD maintenance center that was converted into residential use in 2006. The transformation of this brick and concrete build-ing architecture resulted in exceptional lofts with mezzanine bedrooms, 18-foot ceilings, large warehouse-style windows, and a private courtyard that leads to the gated covered parking and storage for residents.
Eastern market is one of the favorite destinations of De-troiters and all of Southeast Michigan on weekends and es-pecially on flower day in May.
Unit Type SF Closing Price $/SF Closed
304 1/1 1000 $243,500 $244 3/6/18
107 2/2 1780 $435,000 $244 6/29/17
Unk 1/2 1200 $305,000 $254 3/22/17
406 1/2 1450 $325,000 $224 3/6/17
208 1/1 916 $255,000 $278 1/26/17
1269 $312,700 $249 Averages:
Most Recent Closed Sales
Desirability Index : 20%
Address
3434 Russell Street
Total Units
34
Launch Year
2014
Developer Robert Heide
Average HOA Fees
$88-$364/Month
Sold Out
2016
Last Six Months Price/SF $244 (1 units)
Resale Development Eastern Market
Condo Market Report
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Leland Lofts
Leland Lofts is an historic school building converted into condominiums located in the desirable Lafayette Park. This landmark building has its place on the National Register of Historic Buildings, and offers 32 lofts, which maintain the elegant architecture of this period building, yet benefit from modern fixtures and fittings. Leland Lofts’ condominiums are available as one or two bedroom units over large open floor plans, featuring over-sized windows, custom kitchens and bathrooms, oak hardwood flooring, 12-14 foot ceilings and exposed duct work. Leland Lofts has a great communal roof-top deck and a fitness center whilst it is only a short walk to cultural venues, restaurants and shopping at Eastern Market, Riverwalk and downtown Detroit. Lafayette Park has an abundance of beautiful green spaces, with many within walk-ing distance of Leland Lofts, offering residents the city as their garden.
Unit Type SF Closing Price $/SF Closed
38 1/1 1350 $270,200 $200 5/3/18
49 1/1 1067 $275,000 $258 3/29/18
37 1/1.5 1580 $335,000 $212 8/11/17
41 1/2 1180 $275,000 $233 3/10/17
45 1/1 1150 $261,000 $277 9/26/16
35 2/1 1315 $277,000 $211 4/29/16
1274 $282,200 $265 Averages:
Most Recent Closed Sales
Desirability Index : 32%
Address
1395 Antietam Avenue
Total Units
32
Launched Year 2004
Developer Joel Landy
Average HOA Fees
$180-$375/Month
Sold Out
N/A
Last Six Months Price/SF $226 (2 units)
Resale Development New Center
Condo Market Report
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Lofts at New Center
This development is a series of 102 townhomes Locat-ed on the West side of Woodward Avenue, North of Grand Boulevard. The units are 3-story units on Wood-ward avenue and 2-story units on Bethune, Pallister and Delaware Streets.
They offer high ceilings and modern layouts & materi-als in an open and lofty architecture.
Unit Type SF Closing Price $/SF Closed
84 B 2/1.5 1280 $250,000 $195 6/21/18
60 B 2/1.5 1254 $242,500 $193 6/13/18
18 P 2/1.5 1254 $252,000 $201 4/6/18
74 B 2/1.5 1280 $240,000 $188 10/24/17
68 B 2/1.5 1254 $225,000 $179 10/18/17
76 B 3/1.5 1254 $263,000 $210 10/10/17
13 P 2/1.5 1254 $194,500 $155 8/18/17
18 B 2/1.5 1250 $225,000 $180 8/11/17
1260 $236,500 $188 Averages:
Most Recent Closed Sales
Desirability Index : 29%
Address
W. Bethune (B) &
W. Pallister (P) Total Units
102
Launched Year
2002
Developer Charter Oak Homes
Average HOA Fees
$200-$235/Month
Sold Out
2006
Last Six Months Price/SF $197 (3 units)
Resale Development New Center
Condo Market Report
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Gramont Manor Condominium
This building is one of the hidden treasures of New Center. Built in 1920 by famed architect Albert Kahn, it was convert-ed into condominiums in 2000.
The building features a beautiful mosaic floor in the lobby and classical columns with molding. Unit Type SF Closing Price $/SF Closed
Unk 2/1 800 $141,000 $176 4/25/18
108 1/1 540 $95,000 $176 4/25/18
305 1/1 540 $85,000 $157 2/7/18
307 2/1 800 $90,000 $113 11/2/17
101 2/1 790 $91,500 $116 6/26/17
402 1/1 800 $85,000 $106 4/6/17
304 1/1 750 $82,500 $110 3/28/17
408 1/1 700 $90,000 $129 3/27/17
209 2/1 750 $82,000 $109 3/8/17
306 2/1 740 $77,000 $104 10/7/16
721 $91,900 $130 Averages:
Most Recent Closed Sales
Desirability Index : 27%
Address
120 Seward
Total Units
50
Launch Year
2000
Developer Farbman Group
Average HOA Fees
$219-$325/Month
Sold Out
2005
Last Six Months Price/SF $171 (3 units)
Resale Development East Riverfront
Condo Market Report
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200 River Place Lofts
Designed by noted architect Albert Kahn in the late 1800s, 200 River Place Lofts is part of a complex of buildings originally developed for the Parke Davis pharmaceutical company.
With its historical features, riverfront location, vicinity to restaurants and cultural attractions, and strong sense of community among residents, 200 River Place Lofts provides a true urban luxury loft living experi-ence.
Unit Type SF Closing Price $/SF Closed
8 2/2.5 2961 $680,000 $230 12/8/17
46 1/1.5 1451 $430,000 $296 9/11/17
11 2/1.5 1397 $399,500 $286 7/21/17
26 2/2 1555 $400,000 $257 7/20/17
29 2/2.5 2244 $500,000 $223 4/25/17
12 2/2 2070 $533,000 $257 3/9/17
37 2/1.5 1390 $312,714 $225 12/30/16
13 2/2.5 2245 $480,000 $214 8/31/16
21 1/1.5 1392 $345,000 $248 5/18/16
50 2/2 2110 $515,000 $244 4/11/16
1882 $460,000 $248 Averages:
Most Recent Closed Sales
Desirability Index : 33%
Address
200 River Place
Total Units
48
Launch Year
2002
Developer Farbman
Average HOA Fees
$298-$880/Month
Sold Out
2006
Last Six Months Price/SF No Recent Sales
Resale Development East Riverfront
Condo Market Report
Downtown Detroit - June 2018 DEVELOP WITH CONFIDENCE
Copyright 2018 The Loft Warehouse Inc.
Harbortown | Spinnaker Tower
This building is located in a gated & secured development that offers resort-like amenities to its residents. It includes 3 multi-family buildings and a number of townhomes. The complex has a direct private access to the Detroit Riverfront walk and its own marina.
With 19 stories, the Spinnaker Tower is the tallest of these buildings. Located on the West side of the complex it offers the best views of downtown and the river.
Unit Type SF Closing Price $/SF Closed
5B 1/1 740 $110,000 149 6/25/18
2C 2/2 1090 $154,500 $142 5/31/18
6D 2/2 1090 $180,000 $165 5/14/18
15D 2/2 1090 $210,000 $193 4/30/18
15C 1/1.5 1090 $169,900 $156 4/13/18
18A 2/2 1090 $180,000 $165 3/20/18
15E 1/1 740 $91,500 $124 11/30/17
5D 2/2 1090 $195,500 $179 8/3/17
7F 2/2 1090 $190,000 $174 6/28/17
7A 2/2 1090 $189,900 $174 5/5/17
1020 $167,100 $162 Averages:
Most Recent Closed Sales
Desirability Index : 27%
Address
3320 Spinnaker Lane
Total Units
90
Launch Year
2005
Developer SMU LLC
Average HOA Fees
$625/Month
Sold Out
2008
Last Six Months Price/SF $162 (6 units)
Resale Development East Riverfront
Condo Market Report
Downtown Detroit - June 2018 DEVELOP WITH CONFIDENCE
Copyright 2018 The Loft Warehouse Inc.
Lofts at Rivertown
Originally a warehouse & manufacturing plant for Frederik Stearns & Company, a leading pharmaceutical manufacturer in 19th century this structure was first built in 1899 with the addition in 1912. This gated community has a fitness room, outdoor pool & hot tub, 24/7 security and access control.
The building is located only 2 miles from downtown and just across the street from the Belle Isle State Park.
Units are true lofts showing off various design and construc-tion materials: old timber beams, martini columns, exposed concrete ceilings. Some 4th floor units feature a rooftop ter-race on a 2nd level, while a very few penthouse units include a rooftop deck.
Unit Type SF Closing Price $/SF Closed
Date
427 1/2 1158 $292,000 $252 6/22/18
214 1/1 900 $175,000 $194 6/22/18
603 1/1 1095 $239,650 $219 6/15/18
130 1/2 939 $180,000 $192 5/31/18
417 1/2 1072 $237,000 $221 5/30/18
317 1/1 1019 $200,000 $196 5/22/18
224 1/1 950 $165,000 $174 4/27/18
Unk 1/2 1100 $248,350 $226 12/8/17
433E 2/2 1300 $280,000 $215 11/30/17
205J 2/2 1147 $249,000 $217 11/29/17
1068 $226,600 $211 Averages:
Most Recent Closed Sales
Desirability Index : 27%
Address
6533 E. Jefferson Avenue
Total Units
178
Launch Year
2004
Developer Slavik Murray Investment
Company Average HOA Fees
$445/Month
Sold Out
2010
Last Six Months Price/SF $211 (8 units)
Resale Development Elmwood Park
Condo Market Report
Downtown Detroit - June 2018 DEVELOP WITH CONFIDENCE
Copyright 2018 The Loft Warehouse Inc.
Campau Farms at Elmwood Park
Campau Farms is a gated community of townhomes orga-nized around a central swimming pool and club house and located in a nicely landscaped park.
Townhomes are 3-story modern construction and most have been remodeled by their current owners to upgrade finishes to new materials and appliances.
Unit Type SF Closing Price $/SF Closed
2910 P 2/1.5 1830 $162,000 $89 1/26/18
1718 C 2/2 2840 $125,000 $44 12/21/17
1830 C 2/1.5 1830 $137,000 $75 8/9/17
1934 C 2/1.5 1400 $150,000 $107 7/31/17
1924 C 2/1.5 1830 $150,000 $82 7/25/17
1762 C 2/2 1700 $155,000 $91 6/19/17
1671 C 2/2 2840 $120,000 $42 5/8/17
1818 C 2/2 1830 $165,000 $90 4/29/17
1905 C 2/2 1840 $135,000 $73 3/24/17
1759 C 2/2 1530 $127,000 $83 3/13/17
1947 $143,000 $78 Averages:
Most Recent Closed Sales
Desirability Index : 18%
Address
Campau Farms Circle &
Prince Hall Drive (P) Total Units
172
Launch Year
1997
Developer Charter Oak Homes
Average HOA Fees
$190-$320/Month
Sold Out
2000
Last Six Months Price/SF $89 (1 unit)
Resale Development Indian Village
Condo Market Report
Downtown Detroit - June 2018 DEVELOP WITH CONFIDENCE
Copyright 2018 The Loft Warehouse Inc.
Indian Village Manor
Indian Village Manor is a hidden gem in the Gold Coast along East Jefferson. The building is divided into large condos that don’t share walls with neighboring condos. Units offer hardwood floors, fireplace, built-ins, and crown molding.
Building feature a gated parking lot, security, a fitness center and a small park for residents along the river-front.
Unit Type SF Closing Price $/SF Closed
3G 3/3 2280 $236,500 $104 4/30/18
5H 2/3 2400 $197,000 $82 3/30/18
4G 3/3 2280 $225,000 $99 2/14/18
Unk 1/1 1180 $163,5000 $139 12/26/17
5K 3/3 2400 $290,000 $121 12/22/17
3C 3/3 2380 $235,000 $99 12/8/17
7E 2/2.5 2400 $299,000 $125 7/17/17
5B 3/3 2410 $280,000 $116 4/10/17
6E 2/2 2280 $265,000 $116 2/27/17
3F 4/3 2380 $175,000 $74 12/19/16
2229 $236,600 $108 Averages:
Most Recent Closed Sales
Desirability Index : 20%
Address
8120 E. Jefferson Avenue
Total Units
87
Launch Year
2000
Developer Indian Village Manor
Associates Average HOA Fees
$503-$1100/Month
Sold Out
2004 (est.)
Last Six Months Price/SF $94 (3 units)
Resale Development Gold Coast
Condo Market Report
Downtown Detroit - June 2018 DEVELOP WITH CONFIDENCE
Copyright 2018 The Loft Warehouse Inc.
Detroit Towers Condominiums
Built for Detroit’s wealthy in 1925, Detroit Towers sits back on Jefferson near the Detroit River. The building, designed by Walter W. Ahlschlager, is its own historic district and is listed on the National Register of Historic Places. Each floor has two units with views of Belle Isle, Canada and down-town.
Unit Type SF Closing Price $/SF Closed
17A 3/3 2810 $377,500 $134 5/21/18
12B 2/2 2400 $217,500 $91 3/6/18
4B 3/2.5 2500 $190,000 $76 11/21/17
7A 3/2.5 2500 $235,000 $94 12/5/16
1B 2/2 2500 $30,000 $12 5/9/16
2542 $210,000 $81 Averages:
Most Recent Closed Sales
Desirability Index : 22%
Address
8162 E. Jefferson Avenue
Total Units
36
Launch Year
1974
Developer Detroit Towers Associates
Average HOA Fees
$2162-$2618/Month
Sold Out
1976 (est.)
Last Six Months Price/SF $114 (2 units)
Resale Development Gold Coast
Condo Market Report
Downtown Detroit - June 2018 DEVELOP WITH CONFIDENCE
Copyright 2018 The Loft Warehouse Inc.
Shoreline East Condominiums
Shoreline East Condominiums features soaring riverfront and city views from a 20-story gated high-rise building on the Detroit River. The mid-century modern architecture offers spacious studio units as well as one, two and three bedroom residences. Shoreline East Condominium offer a diverse pro-fessional community, exceptional service levels and a great waterfront location.
Unit Type SF Closing Price $/SF Closed
203 2/2 1142 $99,900 $86 6/19/18
1604 2/2 1100 $120,000 $109 4/23/18
1107 1/1 650 $60,000 $92 3/1/18
1010 2/2 1250 $173,000 $138 2/22/18
808 1/1 775 $73,000 $94 11/28/17
1409 2/2 1142 $150,000 $131 9/5/17
Unk 2/2 1200 $100,000 $83 8/11/17
208 1/1 816 $70,000 $86 8/11/17
1501 1/1 750 $54,000 $72 7/31/17
104 1/1 816 $55,000 $67 5/22/17
964 $95,500 $96 Averages:
Most Recent Closed Sales
Desirability Index : 11%
Address
8200 E. Jefferson Avenue
Total Units
209
Launch Year
1980
Developer N/A
Average HOA Fees
$300-$1098/Month
Sold Out
N/A
Last Six Months Price/SF $151 (4 units)
DEVELOP WITH CONFIDENCE
Contact us:
Berksh ire Hathaway HomeServices
The Loft Warehouse
313.658.6400 www.theloftwarehouse.com
3434 Russell St. Ste 101 | Detroit, MI 48207
prepared by Jerome Huez | [email protected]