Book Cadillac's condos to come down in price

Most units still unsold

BY JOHN GALLAGHER • FREE PRESS BUSINESS WRITER • July 30, 2009


Faced with the worst residential real estate market in decades, the developers of the Westin Book Cadillac Hotel are relaunching the sale of the condominiums atop the hotel with a new campaign and price cuts on remaining units.

Prior to the hotel's grand reopening last October, Cleveland-based developer John Ferchill had taken purchase orders on almost all of the 64 condominium units on the hotel's upper floors, including the priciest at $1 million or more.
But the collapse of the economy, which led to a nationwide credit crunch, prevented many buyers from closing on their units. Only about 12 deals closed.
To jump-start a new sales effort, Ferchill said Wednesday he is putting all the unsold units back on the market and cutting the prices 10% to 35%. A few units that had been priced at $289,900 when first offered for sale in 2006 are now listed at $199,900.
Jeff Glover, manager of agent development for Keller Williams Real Estate, the listing broker for the project, said a by-invitation-only reception will be held at the hotel this evening for potential buyers.
For more information about the sale, visit the Web site www.BookCadillacResidences .com.
Wasn't there a bet on the site about how many of the 64 would actually close? I seem to remember some folks getting pretty testy at the suggestion that the sales the builder was claiming a few years ago were exaggerated.