DETROIT (WXYZ) — Million dollar penthouses are becoming a real thing in Detroit. There is a penthouse loft in Midtown that’s soon going to hit the market.
The asking price could make it one of the largest sales in that area.
“One of the largest sales in Midtown, if not the largest,” said Matt O’Laughlin of Alexander Real Estate Detroit.
The fifth floor unit in Willys Overland Loft is considered a two bedroom three and half bath unit and is a total of more than 2,600 square feet.
The asking price is a whopping $1.4 million.
“It’s great to see price points like this hitting Midtown now,” O’Laughlin said.
The current owner combined two units, buying them in 2011 for a total of $550,000.
Eight years later, after major renovations, it could more than double the value.
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“Put in a brand new kitchen, all Thermadore appliances, super high-end kitchen and finishes,” O’Laughlin said.
There are beautiful views of the city from a balcony. Another penthouse unit will be up for sale in the same building.
This one is smaller and asking is around $775,000. The current owner bought it last year for around $650,000.
Real estate agents say condos in Midtown are on an upward scale thanks to buyers wanting a city life.
“Park their car on the weekends and they’re walking to any activities they want to do in downtown or midtown,” O’Laughlin said.
If you’re wondering what $1.4 million dollars can buy you in other cities, we did a quick search in Grosse Pointe Farms, Birmingham and Bloomfield Hills.
Many listings were mansions with several bedrooms and bathrooms. But realtors say living in Detroit is unique in its own way.
“Checking out all the cool new bars and restaurants happening, shows, events and you’re just not going to get that in the suburbs,” O’Laughlin said.
Both units hit the market in the beginning of June.
“Last year, there were $10 million home sales in the city of Detroit, I think we are going to see more this year,” O’Laughlin said.
