High-priced Condos A Hot Seller in Detroit
Sure, luxury condos have hit trouble in Miami and Las Vegas but apparently the luxury condo business is thriving in Detroit. The Detroit Free Press reports on the sales of the new Westin condo residences at the Book-Cadillac Hotel. The building held their first invite-only sales event this week and already 40 of the condos were snapped up. Prices range from $280,000 to $1.5 million. People will move in in mid 2008 when the hotel reopens as the Westin Book-Cadillac with 455 hotel rooms and 67 condos. The initial public offering of the condos will be in December if there are any left by then.