Finding Home 313 - a Detroit-centric real estate blog with facts, stories, photos, and a list of our events. Published exclusively by Berkshire Hathaway HomeServices The Loft Warehouse, about the Detroit real estate market we specialize in and love. Since 2006, our mission is...
"Helping People Find Metro Detroit's Coolest Places to Live, Work, and Invest".
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Downtown Living is Back - Global Emerging Trend
(MANSION GLOBAL 1/22/21)
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The 2020 real estate news cycle reported buyers moving from the big cities, to the suburbs, but that is only half the story. And in the biggest cities, things are starting to turn around. The shift is being seen in NYC, L.A., Berlin, London, and Sydney, according to a recent report in Mansion Global
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Cities like New York and San Francisco, hit hardest by Covid - 19 outmigration, are seeing new activity and record rebounding of prices for luxury downtown condos. Manhattan condos over $4 million represented the largest number of units sold in that market, in January. The most popular property types in the primary urban areas are small, boutique-scale developments, without a lot of common area amenities, with key features such as generous floorplans, private outdoor space, and proximity to work.
Another Covid-19 city population trend that was less reported ; people have been moving from the most expensive cities, to second tier cities where remote workers have more purchasing power, lower cost of living, and higher quality of life. At Berkshire Hathaway HomeServices The Loft Warehouse, we believe that Detroit will be the benefactor of that dynamic, especially as more destination-worthy architecture comes online to lure savvy urbanites here. More about that in our next issue.
According to Susan Wachter, professor of real estate and finance at the Wharton School of Business, as reported in Bloomberg CityLab “Cities have had the power to draw, and will continue to have that power to draw job growth,” she said. “And hence for the long run, I expect that there will be recovery.”
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Creativity and networking are the fabric of the Detroit community, and perhaps the most compelling motivation for urban dewllers. To see what that means in terms of a Creative Asset map, we encourage you to explore this amazing interactive data visualization from Data Driven Detroit.
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NEW CONDO SUCCESS STORIES
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Introducing Brush 8, the new Brush Park townhouse condo development that puts quality and design at the forefront. The foundations have been poured and the structure is getting off the ground as we speak. This boutique project of 8 residences is different from other new builds in the neighborhood because of its all - brick and glass exteriors, striking architectural details such as open stairs, and a light well, 3 stories tall.
As usual, these homes are selling before they are completed, and 3 of the 8 are under contract as of this writing. Preconstruction options and pricing are available for a limited time.
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Getting a major construction project started in winter is never an easy task, but it's all systems "go" at Brush 8, located at the corner of Brush and Watson. You'll see blankets keeping the concrete warm as the new foundations cure, and the city coming out to inspect each new pour. Quality measures are being observed for the winter weather work. Next week the carpenters are starting the framing and we will see some vertical action! Learn More
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All sold out - the last 3 went under contract in the blink of an eye, a period of just 2 weeks since the last issue of Finding Home 313. We take this as proof that buyers are bullish on city living, and especially in the $300k-$400k range, with some of the perks of a single family home (bonus points if those benefits can be found in a brand new townhome condo with a fresh 15 year NEZ tax abatement). Look for more residential development to come from the development team. Todd Sykes has details [email protected]
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DETROIT NEIGHBORHOOD FEATURE STORY | EASTERN MARKET
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The news illustrates that the global trend towards the suburbs may be reversing itself, in favor of upscale housing in urban centers, such as New York, London, and Sydney Australia. At The Loft Warehouse, we draw the connection to our local Detroit market. Low interest rates, the rise of the millennial buyer, a vaccine on the way, and the abundance of quality condo inventory in Detroit, gives sellers and buyers the right tools to make moves in the City. By Q2, this dynamic should be in full swing.
Until then, there are great deals to be had on Detroit condos. A great example of that just popped up at the FD Lofts. Here's what Berkshire Hathaway HomeServices The Loft Warehouse agent Lolita Fox did this week, for her clients at FD Lofts in Eastern Market.
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Smart Investor Takes the Long View, Bets on a 100-year old Firehouse Conversion
Realtor Lolita Fox was able to get the inside scoop for her investor client when a rare FD Loft (3434 Russell St.) came up for sale. FD #305 was the right choice for her client, as the unit was perfect for either a small business or a residential lease. It appeals to a wide range of tenants no matter what the market may bear. The FD Lofts, many of which have private outdoor space and soaring ceilings with mezzanine level space, are home to both residents and businesses. Here is a photo of the private terrace and the courtyard. Unit #305 also leased within a week of closing, marketed and brokered by our team.
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Eastern Market offers a myriad of reasons to visit, and people flock here by the thousands, all year round. Whether its for an ordinary Saturday at the open air and heated indoor markets, or a huge event like Flower Day (coming soon on May 6th), there is a buzz of excitement and activity. For a resident, there is no place more walkable, ever-changing, and fun, than Eastern Market. There's only one condo development where there are for-sale residences. That community is the FD Lofts, where The Loft Warehouse was founded in 2006, and where our offices are still located to this day.
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Let's talk through your questions, on Zoom or over a cup of coffee. Our agents will run the reports for you and get you fully prepared to succeed. We will take the time to fully inform you about this ever changing and unique Detroit housing market.
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