Detroit, MI Real Estate News

Designed in 1923 by architect Louis Kamper, the Book Cadillac Hotel is one of the most famous buildings in the city of Detroit.  The history of the Book Cadillac Hotel is almost as significant as its list of past guests.  Baseball greats like Joe DiMaggio and Babe Ruth have stayed in the hotel, as well as Katherine Hepburn and Martin Luther King.  It is a place where President John F. Kennedy spoke and "generations of Detroiters celebrated weddings, bar-mitzvahs, retirements, and other milestones." The continuing economic destabilization and deterioration of Detroit following World War II and leading into the 1980s took its toll on the hotel as it changed names and owners through the years before closing in 1984.  Unlike many famous Detroit landmarks, the Book Cadillac has escaped the w...
Comments 6
I don’t read W magazine, but when this month’s issue hit news stands, I was eager to get a look inside.  The overly thick edition of the magazine features a glam cover shot of actress Christina Ricci.  What’s so big about Christina Ricci you might ask?  Sorry to disappoint, but nothing.  The real treasure of this month’s issue is what’s inside.  A 54-page fashion spread featuring Kate Moss shot in Detroit by famed photographer Bruce Weber.  The spread shows Moss at many historic Motor City spots: from Belle Isle to Kronk Gym to the Diego Rivera mural at the Detroit Institute of Arts. The spread titled "Welcome to the Motor City," remarks, "Detroit is coming back to life, reborn as one of the most vibrant cities in the world." How did this showcase of Detroit come about? W creative direc...
Comments 2
By Professor X
(NONE)
Saturday is tour day in Detroit!  City Living Detroit, Preservation Wayne and the Tourism Economic Development Council have partnered to provide unique and distinct tours occurring every Saturday of the month.  These great tours depart from the "Point of Origin" in Campus Martius Park throughout May, June, July, August and September. Every Saturday Leaving from Campus Martius Park at 10 A.M. and 1P.M.  Click Here For More Details!
Comments 2
By Maureen Francis, Coldwell Banker Weir Manuel
(Coldwell Banker Weir Manuel)
Marketing works.  Right now the hot commodity in Detroit’s hippest suburbs (I know that sounds like an oxymoron, stop laughing!) is the loft.  But suburban Detroit is not Soho, and our trendy suburbs do not have warehouse districts with artists squatting in abandoned buildings and gentrifying them. For the most part, our “lofts” are new construction condominiums with the obligatory exposed brick wall and unfinished ceiling.  Other industrial decorating touches help to create the coveted loft mystique.  It’s really pure marketing genius.  Just don’t tell the super excited new owners that they’ve just paid an extra $50k for something everyone else knows is just an overpriced condo, ok? 
Comments 9
By Maureen Francis, Coldwell Banker Weir Manuel
(Coldwell Banker Weir Manuel)
As those of us in Detroit know all too well, the Big 3 are having problems.  GM's attempt to find a new market was introduced this winter at the LA Auto Show.  We wrote about the GMC Pad a while ago, in an article called "The home we won't be selling you." Click on that link, you gotta see the thing.  I mean it. GM is trying to tap into the trendy, urban, first time buyer market.  Honestly, I don't see much demand for this, but what do I know?  I mean, we've had motor homes and mobile homes for a long time.  Even if they are give a hip and trendy makeover, the audience they serve would be limited.  Maybe GM should talk Uncle Sam into allowing people to homestead RV's and offer a write off for vehicles that are registered as a primary residence!!  That could make all the difference. And ...
Comments 3
By Maureen Francis, Coldwell Banker Weir Manuel
(Coldwell Banker Weir Manuel)
A mortgage rep we work with sent me this article from USA Today about the Detroit real estate market.  Personally, I don't know where they are getting their data.  Maybe they are only talking about the city of Detroit.  We work in the suburbs, and while we are seeing increased inventory, actual sales in my market are up over 2005.  This is not  getting reported.  Frankly, Dmitry and I have never been busier than the last 3 months!  Homes are selling and the MLS stats show this.  Its not all gloom and doom in metro Detroit. And another thing, there are 6 homes on the market over $8.5 million, though this article lists the most expensive home at that price.  Where did they get their information?  The most expensive home in our MLS is listed at $20,000,000. 
Comments 10