With regard to condos currently listed in the immediate vicinity around Ford’s new campus — most of which are listed by Cooley’s brokerage — would-be buyers will have just a handful of options.
At present, those condo options include a 700-square foot, one-bedroom unit asking $300,000 in The Coachman development on Bagley Street, as well as a 2,130-square-foot, three-bedroom condo just to the east in the Bagley 10 project, and carrying an asking price of $839,500.
James Tumey, a sales agent at O’Connor Realty, will host an open house this afternoon ahead of the concert for an available 2,000-square-foot, two-bedroom condo on 11th Street priced at $569,000.
Also available is a 5,600-square-foot penthouse condo owned by Michigan Lt. Gov. Garlin Gilchrist. On the market for a year, the property has undergone a number of price reductions, most recently late last month, with a 6% drop to $1.6 million.
However, as Cooley notes, many newcomers to the area will be more inclined to “dip their toe” in first and opt to rent in the neighborhood before buying.
Still, in that scenario, would-be lessees will find minimal options.
Cooley said his brokerage does a handful of leasing, mostly on behalf of condo owners or small-time landlords, and the rentals brokered by the firm tend to go quickly, attracting multiple interested parties.
On a larger scale, the Perennial Corktown apartment and retail development with 195 units — most market rate but with some subsidized — along the south side of Michigan Avenue just west of Trumbull opened late last year. The building is more than 70% occupied, according to a Crain’s analysis of the development’s leasing website.
The project’s lead developer, Farmington Hills-based Hunter Pasteur Homes, declined an interview request, but a spokesperson said principals there are satisfied with the pace of leasing thus far.
For market-rate units at Perennial Corktown, studio units start at $1,650 per month and larger two- and three-bedroom units lease for up to $5,000.
Construction is underway on an additional phase, a renovation of a nearby building with completion expected next spring. More retail is also moving into the building’s ground floor in the coming months.
Another apartment development called The Brooke at Bagley and 16th streets just to the south of Michigan Central, is expected to open its doors to residents in the coming weeks.
