One gauge for the housing market: Condos

[emu steve]

Condos are the most volatile of housing, esp. in tough economic times.

Well the condo market seems to be recovering from the housing/economic crash.

There is a definite nitch for folks who want something [[usually) smallish, without major up keep AND yet with ownership rights.

This is good news. They are many, usually young singles and maybe some empty nesters, who want to live in downtown or Midtown yet want ownership rights.

For them a 1,000 - 1,250 foot condo might be perfect.

The idea that a single person or [[childless couple) needs say 4 bedrooms and 3 baths seems a bit silly.

What is neat is that a lot of cities have strong markets for large single family houses, townhouses, rental apartments, condominium ownership apartments, etc.

Something to meet everyone's needs.
http://www.freep.com/article/2014060...troit-FD-Lofts

[French777]

I think it is impressive that 80% of the Condos at The Westin are sold!

[animatedmartian]

I think it is impressive that 80% of the Condos at The Westin are sold!

It only sucks at how long it took though. They went on sale in 2008 and how many years later is it taking for investors to get their money back? I remember that they were pretty close from defaulting on the loans but just barely stayed above water.

I think it'll still be a while before we see any major condo projects as lenders are certainly still cautious. Maybe a bunch of smaller condo developments like the one in Eastern Market, but I wouldn't expect any all high rise condos for at least another year or couple of years.

[DetroitPlanner]

It only sucks at how long it took though. They went on sale in 2008 and how many years later is it taking for investors to get their money back? I remember that they were pretty close from defaulting on the loans but just barely stayed above water.

I think it'll still be a while before we see any major condo projects as lenders are certainly still cautious. Maybe a bunch of smaller condo developments like the one in Eastern Market, but I wouldn't expect any all high rise condos for at least another year or couple of years.

Hey there was a little thing that happened to the economy around here. Investors saw it coming. That is why it took DEGC so long to put the financing together.

[emu steve]

It only sucks at how long it took though. They went on sale in 2008 and how many years later is it taking for investors to get their money back? I remember that they were pretty close from defaulting on the loans but just barely stayed above water.

I think it'll still be a while before we see any major condo projects as lenders are certainly still cautious. Maybe a bunch of smaller condo developments like the one in Eastern Market, but I wouldn't expect any all high rise condos for at least another year or couple of years.

I agree. In a market like Detroit, the idea should be to convert modest sized apartment building rehabs into condos [[rather than rental apartments).

Actually the ideal, drum roll please, would be to take those two buildings, Eddystone and the other, and rehab both, one as condo ownership and the other rental.

I doubt there is a market for 250 condo units at say 300 - 400K [[new construction).