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THE
FERCHILL GROUP | DETROIT'S REBIRTH
PROJECT: The Westin Book-Cadillac Residences Detroit
CHALLENGE: Sell 67 Luxury Condominiums - sight unseen - in a Detroit
hotel that had
stood vacant for 23 years for the highest price point in the market.
SOLUTION: Despite a struggling Michigan economy, Esquire Properties
created months of excitement and anticipation for the future opening
of the Book-Cadillac Hotel in Detroit. We offered a one-day
opportunity to purchase a condominium above the historic hotel with
prices ranging from $300,000 to $1,500,000.
STRATEGY: For years, Esquire Properties had clients who expressed a
desire to live in Detroit; but there was no luxury condominium
project to support these buyers. When the Ferchill Group retained
Esquire to sell the condominiums above the Book-Cadillac Hotel, we
made a decision to “raise the bar” on the quality of condominiums to
support a luxury buyer who appreciates designer-quality finishes;
and, is also willing to pay for it. Initially, the condominiums were
priced at $250/sq ft, but after a market analysis by Esquire, we
convinced the developer to price the condominiums from $305/sq ft to
$325/sq ft. By pricing the Book-Cadillac condos as the most
expensive in the market, we also brought incredible attention to the
project. Most media sources did not think million-dollar prices were
achievable in the Detroit real-estate market; and, thus, the
Residences at the Westin Book-Cadillac became one of the most talked
about developments in the Midwest.
Esquire Properties:
Westin Book Cadillac Full Study
(.pdf) |
