Here's what it will cost to live in new Hudson's Detroit condos

The nearly 100 Edition-branded condos planned for the Hudson’s Detroit skyscraper will be unlike anything that “has ever been done in Detroit before,” according to the New York City broker leading sales of the units.

Detroit-based developer Bedrock LLC and Douglas Elliman, the New York City-based luxury brokerage with a presence in several established condo markets including Miami and Los Angeles, formally announced the partnership and limited details on the condos — such as their hotel-affiliated branding — last week.

Condo units — slated for closings in late 2026 — will be priced starting at about $550,000 and are expected to top out around $3 million, according to Howard Lorber, executive chairman, president and CEO of Douglas Elliman.

A sales center is expected to open this week along Woodward Avenue near the footprint of the NFL Draft taking place downtown this week, but actual condo sales have not yet formally commenced.

The formal announcement of the Hudson’s Detroit condos comes as the city’s condo market remains burdened with oversupply and minimal sales velocity, but those marketing the units say interest has already been significant.

Interest has already been strong, said Bruce Ehrmann, the New York City-based associate broker with Douglas Elliman who’s leading the sales and marketing for the project.

Since the announcement last week, the firm has already received about 300 inquiries, Ehrmann told Crain’s.

Based on his experience in New York City, that proportion of inquiries would translate to around 10%-15% of interested parties starting to move forward with the sales process and perhaps 5%-10% purchasing a unit.

Detroit, with fairly limited inventory of high-end condos in the central business district, provides some key advantages for sales compared to many other markets where Douglas Elliman has a significant presence.

“In other places like Miami or Los Angeles or New York, if you don’t like this condominium, there is always that condominium two blocks away,” Ehrmann said. “In Detroit, if you are interested in a luxurious residence that you own, (have) views in every direction and every kind of amenity in a central location, you will have one choice.”

Douglas Elliman executives said likely buyers include executives from General Motors Co., which last week announced it will move its headquarters from the Renaissance Center just south to the adjacent office building being built as part of the Hudson’s site redevelopment. “Major sports figures” have also inquired, Ehrmann said.

Representatives for Bedrock and Douglas Elliman declined at this time to discuss pricing on a per-square-foot basis, a general metric used in condo prices.

But Jerome Huez, a Detroit condo market expert and owner of Detroit-based brokerage The Loft Warehouse — an affiliate of Berkshire Hathaway Home Services — said he anticipates pricing of around $1,000 per square foot.

“I think it’s reasonable that they will ask $1,000 per square foot,” Huez said. “It’s not extravagant, it’s continuity of the market. It fills a space that doesn’t exist — the super-luxury product.”

To that end, two condos sold last summer in the nearby The Exchange development for nearly $1.5 million each, with one selling at about $915 per square foot, believed to be a record for a condo sale in the city.

A condo market report published in February by The Loft Warehouse shows the average price per square foot in Detroit overall over the last decade was $261, while in the CBD — where the Hudson’s Detroit units are located — was $428.

The overall condo market in Detroit remains oversaturated with more than eight months of supply on the market, but sales in the price range of $300,000-$500,000 have been a bright spot and inventory within that segment is much tighter, per The Loft Warehouse report.

Bedrock executives tapping an out-of-state brokerage for the sales and marketing of their units makes sense, Huez said, noting that most local brokers have not sold $1,000 per square foot condos.

“These people have done it a million times,” he said.

A Bedrock spokesperson did not respond to a message seeking comment on the decision to go out-of-market for the brokerage services.

While the Detroit condo market remains far from what is seen in markets such as New York City, the growing list of amenities — from sports teams to art galleries and nearby shopping — makes for significant interest, according to Lorber, the Douglas Elliman chairman.

“New York will always be a top market no matter who screws it up. They have everything you want,” Lorber told Crain’s. “Detroit — on a smaller scale — is the same thing.”

Compare Properties

Compare
You can only compare 4 properties, any new property added will replace the first one from the comparison.