Detroit is revitalizing itself, and one place where this is extremely evident is in the condo market. Beginning about ten years ago, new condos in Detroit have been built not only downtown, but along the Woodward corridor, north to the New Center area. And now a $250 million project is progressing through the approval stages that will see 600 new mid-rise condos along the riverfront, as part of Detroit’s ten-year riverfront redevelopment project.

Types of New Condos in Detroit

Many new condos in Detroit are from new construction, but many come from the renovation of older retail or office buildings, and from the conversion of existing apartment blocks into new condos. These new Detroit condos are appealing to the young professionals coming to Detroit as companies open offices here, such as Compuware and OnStar, and to baby boomers on the brink of retiring and facing empty nests. Both groups are drawn by the proximity to shopping and nightlife that urban living offers.

For the first time, Detroit is also experiencing a viable luxury condo market, with a new condo in the Westin condo residences at the Book-Cadillac Hotel for sale at $1.5 million. If that’s a bit more than you had in mind, it’s good to know that a new Detroit condo can still be had for as little as $100,000.

The downtown revitalization is also attracting existing suburbanites back to the city center. Along with the planned RiverWalk, Detroit now boasts three casinos, new stadiums, and many previously vacant buildings and landmarks that have been restored to their previous glory. A new condo in Detroit is becoming ever more appealing.

A Great Time to Buy a New Condo in Detroit

Now is a great time to buy a new condo in Detroit. Detroit was hard hit by the recent housing slump, exacerbated by the layoffs in the automotive industry. But this has created an ideal buyer’s market. Condo and loft prices are more affordable than ever, and there is a large selection to choose from. You can check out the selection here at Condo Center.