DETROIT (WXYZ) – The impact of the pandemic on everyone and everything includes the market for condo and apartment sales in Detroit.
âThe whole market is moving a little slower,â Matt O’Laughlin of the real estate company @ Detroit Properties noted. “Until we see full office occupancy opening up downtown, that’s not where we were before the pandemic.”
O’Laughlin says those looking, while fewer now, are serious and qualified prospects.
âI have the impression that it’s returned to a rental market, where the last two years have been very strong in terms of sales. And now I’d say 9 of our 10 phone calls are from people looking for rent, âO’Laughlin said.
The Townsend sur Kercheval is ready to rent now.
O’Laughlin showed WXYZ the model apartment staged inside the brand new building on the east side in the Islandview neighborhood.
âSo very high quality design, modern finishes and it almost looks like a condo product,â added O’Laughlin.
There are 24 units in the three story building – 16 of them are one bedroom apartments, with rent starting at $ 1,400.
The tiling work inside the main entrance to the building was continuing during our visit.
On the outside, the recently completed Kercheval cityscape project adds additional appeal with plans for a matching second apartment building across the street.
âMost of the people on the Detroit subway are familiar with Indian Village and from West Village we’re now a neighborhood down the road, which is Islandview,â O’Laughlin said.
If a new townhouse in Detroit’s oldest historic district is more to your liking, look no further than the Eleventh.
âWe have one and two bedroom floor plans. They are townhouse style, which seems to move well in the market. They have private driveways, private garages and that seems to be where development is growing in the city, âO’Laughlin said.
Townhouses have three stories and 9 foot ceilings.
Each unit has three outdoor spaces, two balconies and a roof terrace.
âIncredible 360 ââdegree views of Detroit. You have the Ambassador Bridge, the train station, the whole city skyline at the back, âO’Laughlin said.
Occupancy is coming soon for the first phase of the project, with a total of 14 townhouses under construction in Corktown.
Despite COVID-19 and slower sales, O’Laughlin remains optimistic in Detroit and its continued development.
âIt seems that most of the projects are still moving forward. Some have been cut down a bit, âO’Laughlin said.
âThe good news is that the prices have remained stable in the city, so the selling prices have not really changed, the rental prices are still quite stable. So most of the development projects that have been launched seem to be moving forward, âO’Laughlin added.