City Modern Brush Park

[ABetterDetroit]

Should be interesting...

It should be interesting if they can get almost 1/2 to 3/4M for units/townhomes there.

If they sell, this could be a bigger story than Friday's announcement of almost 700 rentals units.

Developers will be calling the Mayor's office [["Does the city have any more property east of Woodward in Midtown?").

As of over a month ago Phase 1 was fairly close to sold out. These listings where the handful that they had left. Phase 2 [[Final Phase) was supposed to start "selling soon", not sure when that meant or if it already has started.

A 10% non-refundable cash deposit was required to reserve your unit to be applied at closing.

[emu steve]

Amazing but 5 years ago wasn't this area dead, dead, dead...

A quick pivot: This has got to get the powers to be thinking about extended the QLine down Jefferson.

It does indicate that neighborhood building can take place in Detroit.

[SammyS]

Dead is the word. That area has consistently seen 30%pa for the past 5 years

[emu steve]

I checked the developer's website. First units coming in 2018. Completion in 2020?

So in the grand scheme of things: 2017 is QLine and LCA. 2018 and 19 are housing, housing, housing on both sides of Woodward.

So between the new housing here + the new construction/rehabs near LCA that is nearly 1,000 new housing units coming available by 2020.

[masterblaster]

I wish this development had a retail component.

The great thing about the North Cass area is that you walk out of your unit and walk to an establishment that just a few doors down or is down the block.

[southen]

I wish this development had a retail component.

The great thing about the North Cass area is that you walk out of your unit and walk to an establishment that just a few doors down or is down the block.

It does...

[masterblaster]

It does...

Oh I'm sorry. Well that's fantastic.

[rbdetsport]

Oh I'm sorry. Well that's fantastic.

I think the way that retail is planned for this development is fantastic for the location. It is corner, neighborhood-style retail. Really makes the neighborhood more walkable. I like this better than just having an oversupply of retail storefronts that sit empty for years. It just seems like there was a lot more strategy and thought put into this plan.

[Thumbelina]

I have to agree with some of the posts on here, the prices seem high. I thought that they got the land for next to nothing. Is that correct? The carriage house model is built on a slab on cheap land. I get supply and demand, but...

[SammyS]

I have to agree with some of the posts on here, the prices seem high. I thought that they got the land for next to nothing. Is that correct? The carriage house model is built on a slab on cheap land. I get supply and demand, but...

So what is still confusing? Sure the land was cheap to the developer but someone is still taking a risk on this project. More importantly, no one else stepped up for years to actually pull the trigger on what appears to be prime RE. That is worth something and should reward those who had the vision and guts to actually do something about it.

I've just heard that all of Phase 1 has been sold or on hold. A grand success so far. Everyone was required to put down ~10% before a single brick has been laid and approximately 6-12 months away from closing. That tells me there is more demand than most ever anticipated.

[SammyS]

City Modern alone crushes this list taking up positions 3-10.

https://detroit.curbed.com/maps/most...d-detroit-2017

[SammyS]

Update:
38 purchase agreements signed with all Townhomes in Phase 1 gone. Only a few Carriage homes in Phase 1 left.
My estimate suggests about $20M of private money has already been invested into this project.

[SammyS]

Update:
https://detroit.curbed.com/2017/11/1...ion-brush-park

Phase 1 & 2 Almost sold out [[9/73 remain) All > $300/sqft.
Two price increases since initial release. Phase 3 will likely increase another $20k.

[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.)

[1953]

Here's a city modern shot I took yesterday while driving through. Not my finest work as a photographer, but wanted to share for those a ways away.

[hybridy]

regarding these being overpriced...id much rather pay $600k to be in city modern than the equivalent:

https://www.zillow.com/homes/for_sal...78_rect/16_zm/

https://www.zillow.com/homes/for_sal...78_rect/16_zm/?

[emu steve]

I see your point. Anyone living in that development [[is it Crosswinds?) has REALLY benefited from the growth in the area. Aren't housing values there today 2x what they were say 5 years ago?

I saw where they were built in 2003.

Hmmmmmmm, 2003 right after Comerica and Ford Field were completed.

Am I right that all of the development immediately north of Ford Field and Comerica was completed after 2000?

[3WC]

There is no such thing as a product or service being overpriced if they have been exposed to the market and sales result.

[emu steve]

There is no such thing as a product or service being overpriced if they have been exposed to the market and sales result.

I respectivefully disagree.

You are saying there is no such thing as speculation because we are talking about some product or service being sold for a given price and that price sets its price or value.

[SammyS]

I see your point. Anyone living in that development [[is it Crosswinds?) has REALLY benefited from the growth in the area. Aren't housing values there today 2x what they were say 5 years ago?

I saw where they were built in 2003.

Hmmmmmmm, 2003 right after Comerica and Ford Field were completed.

Am I right that all of the development immediately north of Ford Field and Comerica was completed after 2000?

3x since 2011/12

[SammyS]

I respectivefully disagree.

You are saying there is no such thing as speculation because we are talking about some product or service being sold for a given price and that price sets its price or value.

The point is, the market is ALWAYS right no matter what anyone thinks, agrees or disagrees with. On a similar note.....

"It doesn’t matter how beautiful your theory is, it doesn’t matter how smart you are. If it doesn’t agree with experiment, it’s wrong."

Richard P. Feynman

[Mind field]

Update:
https://detroit.curbed.com/2017/11/1...ion-brush-park

Phase 1 & 2 Almost sold out [[9/73 remain) All > $300/sqft.
Two price increases since initial release. Phase 3 will likely increase another $20k.

The curbed article didn't mention a concrete figure for sales. Do you have a source for the number of units sold?

[EGrant]

In 2011, Zillow estimated that these condos were worth $70K.

[emu steve]

The point is, the market is ALWAYS right no matter what anyone thinks, agrees or disagrees with. On a similar note.....

"It doesn’t matter how beautiful your theory is, it doesn’t matter how smart you are. If it doesn’t agree with experiment, it’s wrong."

Richard P. Feynman

Wow, tell that to folks owning tech stocks [[https://en.wikipedia.org/wiki/Dot-com_bubble) when they crashed...

or when stocks crashed on one day.

I thought the theory of stock prices is that they will in the LONG RUN reflect the value of those stocks. However, at any given time [[day) the price of any stock may not reflect the true value of that stock.