By Daniel Duggan, Crain's Detroit Business
October 5, 2008
Detroit developers speak fondly of the environment of a few years ago, when there seemed to be a condo development planned at every corner.
While there still are new projects in the planning and building phases in Detroit, it's far from the harried pace it once moved at.
But don't say it's dead.
“There are still things getting done; there's small businesses, rental projects and for-sale projects,” said Sue Mosey, president of the University Cultural Center Association.
Mosey's group works to spur development in what remains the hottest area, the Midtown community, where loft developments are still being proposed in gritty former industrial buildings.
In Detroit's waterfront area, the most marketed project is the 112-unit Watermark proposed on Detroit's riverfront by Dave Bing's Springarn Development L.L.C.
Another high-end project is the 64 luxury condos on top of the Westin Book Cadillac hotel near Detroit's central business district.
Northwest of the business district, Detroit-based Made in Detroit has proposed 93 luxury residential lofts in the former Detroit Creamery building near the MotorCity Casino.
In the category of “interesting,” developers Patrick and Leslie Horn plan to build a 17-unit condominium complex out of 85 metal shipping containers at a cost of $1.8 million, with units selling for as low as $100,000.
But building and planning projects is one thing — selling is another.
While all of metro Detroit has undergone a quiet increase in residential sales compared with last year, the city of Detroit has seen the biggest increases.
In August, the region's sales were up 11 percent over August 2007, marking the eighth straight month of increases, according to the Farmington Hills-based MLS RealComp II Ltd.
Detroit, however, posted an August increase of 38 percent, marking increases every month this year. And pending sales in Detroit — 1,600 as of August — mark a 49 percent increase over 2007.
“I've been seeing a lot more interest than last year, and seeing more sales as well,” said Austin Black II, a Realtor in the Birmingham office of Max Broock Realtors who specializes in Detroit sales.
The deal flow is still restrained on the buying side by sluggishness on the selling side, he said.
“I've had people willing to sell their houses at a loss since they can make it up in the savings they're getting on the home they buy,” he said. “But there are people who are upside down on their homes by $100,000 — and there's not much you can do.”
While the condo projects get all the attention, Black said he's seen the most deals taking place for single-family homes.
The reason, primarily, is financing.
Single-family homes can qualify for many of the first-time homebuyer programs under the Federal Housing Administration. As a result, buyers can purchase a single family home with a 3.5 percent down payment compared to 20 percent for some condo deals.
“People are looking at the lending and the space they get for the money,” Black said. “Single-family homes can be appealing.”
Lending constraints have been a daily struggle for the condo developers in Detroit.
At the Willys Overland Loft project near Wayne State University, nine units have been sold, but there are 15 more reservations for units, said Kyle Campbell, development manager for Plymouth-based DeMattia Group and Detroit-based Midtown Development Group.
“All of those people are ready to buy, but they're waiting for a house to sell or just get lending,” he said.
Another way around the lending problem is to switch from for-sale to rental.
Campbell said he gets calls on a regular basis from people asking if Willys has switched.
Some projects, such as 55 West Canfield, are switching to rental as a way to see units occupied.
“Rental has become a strong sector,” Mosey said. “Some of the for-sale developments are discounting, but others are just switching to rental.”
Daniel Duggan: (313) 446-0414, dduggan@crain.com
Showing posts with label Austin Black II. Show all posts
Showing posts with label Austin Black II. Show all posts
Thursday, October 16, 2008
Thursday, September 18, 2008
Countdown to the opening of the Westin Book Cadillac
After two years of construction, renovations at the Westin Book Cadillac are coming to an end and will soon be bustling with hotel guest, events and residents.
The Detroit Athletic Club and Urban Land Institute hosted their annual downtown Detroit walking tour Tuesday, September 16. Featured on the tour were various sculptures downtown and the Westin Book Cadillac.
Below is one of the historic ballrooms that has been restored.
A soft opening of the Westin is planned for October 1 with the grand opening scheduled for later in the month.
The Detroit Athletic Club and Urban Land Institute hosted their annual downtown Detroit walking tour Tuesday, September 16. Featured on the tour were various sculptures downtown and the Westin Book Cadillac.
Below is one of the historic ballrooms that has been restored.
A soft opening of the Westin is planned for October 1 with the grand opening scheduled for later in the month.
Saturday, August 30, 2008
2602 Woodward Ave., Detroit, MI 48201 - Brush Park Townhouse ($209,900)
Priced to sell! Two bedroom, two bath, premium end unit condo is located within blocks of Comerica Park and Ford Field. Home features spacious master suite with walk-in closet and sitting area, jetted tub, balcony, fireplace in the great room, new carpet and paint.
Listed for sale at $209,900
2bedrooms, 2 bathrooms, 1,753 sq ft
Listed for sale at $209,900
2bedrooms, 2 bathrooms, 1,753 sq ft
Austin Black II – Listing Agent
Max Broock Realtors
313.550.2307
austin@austinb2.com
www.austinb2.com
300 Riverfront Drive - Riverfront Condo for Sale ($139,900)
Live 26 floors above the city. Enjoy calming waterfront and skyline views in this one bedroom, turn-key condo with all of the amenities of a resort, conveniently located in downtown Detroit. Recently renovated home includes all appliances, granite counters and indoor parking. Community features a market, restaurant, fitness center, marina and People Mover access.Listed for sale at $139,900
1bedroom, 1 bathroom, 553 sq ft
MLS# 28128959
78 Watson, Detroit, MI 48201 – Brush Park Loft for Lease ($1,250/month)
This phenomenal Midtown loft has exposed brick, hardwood floors, generous walk-in closet and a spacious bathroom. Loft also includes a large great room with gourmet kitchen and stainless steel appliances, in-unit laundry, heated floors a private deck with great views of the downtown skyline.Live within walking distance to Zaccaro's gourmet market, Comerica Park, Ford Field and the downtown entertainment district.
Listed for rent at $1,250/month
1bedroom, 1 bathroom, 1,282 sq ft
MLS# 28141482
Austin Black II – Listing Agent
Max Broock Realtors
313.550.2307
austin@austinb2.com
www.austinb2.com
Thursday, August 14, 2008
Crain's Detroit House Party - September 18, 2008
In conjunction with the August 11 “Living & Investing in the D” special section, Crain’s Detroit Business will host its Third Annual Ultimate Detroit House Party.
Once again, Crain's will work with Detroit neighborhood associations to promote the benefits of living in a variety of beautiful Detroit neighborhoods. In 2006, the event launched as a one-evening affair and attracted 900 attendees, 35 house parties, 14 sponsors and 11 restaurants. In 2007 it got even better, with more restaurants, more houses and more attendees!
Click here for registration information.
Once again, Crain's will work with Detroit neighborhood associations to promote the benefits of living in a variety of beautiful Detroit neighborhoods. In 2006, the event launched as a one-evening affair and attracted 900 attendees, 35 house parties, 14 sponsors and 11 restaurants. In 2007 it got even better, with more restaurants, more houses and more attendees!
Click here for registration information.
Sunday, August 3, 2008
The Motown movement - Young people put down roots in city to help it flourish again
BY MARGARITA BAUZA • FREE PRESS BUSINESS WRITER • August 3, 2008
Jerrid Mooney, 34, started to hang out at the Detroit Opera House a few months ago.
The systems analyst from Ann Arbor was not a big fan of Detroit. But he was stunned to find a young, vibrant crowd he had much in common with.
As he made friends and visited their homes, he discovered the Carlton, a 1920s hotel at the corner of John R and Edmund in Detroit's Brush Park. It was turned into lofts in 2005.
Mooney, who moved out of his Ann Arbor apartment, said the visit led to a eureka moment.
"It just kind of spoke to me," he said. "The people I was surrounded with made me feel like this is home."
Mooney contacted a real estate agent who showed him some lofts at the Carlton. He said he will buy a place there on Aug. 16.
"It has a real industrial feel -- exposed brick, concrete floors, a fireplace, granite hardtop counters and stainless steel appliances," he said.
Mooney is among hundreds of young people choosing the city over the suburbs. They say they like the underground vibe of city dwellers who enjoy art, culture and a walkable community. They also want to join the movement to reinvigorate Detroit's neighborhoods near downtown.
And let's not forget about the good deals.
"There are lots of hidden gems and so much positive energy," said Mooney, who is also applying for jobs in the city so he can be in Detroit full-time. "It's a city but it's also a small town in terms of who you run into."
In Mooney's case, he found the place of his dreams for a price he couldn't refuse. The property, which previously sold for $270,000, was foreclosed after its owner passed away. He is buying it for $114,000.
Austin Black II, a real estate agent with Max Broock Realtors in Birmingham, said many of his clients who want to buy downtown are Michigan natives who left for other cities in their early 20s only to return with an itch for city living. Some are empty nesters from the suburbs who want to scale down from a large house. Others are new to the area.
Yet they all have one commonality: They want the urban experience.
That describes Black, too. While in college, the 27-year-old spent time in Washington, D.C., and later Rome.
When he returned to Michigan, the former Troy resident wanted to continue living the urban life.
Black began selling real estate in 2004. He simultaneously launched a Web site called www.citylivingdetroit.com as a way to tout the city's opportunities, its communities and the lifestyle.
He lives in what he calls a soft-loft in Midtown at the Ellington, a building on Woodward Avenue known for its Starbucks. He specializes in selling downtown Detroit properties, but said his preference is Midtown, which is surrounded by I-94 to the north, I-75 to the east and the south and the Lodge freeway on the west.
"You can walk to restaurants, museums; it's not far from downtown, and it's a vibrant urban neighborhood," he said. While crime is a deterrent to some buyers, Black said young people are not so bothered by the city's safety reputation.
"Younger people in particular have less of a fear of crime," he said. "They know that no matter where you are, it's a reality. They're more street smart about things. Plus, in Midtown we have two layers of police protection -- Wayne State and the Detroit Police Department."
Pricing is attractive, too.
Black recently sold a 4,000-square foot, three-story penthouse property with an outdoor terrace at the Book Cadillac for $1.1 million. A similar property in Birmingham would be several millions more, he added.
The biggest sales challenge is that lenders have more restrictions than they used to, which affects young professionals. Several years ago, lenders were requiring zero to 3% down. Now the norm is 10% to 15%.
Black got more creative. Nine months ago, he launched a monthly newsletter about what's going on downtown. It has 1,000 subscribers.
"It's not so much about real estate but about the lifestyle," he said. "It reaches more people and people pass it along to their friends."
Max Broock in Birmingham recently hired Black because the company wanted to be more involved in the downtown real estate scene.
"I live downtown, which is really important to my clients because I'm living that lifestyle," Black said.
Potential buyers are setting their sites on properties.
Stephanie Fries, 30, is renting a 1,000-square-foot apartment in Cadillac Square near Campus Martius as she saves to buy a place.
Fries, who grew up in Livonia, is now saving money to buy a place through the Graduate Purchase Assistance program, a state program tailored to help recent college graduates move to any of eight Michigan cities targeted for economic growth.
The program can help a recent graduate qualify for a 30-year fixed-rate mortgage for 2% lower than the going rate.
"At first I was buying into what people were saying that you couldn't live downtown, that I wouldn't be safe, that I'd get mugged, that I wouldn't find a place to park my car," she said. "But there's really nowhere I wanted to be but Detroit."
Jeannette Pierce, who runs InsideDetroit.org, became a city booster after returning to Michigan from a study abroad program in Spain.
Pierce, 27, is seeing an increased desire of people to live in cities.
"They are tired of housing that looks the same and not knowing neighbors ... they are ready for authenticity, culture and diversity."
Contact MARGARITA BAUZA at 313-222-6823 or mbauza@freepress.com.
Jerrid Mooney, 34, started to hang out at the Detroit Opera House a few months ago.
The systems analyst from Ann Arbor was not a big fan of Detroit. But he was stunned to find a young, vibrant crowd he had much in common with.
As he made friends and visited their homes, he discovered the Carlton, a 1920s hotel at the corner of John R and Edmund in Detroit's Brush Park. It was turned into lofts in 2005.
Mooney, who moved out of his Ann Arbor apartment, said the visit led to a eureka moment.
"It just kind of spoke to me," he said. "The people I was surrounded with made me feel like this is home."
Mooney contacted a real estate agent who showed him some lofts at the Carlton. He said he will buy a place there on Aug. 16.
"It has a real industrial feel -- exposed brick, concrete floors, a fireplace, granite hardtop counters and stainless steel appliances," he said.
Mooney is among hundreds of young people choosing the city over the suburbs. They say they like the underground vibe of city dwellers who enjoy art, culture and a walkable community. They also want to join the movement to reinvigorate Detroit's neighborhoods near downtown.
And let's not forget about the good deals.
"There are lots of hidden gems and so much positive energy," said Mooney, who is also applying for jobs in the city so he can be in Detroit full-time. "It's a city but it's also a small town in terms of who you run into."
In Mooney's case, he found the place of his dreams for a price he couldn't refuse. The property, which previously sold for $270,000, was foreclosed after its owner passed away. He is buying it for $114,000.
Austin Black II, a real estate agent with Max Broock Realtors in Birmingham, said many of his clients who want to buy downtown are Michigan natives who left for other cities in their early 20s only to return with an itch for city living. Some are empty nesters from the suburbs who want to scale down from a large house. Others are new to the area.
Yet they all have one commonality: They want the urban experience.
That describes Black, too. While in college, the 27-year-old spent time in Washington, D.C., and later Rome.
When he returned to Michigan, the former Troy resident wanted to continue living the urban life.
Black began selling real estate in 2004. He simultaneously launched a Web site called www.citylivingdetroit.com as a way to tout the city's opportunities, its communities and the lifestyle.
He lives in what he calls a soft-loft in Midtown at the Ellington, a building on Woodward Avenue known for its Starbucks. He specializes in selling downtown Detroit properties, but said his preference is Midtown, which is surrounded by I-94 to the north, I-75 to the east and the south and the Lodge freeway on the west.
"You can walk to restaurants, museums; it's not far from downtown, and it's a vibrant urban neighborhood," he said. While crime is a deterrent to some buyers, Black said young people are not so bothered by the city's safety reputation.
"Younger people in particular have less of a fear of crime," he said. "They know that no matter where you are, it's a reality. They're more street smart about things. Plus, in Midtown we have two layers of police protection -- Wayne State and the Detroit Police Department."
Pricing is attractive, too.
Black recently sold a 4,000-square foot, three-story penthouse property with an outdoor terrace at the Book Cadillac for $1.1 million. A similar property in Birmingham would be several millions more, he added.
The biggest sales challenge is that lenders have more restrictions than they used to, which affects young professionals. Several years ago, lenders were requiring zero to 3% down. Now the norm is 10% to 15%.
Black got more creative. Nine months ago, he launched a monthly newsletter about what's going on downtown. It has 1,000 subscribers.
"It's not so much about real estate but about the lifestyle," he said. "It reaches more people and people pass it along to their friends."
Max Broock in Birmingham recently hired Black because the company wanted to be more involved in the downtown real estate scene.
"I live downtown, which is really important to my clients because I'm living that lifestyle," Black said.
Potential buyers are setting their sites on properties.
Stephanie Fries, 30, is renting a 1,000-square-foot apartment in Cadillac Square near Campus Martius as she saves to buy a place.
Fries, who grew up in Livonia, is now saving money to buy a place through the Graduate Purchase Assistance program, a state program tailored to help recent college graduates move to any of eight Michigan cities targeted for economic growth.
The program can help a recent graduate qualify for a 30-year fixed-rate mortgage for 2% lower than the going rate.
"At first I was buying into what people were saying that you couldn't live downtown, that I wouldn't be safe, that I'd get mugged, that I wouldn't find a place to park my car," she said. "But there's really nowhere I wanted to be but Detroit."
Jeannette Pierce, who runs InsideDetroit.org, became a city booster after returning to Michigan from a study abroad program in Spain.
Pierce, 27, is seeing an increased desire of people to live in cities.
"They are tired of housing that looks the same and not knowing neighbors ... they are ready for authenticity, culture and diversity."
Contact MARGARITA BAUZA at 313-222-6823 or mbauza@freepress.com.
Friday, August 1, 2008
Fusion visits the Westin Book-Cadillac condos…
Last night Fusion, a young professional organization hosted a networking event in downtown Detroit, which included a tour of the condominiums at the Book-Cadillac. The Book-Cadillac will open in October as a 455 Westin Hotel and 67 luxury condominiums.
The event started at a downtown restaurant with about 40 people eagerly waiting to tour the Book-Cadillac. I was joined by a friend and a client (a future Book-Cadillac condo owner).
Although I have toured the Book-Cadillac many times through-out the construction process, my client had not been in the building yet.
We started the walking tour about three blocks from the Book-Cadillac. Our tour guide described some of the changes taking place in the neighborhood including several other building around the Book-Cadillac that are being renovated or have planned renovations.
Once we arrived at the hotel, the excitement and anticipation was clear.
The event started at a downtown restaurant with about 40 people eagerly waiting to tour the Book-Cadillac. I was joined by a friend and a client (a future Book-Cadillac condo owner).
Although I have toured the Book-Cadillac many times through-out the construction process, my client had not been in the building yet.
We started the walking tour about three blocks from the Book-Cadillac. Our tour guide described some of the changes taking place in the neighborhood including several other building around the Book-Cadillac that are being renovated or have planned renovations.
Once we arrived at the hotel, the excitement and anticipation was clear.
We entered the building and went up the elevator to the 24th floor (the first level of residential condos). We arrived at the luxurious model unit which offers granite counters, hardwood floors, marble bathrooms, panoramic views of the downtown skyline and the Detroit River.
Many commented that the Book-Cadillac rivaled condominium projects in New York and Chicago.
Although the tour was short, it gave us taste of what is to come over the next 60 days.
Many commented that the Book-Cadillac rivaled condominium projects in New York and Chicago.
Although the tour was short, it gave us taste of what is to come over the next 60 days.
Out of the 67 condos, there 16 available, priced from $285,000 to $824,500.
If you would like some additional information about the available homes, contact me at 313.550.2307 or austin@austinb2.com.
Tuesday, July 29, 2008
Chances in the challenges... Detroiters have a good reason to stay optimistic about the future.
The current political and economic climate has made 2008 a turbulent and frustrating year for many Detroiters, including me. Detroit has made significant progress over the last few years; unfortunately, the current chaos has overshadowed these gains.
Last week, a blogger posted a quote from me, about why I returned to Detroit: “I had no intention of returning to Detroit, but then I saw the chances in the challenges.” Seeing this quote inspired me to take the after-noon off for an inspirational bike ride to see the “chances in the challenges”.
Last week, a blogger posted a quote from me, about why I returned to Detroit: “I had no intention of returning to Detroit, but then I saw the chances in the challenges.” Seeing this quote inspired me to take the after-noon off for an inspirational bike ride to see the “chances in the challenges”.
What I saw was a clear reminder of why we have good reasons to be optimistic about the future of Detroit. Below is a pictorial of my two-hour bike ride:
first floor retail space
Willys Overland Lofts
Opening August 2008
75 condos priced from $160,000 to $500,000
Rosa Park Transit Center
Opening Winter 2009
Westin Book-Cadillac Hotel and Condominiums
Opening October 1, 2008
455 room Westin Hotel
67 condos priced from $280,000 to $1,500,000
Fort Shelby Hotel and Apartments
Opening November 2008
204 room Double Tree Guest Suites
63 apartments
The Dequindre Cut
Opening late August 2008
Downtown Foodland Market - Lafayette Park
Opening October 2008
Greektown Casino Hotel
400 room hotel
Opening Winter 2009
Feel free to contact me with any questions or feedback.
Austin Black II
Just Listed: 4221 Cass Avenue, Unit 100 ($150,000)
Open bi-level loft in the heart of Midtown, within walking distance to Wayne State University, Mario's, Majestic Cafe, Avalon bakery, Traffic Jam, Motor City Brewing Works. Loft features hardwood floors, stainless steel appliances, granite countertops, spacious master bedroom with walk-in closet, indoor parking with room for storage. Loft includes property tax abatement thru 2019.One bedroom, one bath, 816 sq ft… Just listed at $150,000
MLS# 28111263
Austin Black II - Listing Agent
Max Broock Realtors
313.550.2307
Max Broock Realtors
313.550.2307
Just Reduced: 6533 East Jefferson Ave. #313W ($89,999)
This true loft is within walking distance to Belle Isle, the soon to be completed River Walk, and less than a 5 minute drive from downtown and major expressways. This loft features high ceilings with wood beams, exposed brick, stainless steel appliances, granite countertops, quartz concrete floors, jetted tub and a balcony. Property has a Neighborhood Enterprise Zone designation.One bedroom, one bath, 729 sq ft… Just reduced to $89,999
MLS# 28021667
Austin Black II - Listing Agent
Max Broock Realtors
Just Reduced: 829 Piper ($66,000)
Builder Close-Out: Brand new condominium in the Heritage at Riverbend development, built by Lombardo Homes. Home boasts lots of upgrades including: cherry cabinets, 6’ jetted tub, walk-in closet in the master bedroom and all appliances included. Live just minutes from downtown Detroit and the shops of Grosse Pointe. Property has a Neighborhood Enterprise Zone designation.One bedroom, one bath, one car garage, 890 sq ft… Just reduced to $66,000.
MLS #28055733
Austin Black II - Listing Agent
Max Broock Realtors
313.550.2307
Max Broock Realtors
313.550.2307
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