The Eastern Market area has now turned notable apartments into much needed and desired condos that are for sale for those looking to call Detroit home. These loft-style condos are projecting to be quickly off the market, due to the increase in demand for more purchasable locations in Detroit.
The FD Lofts, located in Eastern Market, have just recently gone up for sale, as June 1st. There are currently 30 units for sale, which include a variety of upgrades and renovations. Stainless steel appliances, polished concrete floors, modern sink fixtures and washer and dryer facilities, bring a lot of appeal to these once open lofts.
Studios in the FD Lofts are approximately 523 square feet and start at $124,800. Prices increase as more bedroom’s are added, with a one-bedroom condo, at 1,199 square feet, starting at $199,800. The most expensive unit is a two-bedroom, two-bathroom home, with a private terrace, that is 1,827 square feet and starts at $329,800. A renovated parking lot will also hold 60 spaces for residents and guests.
With a total investment budget of $5 million, Robert Heide, of Urban life Development LLC & Yorkshire Construction Co., has taken advantage of every opportunity that he can to renovate this Detroit building. With state and federal tax credits, brownfield tax credits, bank loans and equity, Heidi has transformed the Eastern Market area from a Saturday morning drive-by, to a permanent livable environment.
Apartments are plentiful downtown, which causes as even greater need for these Eastern Market condominiums. With only approximately 450 condos located between Midtown and downtown areas, this number is sure to rise, as the occupancy rates are far higher than apartments, with nearly a consistent 90%.
Demand for properties that are for-sale in Detroit are high, and still growing. Real estate professionals agree that developers need to re-shift their focus from apartments to purchasable homes, which allow residents to stay in Detroit for the long-term. Heide stated that, “We are seeing people who want to make that commitment to purchase in the city.” Heide also anticipates that all of these new Eastern Market units will be sold by the end of the year. With regards to adding a variety of options for those looking to venture into the Detroit real estate market, Heide adds, “We need a lot more developers, and I think doing smaller projects at different price points in the good thing.”
These condos are available to been viewed during the following open house hours: Saturdays from 9am – 12pm; Sundays, 11am – 4pm; and Tuesdays, 1pm – 6pm.