half a million dollar condos coming to new center

**Bham1982** · January-29-18, 09:09 AM

Originally Posted by SammyS

The free market will and should decide that. T

What "free market"? The housing/land markets are massively manipulated by all kinds of interventions, particularly in downtown/midtown Detroit.

There is no "invisible hand" of the free market in Detroit [[or really anywhere) and hasn't been since the Great Depression, at least.

That said, if buyers are willing to pony up 500k for New Center condos, that's a very promising sign.

**emu steve** · January-29-18, 10:10 AM

Originally Posted by Bham1982

What "free market"? The housing/land markets are massively manipulated by all kinds of interventions, particularly in downtown/midtown Detroit.

There is no "invisible hand" of the free market in Detroit [[or really anywhere) and hasn't been since the Great Depression, at least.

That said, if buyers are willing to pony up 500k for New Center condos, that's a very promising sign.

I'm not sure what one means by 'free market'? Let me explain:

If it cost a builder $350k/unit to build a new condo development is he 'free' to sell them for $325K? $250K? One could say, sure, if he is willing to lose money.

Okay, what if he says, $700K? Will he sell any units? Probably not.

So he is free to set the price at whatever he wants, but that doesn't mean he is 'free' to sell units at those prices.

Is a N. Korean soldier at the DMZ 'free' to walk across it? [[he has 'free will' but if he wants to see the next sunrise I'd suggest he not do it.). Or vice versa. [[I assume a S. Korean soldier attempting to cross the DMZ would also be shot).

So 'free market' is really a misnomer.

**SammyS** · January-29-18, 01:10 PM

Free market = supply and demand devoid of price fixing or excessive quotas on affordable housing.

Evidently, the market seems to be in equilibrium between the tax concessions and land transfers developers are receiving, and the 20% low income housing provisions the city is demanding. Any tilting of this balance may have financial or political repercussions.

**Wesley Mouch** · January-29-18, 05:21 PM

Originally Posted by Bham1982

What "free market"? The housing/land markets are massively manipulated by all kinds of interventions, particularly in downtown/midtown Detroit.

There is no "invisible hand" of the free market in Detroit [[or really anywhere) and hasn't been since the Great Depression, at least.

That said, if buyers are willing to pony up 500k for New Center condos, that's a very promising sign.

Oh 'ham... yes, you're right. The housing market is distorted, no doubt. So calling it a 'free market' isn't technically correct. It is a market, though.

And housing is a big enough market that prices will be set by the market, not by fiat. Not by misguided fools mandating 'affordable' housing. Not by political dictates spoken to get re-elected. But mostly by willing buyers and sellers. And if demand exceeds supply, prices will rise.

The important thing is that new housing be built. That will keep housing affordable for all. Million dollar homes. Subsidized public housing. Matters not. Just build, and there's hope for affordable homes.

**stasu1213** · January-30-18, 06:25 AM

Wow, another million dollar condos but one one choice of a good grocery store. Orleans Landing still have "For Lease " signs in it's storefronts while it's tenants are paying high rent but still have to drive outside that community to go to a decent grocery store

**casscorridor** · January-30-18, 11:54 AM

Originally Posted by stasu1213

Wow, another million dollar condos but one one choice of a good grocery store. Orleans Landing still have "For Lease " signs in it's storefronts while it's tenants are paying high rent but still have to drive outside that community to go to a decent grocery store

Walkable amenities such as grocery stores and good schools are the key to success in building middle-class urban neighborhoods.

**bust** · January-30-18, 12:00 PM

Originally Posted by Jason

This will be the best designed recent residential building, not necessarily because of anything that it does, but because of what it doesn't do.

It doesn't have a mismatch of materials, a bunch of extrusions, a hat, etc etc. Ironically all of those things cost extra money but make the building worse.

For comparison, below is a rendering of the building The Platform is building on West Grand Boulevard. You can see how it would have benefited from some basic restraint.

I totally agree!

**bust** · January-30-18, 12:14 PM

Originally Posted by Hypestyles

best of luck hopefully they'll find the tenants who like this. I hope updated apartments/condos can come to other parts of the city beyond downtown/midtown.

Originally Posted by Chicago48

It won't. Bet on it.

There haven't been many but a more than one have already been finished in the West Village. The Platform is planning more for Islandview and Brightmoor, besides New Center. Lots of renovations are coming to Fitzgerald. Phase 3 of the Packard Plant renovations will include live-work spaces. Phase 1 broke ground last spring.

Maybe there's hope after all.