Cadillac Hotel condo being listed for $4.9 Million

[swingline]

This is one of the B/C units that was marketed for many years at approximately $1 million as an unfinished white box. No paint, no interior doors, no finished floors. Don't know what it sold for but likely something around $1 million. The current owner, a physician, bought it in 2016 and has finished it to some pretty high standards, much higher than the just above builders-grade that most of the Book Cadillac's finished units got.

Regardless of how nice the apartment is, the ask on this listing seems kinda dumb. The listing price is probably double the owner's finished cost basis and she has only had the property for 2 years. Yes, the market is pretty strong and this is certainly a unique unit, but geez. At $960 per square foot, the listing price is at least double the current Detroit luxury condo market. The HOA fee is $2900/mo. The NEZ will expire in 5 years and then if properly assessed [[assuming a $4.9 million sale price), monthly property taxes will exceed $12,000. Do brokers take such listings [[and spend their time and money) simply hoping a sucker will come along and provide a windfall? At $4.9 million or any price remotely close, the listing seems destined to languish.

But the rich are different.

[SammyS]

^^
It was not too long ago when you could have bought an entire skyscraper for that price. In any case, the market speaks and we shall see how it goes. Will be a big win for Detroit if a buyer strikes even close to that number.

[iheartthed]

This is one of the B/C units that was marketed for many years at approximately $1 million as an unfinished white box. No paint, no interior doors, no finished floors. Don't know what it sold for but likely something around $1 million. The current owner, a physician, bought it in 2016 and has finished it to some pretty high standards, much higher than the just above builders-grade that most of the Book Cadillac's finished units got.

Regardless of how nice the apartment is, the ask on this listing seems kinda dumb. The listing price is probably double the owner's finished cost basis and she has only had the property for 2 years. Yes, the market is pretty strong and this is certainly a unique unit, but geez. At $960 per square foot, the listing price is at least double the current Detroit luxury condo market. The HOA fee is $2900/mo. The NEZ will expire in 5 years and then if properly assessed [[assuming a $4.9 million sale price), monthly property taxes will exceed $12,000. Do brokers take such listings [[and spend their time and money) simply hoping a sucker will come along and provide a windfall? At $4.9 million or any price remotely close, the listing seems destined to languish.

But the rich are different.

We may look back at this thread in a decade and think that this price was a steal...