Remember when it was all the rage to talk about $500 houses in Detroit? Well, in the downtown area, fortunes have changed quite a bit.
In a building that at one time stood vacant for more than 20 years and now named the Westin Book Cadillac (it also has a hotel), a 2,500 square foot condo has sold for $1.8 million.
“Obviously, this sale set a benchmark, and I think if you asked people three to five years ago if this number was possible, people would look at you like you were crazy,” said Kyle Swink of Coldwell Banker Weir Manuel. “In reality, I think it shows that people are interested in moving down to the city, and it doesn’t matter if the price point is $300,000 or $1.8 million, the city has so much to offer, and it’s growing work-wise and business-wise.”
Swink is confident that the $1.8 million barrier, a condo record according to them, will be broken. It is one of three units that stand alone on the top of the building.
The three bedroom, two and a half bath condo is on the 29th floor of the building built in 1924. According to Historic Detroit, the building stood vacant for 22 years until it re-opened in 2008 and was rehabbed for a cost of $190 million.
Some of the amenities include, per the Book Cadillac Residences site:
- A 35-foot vaulted ceiling
- Bi-level with views of the Detroit River, Ambassador Bridge, and downtown Detroit.
- Brazilian marble
- High-end appliances
- Private elevators
- Access to all hotel amenities like the pool and fitness center
“It’s very exciting,” he said. “It’s a big deal when you start reaching these kind of numbers in the city. This is kind of the new benchmark.”