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Midtown Loft Building, 55 W. Canfield, Cuts Asking Prices

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This post was authored by Alexis Zimberg.

With the news that Midtown is pretty much all rented out, you might assume that sales prices are on the rise too. Right? Not so! At least for one building in the heart of it. Members of the Hubbell Fund of the 55 W. Canfield Lofts recently elected to turn the building—which Colin Hubbell (now deceased) developed— from rentals to owned condo units and kicked off the shift by dropping his pre-recession asking prices of $180-220 K down to the $100-150 K range. Residents should factor in a $250/ month association fee but six months of that are waived for new buyers. The 1921 Albert Kahn-designed structure—formerly occupied by Buick Motor Co.—has 28 lofts, each loaded with tons of amenities: eleven-foot ceilings, granite counter tops, floor-to-ceiling windows, underground parking, and easy access to the yoga studio on the first floor. Our favorite feature: units facing west have spacious balconies! Square footages start at 860 (plus lofted area and outdoor space).

Not sold on the association fees yet? Hubbell allotted three empty units on the first floor to be live-work spaces, where buyers will participate in the creative process of designing their own build-out. Oh, and these live-work spaces have private courtyard patios. We're thinking that all these outdoor spaces are for watching sunsets with all the neighborhood's luxuries: a treat from Avalon Breads, a decaf-to-go from the sparkling-new Great Lakes Coffee Roasting Co. (which you can still call IFAD if you want to sound fancy/in-the-know), and distant summertime beats coming from the Magic Stick/ Majestic Theater across the street.

· 55 West Canfield Photo Gallery [55WestCanfield Official]
· Great Lakes Coffee Roasting [Curbed Detroit]