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Demand for apartments near downtown Detroit seemed nearly insatiable before the pandemic. Now a surge of luxury units is adding slack to the market.
The 25-story Residences at Water Square on the site of the former Joe Louis Arena has been previously described by its developer as having "elevated but approachable" rents.
Newly revealed asking rents for The Residences at Water Square are well into record territory for downtown Detroit.
After 16 months without a sale at the Saint Charles condominiums near Detroit's Islandview neighborhood, Matt O'Laughlin finally started closing on properties earlier this year.O'Laughlin, a partner with @Properties, said condo showings — which cratered at the beginning of the pandemic &…
For nearly two years, Detroit has had an excess of condominiums for sale on the market. To developers, that means an added challenge in an already tough building climate plagued with long-rising construction costs eating into profit margins — not to mention economic upheaval caused by a…