Westin Book Cadillac Developer changes Broker and reduces prices

Image courtesy of Starwood Hotels

One of Detroit’s high-profile residential developments has changed Brokers and reduced prices.

When the Westin Book Cadillac Residences started sales in 2006, it was planned to take residential living in downtown Detroit to a new level. Amenities such as a 24 hour fitness center with swimming pool, residential concierge, Westin hotel services and the conveniences of being located in a landmark downtown Detroit building.

The first day of sales, nearly 50 of the 67 units were pre-sold.

When the Book Cadillac opened October 2008, the nation was in the middle of an economic meltdown. Mortgages became harder to qualify for and down payment requirements went up. Many purchasers had planned on selling their existing homes to purchase at the Book. As a result, fewer than 12 units have closed since the opening.

The developers have decided to make some major changes. Replacing their listing Broker after three years on the job and lowering the prices of some units to as low as $199,000 – down from $299,000.

If you have not had a chance to visit the Westin Book Cadillac Residences, I encourage you to take a look. This property offers some of the most unique condominium residences commonly found in New York City and Chicago.

For additional information on available units contact me (Austin Black II – Detroit Residential Specialist | 313.550.2307 | austin@citylivingdetroit.com)

$7,500 Down Payment Assistance Now Available from MSHDA

The Michigan State Housing Development Authority (MSHDA) has just announced a new down payment assistance program that will allow qualifying home buyers to get up to $7,500 in interest free loans. Funds can be used towards down payment, closing costs, prepaid and property tax escrows. The loan does not have to be repaid until the property is sold, refinanced or the first mortgage has been paid off.

In order to qualify for this program, the purchase prices of the home can not exceed $224,500 and there are income restrictions based on the location of the home and household size.

The incentives to buy a home have never been better! When combining the $8,000 First Time Home Buyer Income Tax Credit,  the $7,500 MSHDA down payment assistance, historical low interest rates and low home prices, it is truly a buyer’s market.