Detroits best address?

[Artistic]

What would you say is Detroits best [[condo-hi rise) address/location. Certain locations in New York and Chicago have noted areas that would be all about the location and address, just wondering what Detroits would be.

[DetroitPlanner]

Lakeshore Drive in Grosse Pointe

[Artistic]

How about the city proper?

[rb336]

The whole condo-high rise thing is pretty nebulous in Detroit. years ago, I'd have said Riverfront. famous rich detroiters owned condos there, like max pincus. Now I keep hearing it has become a dump. Habortown is probably it, now

[BrushStart]

Easily, the Book-Cadillac.

[Planner3357]

Second the Book. Is Fort Shelby rentals only or are there condos in there as well?

But neighborhoods in city proper would probably be IV or Palmer Woods.

[Bham1982]

City proper, I would say Wellesley Drive in Palmer Woods. Best street in best neighborhood.

Metro-wide, I would say Vaughn Rd in Bloomfield Hills [[off Lone Pine). Easily the biggest concentration of wealth.

If we're talking apartment addresses, I would agree with Book Cadillac for city proper, and would say 250 Martin in Birmingham for Metro.

250 Martin is the new building overlooking Shain Park. I doubt they've sold a unit, with the crazy prices they're asking. So maybe the Willits in downtown Birmingham if we're talking actually sold and occupied units.

[DetroitPlanner]

How about the city proper?

You did not mention the City proper in your post. How about Brightmoor? Note that Detroit is an economic region that roughly spreads from London on the East to Lansing on the West; from Bowling Green to the South to Saginaw to the North.

[Artistic]

What is the main reason that the buildings being renovated in Detroit - like Broderick, Whitney etc are only for the rental market?

[Bham1982]

What is the main reason that the buildings being renovated in Detroit - like Broderick, Whitney etc are only for the rental market?

Because that's the highest and best use. Book Cadillac didn't sell.

[stinkytofu]

It will be interesting to see what the Broderick is like when it's done - I could see that being up in the Book-Cadillac league. It's, in my opinion, in a better location with Woodward being the address and by the looks of it [[as in $5,000 rent for some places) it will be really nice. The B-C has the nice restaurants and hotel going for it...but the Broderick should be pretty damn nice too...

[Bham1982]

You did not mention the City proper in your post. How about Brightmoor? Note that Detroit is an economic region that roughly spreads from London on the East to Lansing on the West; from Bowling Green to the South to Saginaw to the North.

I'd say that's a pretty wildly generous description of "Detroit". I don't think too many London residents [[I hope you meant Ontario) would consider themselves Metro Detroiters.

Heck, I don't think Windsor residents would consider themselves Metro Detroiters. I would go with the Census-derived boundaries [[MSA or CSA).

[Ray1936]

1300 Beaubien.

[Eric_c]

Because that's the highest and best use. Book Cadillac didn't sell.

Book-Cadillac sold, my friend. Make no mistake. The opening of the condos happened to co-incide with the beginning of the mortgage melt-down and folks with pretty strong credit were being denied mortgages. Many who had been previously pre-approved were ultimately denied because after the market changed, the banks required larger down payments than initially quoted, thus squirreling the deals. The condo units at the Book were certainly 'sold' from the standpoint of signed agreements, unfortunately the financing has stood in the way.

But perhaps most importantly, all the recent residential renovations have been tied to tax credits which require the units remain rentals for a specific period of time.

Now-rare forum contributer PQZ could speak of these credits and their specific use far better than I, but that's the real reason everything is rental.

[Bham1982]

Book-Cadillac sold, my friend. Make no mistake.

A sale without a closing isn't a sale. B-C units didn't close. If they did, they wouldn't be for rent.

[KJ5]

400 Bagley! It's our Chelsea Hotel.

[EastsideAl]

The Detroit Towers south of Jefferson near Indian Village. Quiet, old fashioned, understated luxury, with no more than 2 condo apartments per floor, and sweeping views up and down the river from Lake St. Clair to downtown. Many prominent people live there, and a lot have lived there in the past.

[agrahlma]

9240 Dwight Street – several years ago they hosted some great parties there!

[rb336]

Best street address would probably be Boston

[Eric_c]

A sale without a closing isn't a sale. B-C units didn't close. If they did, they wouldn't be for rent.

Semantics and my point stands.

The question you answered was why are the units being renovated in Downtown going rental. You answered by saying the "Book...didn't sell" and as a result rental was the "highest and best use."

Well, yeah! Of course it is; if they can't be sold, you rent them!

The problem I had with your response was that it made it sound as if the Book had no takers. Whether that was your point or not, that's how I perceived it. Particularly now that you respond to the only line in my entire post that could possibly be contentious. Fact is, concepts, ideas, things, etc are "sold" everyday without ever coming to close, and people were "sold" on buying at the Book-Cadillac - make no mistake.

My point, however, and now to repeat myself, was to counter your flippant implication. You made it sound as if the Book had no takers! My statement was made to illustrate, 1.) Demand for Book condos exists, financing does not, therefore your failure to "close" after they've been "sold" 2.) Tax credits used to construct the other renovation projects require the units remain rentals for a specified period. And that's the real reason.

So in other words, I corrected mis-information and attempted to educate.

[swingline]

1300 Beaubien.

Good one Ray. That's an Albert Kahn building, right?

[BrushStart]

There was a developer interested in turning the Wayne County Building into luxury condos. If it actually happened, I think this Italian Renaissance beauty would unequivocally be the city's most prestigious address.

[GPCharles]

Within the city limits, I second the Detroit Towers.

In the Metro area, I would nominate Provencal Road in Grosse Pointe Farms, north of Kercheval and the gate.

[JBMcB]

Within the city limits, I second the Detroit Towers.

In the Metro area, I would nominate Provencal Road in Grosse Pointe Farms, north of Kercheval and the gate.

Provencal is very nice, however, I'd put it together with Lakeshore or Windmill Point. All depends on whether you want to live on a golf course, have a lake view, or live on a lake. They're equally pretty ritzy.

[Ray1936]

Good one Ray. That's an Albert Kahn building, right?

Yeah, I think it is. Sure could use a sandblasting job on the outside right now, though.