The Watermark Detroit

[rbdetsport]

Recently I sent an email to the Watermark developers and i got a reply back that sounds good.

Hello

[TheDetroitCity99]

I've watched the videos on their website and it looks quite remarkable for the riverfront. Probably the nicest building since the rencen although other pretty nice developments are in progress on the river right now. I hope this can be the first modern, upscale development on the river besides the 3 Riverfront Towers. By the way I'm moving down there friday =D I can't wait. I've been spending lots and lots of time down there during the day and night. By any chance have any of you heard of the restaurant "Small Plates" ??

[tapezord]

. By any chance have any of you heard of the restaurant "Small Plates" ??

[Michi]

Remember the peeps at the Griswold gave all indication that their condo building was going to be on schedule up until they made the decision to pull the plug. Just because the agent said that they have 25% sold doesn't really mean anything, especially like it was determined that the banks are wanting a near 60% commitment. The Watermark was suppose to break ground in June. Anything you hear should not be assumed to mean that everything is going to go w/i setbacks.

[hudkina]

60% seems kind of excessive for a pre-sale amount. It would be extremely difficult to sell something that isn't even there. Most people need to see and experience the condos before they buy them.

[RustTown]

I'm not sure why anyone takes the words of parties with a dog in the fight so seriously. Real estate agents have euphamisms for everything. They are completely unable to tell things like they are when things aren't as good as they like. Take words from developers and real estate agents with huge doses of salt.

[dgriff04]

It depends on the bank. The Watermark in particular only requires 40% sold to get financing.

[WALD0123]

"It depends on the bank. The Watermark in particular only requires 40% sold to get financing."

That of course directly contradicts what is reported in the Detroit News article linked by rbdetsport earlier in this thread. I believe they have a shot at getting 40% sold before construction but I highly doubt they could get to 60% even in a better market.

dgriff04, do you know this 40% number to be accurate? (I would certainly believe it as the News has gotten more than its fair share of facts wrong in recent years).

[hudkina]

LOL. The News isn't the most reliable source when it comes to serious journalislm. They're better off covering Arts, Beats, and Eats...

[tapezord]

They effectivly started the ouster of ed mcnamara which in turn procceded to render wayne county as completely useless. Literally nothing has happened since Bob Ficano took office. Machine politics aren't always such a bad thing... stuff gets done.

Thanks Snews.

[hudkina]

Wayne County is too Democratic for the Detroit News. They need the Republican strongholds of Oakland and Macomb County to become the dominant force of the region.