City Modern Brush Park

[ABetterDetroit]

16 condominiums already sold starting at 230k?

That number is almost half of the entire inventory available in the City of Detroit right now north of that asking price.

Impressive start to say the least.

http://www.detroitnews.com/story/new...park/99271192/

https://www.redfin.com/city/5665/MI/...90896:-83.3388


http://www.citymoderndetroit.com/index.html

[DetroiterOnTheWestCoast]

I'd say it's a stunning start since they are just breaking ground.

[SammyS]

Where can I find a pricelist?

[robbymeme]

Where can I find a pricelist?

I had a list, until I realized they were way out of my price range..

About 15 of ~20 Townhouses were reserved [[meaning a few thousand dollar deposit). Average price of those were ~730k if you got the optional rooftop.

Most of the Carriage homes were available at the time, they average about 450k-500k. Only a few were reserved.

Crazy.

[kathy2trips]

Seems like the term "affordable housing" is becoming "it's all relative" i.e. "affordable to whom?" Wouldn't it be nice for developers to start restoring neighborhoods with architecturally sympathetic "affordable housing" for the middle-class and working class? After all, that's what was the predominant housing stock in Detroit 100 years ago during our best years, and what most people need today.

[Jakewayj]

Seems like the term "affordable housing" is becoming "it's all relative" i.e. "affordable to whom?" Wouldn't it be nice for developers to start restoring neighborhoods with architecturally sympathetic "affordable housing" for the middle-class and working class? After all, that's what was the predominant housing stock in Detroit 100 years ago during our best years, and what most people need today.

Unfortunately Detroit's success was the city's own demise. No other city had as many single family homes as Detroit did during its heyday. Today especially with the city trying to create more sustainable and walkable neighborhoods affordable housing likely is not going to come in the form of single family homes. I don't necessarily see this as a problem other than people in Detroit, Michigan, and the midwest in general are conditioned to prefer semi-suburban sized lots and single family homes in the city. I think in the long run there needs to be a change in views towards density and single-family vs multi-family housing.

[401don]

Seems like the term "affordable housing" is becoming "it's all relative" i.e. "affordable to whom?" Wouldn't it be nice for developers to start restoring neighborhoods with architecturally sympathetic "affordable housing" for the middle-class and working class? After all, that's what was the predominant housing stock in Detroit 100 years ago during our best years, and what most people need today.

When much of the working class can't afford food and rent building them a new home they can afford is difficult.

https://www.google.ca/url?sa=t&rct=j...wiGvtfffllzrkM

[SammyS]

Can you send me a link or do I have to go down to the office?

[robbymeme]

Can you send me a link or do I have to go down to the office?

You have to go the office, no link that i'm aware of.

[EGrant]

Link to the site. You can even customize the interior. Pretty cool.

http://www.citymoderndetroit.com/

[hybridy]

“We have 16 signed purchase agreements and nine have reservations to sign purchase agreements,” said Randy Wertheimer, president and CEO of Hunter Pasteur Homes, the builder of the carriage homes and townhomes. The average sales price for the units sold is $590,000, he said.

[1953]

Those numbers blow me away.

1953

[Cincinnati_Kid]

Overpriced is a understatement.

[DetroiterOnTheWestCoast]

Overpriced is a understatement.

Expensive, for sure. But if they are selling, they are not "overpriced."

[Király]

Expensive, for sure. But if they are selling, they are not "overpriced."

Hahahahaha. In my city, 90 year old ramshackle houses on standard 33ft lots start at $1 million in the seedier neighbourhoods and go up to $3 million in the nicer ones. Ordinary income earners can no longer buy houses in the city unless they can sell one they bought back when it was affordable.

Example: see what $2.8 million can buy you. Oh, and it's listed at $500k below the assessed value.

Just because dwellings are selling for some price doesn't mean they aren't overpriced.

[emu steve]

Hahahahaha. In my city, 90 year old ramshackle houses on standard 33ft lots start at $1 million in the seedier neighbourhoods and go up to $3 million in the nicer ones. Ordinary income earners can no longer buy houses in the city unless they can sell one they bought back when it was affordable.

Example: see what $2.8 million can buy you. Oh, and it's listed at $500k below the assessed value.

Just because dwellings are selling for some price doesn't mean they aren't overpriced.

Vancouver one of the the most expensive cities in N.America?

This house is a McMansion Candidate? Correct?

[Junjie]

Vancouver one of the the most expensive cities in N.America?

This house is a McMansion Candidate? Correct?

Vancouver has a huge amount of Chinese money floating around and inflating the market. People looking for a safe place to park their riches [[or kids, wives, mistresses, etc.) where the Communist Party can't get it.

[DetroiterOnTheWestCoast]

Just because dwellings are selling for some price doesn't mean they aren't overpriced.

No, if they are selling they are not “over priced.” You might think the price is ridiculous and perhaps it is. But it’s only overpriced if nobody will pay that price.

[emu steve]

No, if they are selling they are not “over priced.” You might think the price is ridiculous and perhaps it is. But it’s only overpriced if nobody will pay that price.

Maybe. There are housing bubbles too when housing is speculatively priced. And these would take a big hit if there are any kind of problems [[e.g., financial downturn) to cause housing prices in downtown/Midtown to correct.

I think these housing units are speculatively priced, which, to me, means more downside risk than upside potential. This is a new neighborhood, not an established neighborhood where price levels have been established over time.

One way I consider or define speculation in housing is to price in what has not yet occurred. In this case, for 500 - 1,000 more housing units to be built in Brush Park. No one wants to pay top dollar for a house only to have a field of weeds across the street [[a housing development located in a sparsely developed area is possibly a risky investment unless more development comes, as planned.)

[SammyS]

I wouldn't say overpriced. Rents are exceeding $2/sqf and listings are asking between $200-$250/sqf in and around this development.......and yes, some have sold in that range

[Zacha341]

I just keep trying to like these dwellings and just can't. Look thin and cheesy but that's the way of most modern housing. Still they look bunkerish and not appealing to me.

[SammyS]

I just keep trying to like these dwellings and just can't. Look thin and cheesy but that's the way of most modern housing. Still they look bunkerish and not appealing to me.

I used to think this way too until coming to the realization that a healthy RE market dictates that the land be worth more than the dwelling. Detroit may not be their yet but rapidly approaching this model which is adopted by just about every other place in the world.

Like cars and other consumables, expendable housing may be the way of the future in major cities and sort after locations. Nothing to say Brush Park has not already been slated by developers to move forward in this direction rather than building dwellings that last centuries. Why not? What is wrong with compromising on material today, razing every couple of decades and then rebuilding with the latest style, amenities and technology? I'll take it!

[night-timer]

From the Detroit News commentary on the development: "The project that will overhaul 8.4 acres of mostly urban prairie in the Brush Park neighborhood just north of downtown" -- I've always felt Brush Park was ideal for a redevelopment of this sort, mainly due to its proximity to Downtown, Woodward Ave, Foxtown, Midtown, Comerica Park, etc. It's potential was obvious. Not many areas of Detroit have that, and most parts of Detroit - especially the suburbs - could not ask those types of prices.

[bust]

This project is in my opinion by far the best thing going in Detroit.

[SammyS]

http://www.realtor.com/realestateand...1_M48015-66874

First lot for sale in this development? >$300/sqft is nicely priced