June turned out to be a busy month for Detroit real estate, with many lofts and houses closing toward the end of the month. What can we expect as we move into the second half of the year? We’ve noticed a few expensive listings in Indian Village that are still on the market. Hubbard Farms and Southwest Detroit have been hot. And lofts have been listing and selling like crazy. Here are a few closings we’ve recently noticed.
Readers either love or hate the FD Lofts in Eastern Market. On one hand, the lofts are in a great location in a cool, historical building. On the other hand, the walls aren’t all that “homey.” One reader noted about this loft, “This is an absurd price for a two bedroom loft in Detroit. Maybe in Detroit in 15 years this would be reasonable. Also this is probably one of the ugliest lofts I’ve ever seen. Cinder block is startlingly worse looking than brick.” It’s not that bad. It listed for a whopping $435,000 in April and just sold for its asking price, coming in at $244 per square foot.
We’ve seen a few Grinnell Lofts go up for sale recently, including this one-bedroom loft in April. It has big windows, it faces downtown, and the building is close to everything Corktown. It listed for $385,000, which was likely too lofty, then dropped its price in May. It just sold for $315,000, or $389 per square foot.
We’ve also seen quite a few listings in Hubbard Farms this spring, including this four bedroom home with many original details. It listed for $199,900, and we’ve seen a few list for more since then. It just sold for well over asking at $242,700. Interesting...
Speaking of interesting, this Corktown fixer upper looked like someone had started a rehab, then decided to take off. The old house sits on a big lot, which could fit more construction. It listed for $225,000, which seemed very high, and sold for $227,500.