Are Listing Prices Too High in Lafayette Park?

Yesterday, we posted the listing for a loft on the north end of Lafayette Park that’s listing for $525,000, or $332 per square foot. Our readers on Facebook in particular had quite a bit to say about that price, so we wanted to see how it compared to others in the neighborhood.

We asked our friends at NeighborhoodX to pull some numbers for us to see how it ranks among properties that are either listed or just sold (sold properties are marked with an asterisk). An interactive chart can be accessed at this link.

NeighborhoodX

Readers might not be surprised to see that two Mies units top the chart. One courtyard unit recently sold for $560,000 ($386 per square foot) after listing for $599,000. Another is currently pending, with a listing price of $439,900 ($365 per square foot).

Next we have the current Leland Loft listing, followed by a big decline in price per square foot with a few more Mies units (there have been so many this year). Another Leland Loft sold earlier this year for $210 per square foot. Then we have some co-ops at 1300 Lafayette.

Then we get to the average listing price, which is $178/square foot. We then have listings ranging all the way down to $51 per square foot.

So what do you think, Curbed readers? Is this just a bubble? Will prices continue to rise in this central neighborhood?

• First Look: Updated Corner Leland Loft Raises the Bar, Asks $525K [Curbed Detroit]
• Lafayette Park Price Ranges June 2016 [NeighborhoodX]
• Mies van der Rohe [Curbed Detroit]
• Mies van der Rohe Courtyard Unit Hits Market for $599K [Curbed Detroit]
• Mies van der Rohe Courtyard Unit Lists for $440K [Curbed Detroit]
• Condo in Historic Leland Lofts Lists for $240K [Curbed Detroit]