Detroit Condo Sales Projected to Hit $100 Million, Up from $70 Million in 2016
February 16th, 2017, 4:35 AM
Detroit's condominium market remains hot.
Projected sales of both new and existing units are expected to reach $100 million this year, compared to $70 million in 2016, according to The Loft Warehouse, a Detroit broker, R.J. King of DBusiness reports.
“We never have to sell Detroit, the recovery speaks for itself,” says broker Sabra Sanzotta, who owns The Loft Warehouse with her husband Jerome Huez. “What you’re seeing today is that at certain residential apartment buildings in downtown Detroit and Midtown, as the leases expire, the units are being put up for sale. New projects also are coming on line.”
The average average Detroit condo sale price at the end of 2016 reached $175 per square foot, up from $40 to $80 per square foot from a year ago, Sanzotta says.
The company projects 3,350 apartments and 638 condos will be added in the city by 2020.