i've seen tremendous gentrification in this old big city. in some non central areas where you wouldn't be walking at night now have new townhouses. Funny thing about that is in this 300 year old city the new constructed row home is very contemporary on the outside. apparently, the millennials don't want those brick front homes. some parts of the new old ghetto are stating to look futuristic. we have had the center of the city just completely rehabd, now it's onto where is there vacant ground, or a lot to build on. anyway, in your case you go as far as you need to to find comps, wouldn't a buyer do that?
Yeah I hear what you mean but other than mid-town, new center, indian village and cork town there's not a lot of younger millennials going into the other areas such as East english village, University district etc.
Brush Park is going to be "hott" if not hotter than midtown when I see what's going on there but it might be less residential and more commercial depending on what they do with some of those old victorian style homes (those homes do make great work spaces)
You are correct it is a moving target.......Luxury condos are being built on 10 and Woodward with an absolutely gorgeous view of 696! just planted on the surface drive...lol (scratch my head at the sight)
It's borderline speculation to a degree as Detroit does not have a growing population similar to meccas like NYC, Chi-town, LA etc. yet our young ones are more prone to move downtown than take a one way bus ticket to Chi-town these days (glad those tun off the lights billboards aren't around anymore)
I think developers have to keep developing whether the demand is real or created which it seems even the mid-town gentrification and the other areas are speculative to a degree with mid-town obviously making the most sense due to universities, hospitals, eateries etc. and finally now retail!
This is just my 2 cents.....I'm sure the commercial guys have a lot more insight in these bigger developments.
Many of Gilbert's/Bedrock mgmt buildings had major vacancies or were occupied by some of his businesses when all this started. I'm very glad to see retail on Woodward coming up from Jefferson to mid-town.........60 years overdue.
I absolutely love that these developments are taking place as it's long overdue for this great city and the wonderful down to earth people that grow in this great state!
I'm sorry for digressing on your original topic and veering off into my great love for this area but the lack of comps in Harbortown does make sense and this is why.......
Those condos were always and probably still our occupied by professionals that work for the county, city, courts, admins etc.
Harbortown and Lafayette towers are pretty much that demographic which is not student occupied or younger people fresh into the work force wanting to venture out and live the sporty life. Condos and Co-ops along Jefferson have been in a funk for years......many of the co-ops couldn't be sold and people just walked on them and gave it back to the corporation. Sad but true, obviously Harbortown is newer and more upscale than the Co-ops on Jefferson yet it might still be suffering due to the above reasons and maybe a multitude of other reasons?
Going back 1,000 days and not finding a sale is fairly indicative that my reasoning on why....might be in the ballpark?
