Detroit condo market sees record sales as supply glut shrinks

Good news, with some clouds, from Crain's...

Detroit's condo market, which had 11 months of inventory earlier this year, is now down to 7.6 months of inventory in neighborhoods that range from downtown to areas east, north and west, according to new research from Detroit-based residential brokerage house Berkshire Hathaway HomeServices The Loft Warehouse.

That puts greater downtown on pace to have a healthy balance of supply and demand — generally considered four to six months worth of inventory — in the coming months.

The equilibrium could be short lived, however, as the costs of building materials have soared about 50 percent since February 2020, driving up construction costs and threatening to kneecap condo development projects, said Jerome Huez, owner of Berkshire Hathaway HomeServices The Loft Warehouse.

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Down here our lumber prices have been dropping the last 30 days,interesting enough the mills have been stockpiled for the last 6 month’s and the price of concrete stayed the same.

I think it has been more of a case of inflation versus supply and demand,if you can,why not,people were still paying the increase in prices.

The article notes that condos at the Saint Charles development in Islandview are now closing after 16 months without a sale. That project has always seemed extremely pricey for that area.

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Originally Posted by DetroiterOnTheWestCoast

The article notes that condos at the Saint Charles development in Islandview are now closing after 16 months without a sale. That project has always seemed extremely pricey for that area.

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It is overpriced, the developers are basically stealing all the equity the homeowners would have had with increasing property values over years.

Can we just make a Detroit city general real estate talk and development thread? I feel like that would be way easier to manage and keep track of because we always have these random threads for every little thing that happens in the city.

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Originally Posted by Satiricalivory

Can we just make a Detroit city general real estate talk and development thread? I feel like that would be way easier to manage and keep track of because we always have these random threads for every little thing that happens in the city.

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The solution is to tag threads as real estate, as I have done with this one. if you scroll below the Quick Reply box, you will see "Tags for this tread". If you click on "real estate" you will see other real estate threads that have been been tagged.

Where are the tags? I don't see any on the post.

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Originally Posted by Satiricalivory

Where are the tags? I don't see any on the post.

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It's not on the post. It's on the thread.

↓ Down there. ↓

On Apple mobile

Where the heading is

Tags for this thread

real estate
View Tag Cloud

Having said that,I just learned it also :)

Next I will have to figure out how to use it,things are complicated.

I remember back in the day we used to embed them into the web page or post,then you had to hide it so you did not get busted by the search engine and booted.

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Originally Posted by Jimaz

It's not on the post. It's on the thread.

↓ Down there. ↓

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Oh, I see it now. Lol thanks.

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Originally Posted by Satiricalivory

Oh, I see it now. Lol thanks.

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You're welcome but it's not your fault.

It used to be that designers were taught to limit complexity to 7±2 items per menu. Now they just puke it all over the page and expect everyone to sip from the fire hose. :rolleyes:

Someone needs to spank the naughty software pixies at vBulletin.org.

Soooo what does it take to be a software pixie ? Seems like it has some perks.

I just found this facebook page for more luxury condos in Brush Park. Looks like this is the carriage house, they're now calling it "Coda Detroit". Comments say it starts construction by the end of this year and today the units go up on the MLS. Detroit's first mass timber construction.

https://www.facebook.com/CODADetroit/