Inside the REDESIGNED David Whitney Building in Downtown Detroit!

The iconic David Whitney Building is set to reopen to the public in December.

Designed by renowned Chicago architect Daniel Burnham and constructed in 1915, the building at 1 Park Ave. in downtown Detroit has been empty since 1999, when it last served as an office building.

After being left vacant for more 12 years, the journey to restoration started in March 2011, when Whitney Partners LLC, a joint venture between Detroit-based developer The Roxbury Group and Farmington Hills-based hotel investment firm Trans Inns Management Inc., bought the building for $3.3 million.

Whitney Partners has preserved the building’s historical touches, including its terra-cotta, mahogany and marble surfaces. The building’s exterior is also being restored to bring its façade as close as possible to the original 1915 design.



 “We are in the final stages of redeveloping one of Detroit’s most celebrated buildings and returning it to Detroiters and visitors to enjoy,” David Di Rita, principal of The Roxbury Group, told a 50-person crowd during a media tour and update of the building’s $94.5 million redevelopment project.The building includes:

• a four-story atrium;
• The Residences at the David Whitney, 108 one-, two- and three- bedroom apartments;
• Aloft Detroit, a 136-room boutique hotel that is part of the Sherwood Hotels & Resorts Worldwide Inc. chain; and
• Grand Cirque Brasserie, the building’s signature restaurant.

The building will also be a transportation hub, with second-floor access to the Grand Circus Park Detroit People Mover station, which has been closed for renovations, and an M-1 Rail stop outside the building

Knowing the components of a GOOD offer when selling your home!

Price

Price is definitely a major factor to consider when evaluating a deal, and it’s hard to complain about a full-price offer. If the initial offer is too low, the seller can make a counteroffer. Sellers often agree to a lower price if the offer is for cash. Many transactions fail to close because the appraisal value is lower than the offered price, or the lender doesn’t approve the buyer for a mortgage loan. A cash offer can eliminate both potential pitfalls.

Earnest Money

Earnest money is proof of the buyer’s good intentions; the seller may receive this money if the buyer cancels the contract without a legal reason for doing so.
The buyer’s real estate agent collects the money from the buyer after the offer is accepted, and a real estate broker, attorney or title company holds the funds in a trust account. The money helps pay the buyer’s closing costs if the deal successfully closes. The amount of this good faith money varies by region and market conditions, but three percent of the offer price should be satisfactory.

Proof of Funds

Never accept a cash offer without seeing proof of the buyer’s ability to pay. This may include a bank or brokerage account statement with the buyer’s name visible on the printout.

Pre-Approval Letter

Think twice before accepting a financed offer without first seeing a pre-approval letter from a lender. At the very least, insist on seeing a pre-qualification letter from a loan originator stating that the borrower’s credit score and verbal discussion of debt and income is adequate for loan approval. Many deals fall apart because the buyer is unable to obtain a mortgage. Smart sellers want to minimize the chance of that happening to them.

As-Is Contract

An as-is contract allows the buyer to have a home inspection but eliminates the requirement for the seller to contribute money toward repairs. The MLS listing should specifically request that offers be submitted using an as-is contract.

Quick Close

If the sellers are prepared to leave or have already vacated the property, a quick close is preferable to a long delay. Unexpected events like a fire, wind damage or flood can ruin a deal. Financed transactions may take 40 days to complete, while 2-3 weeks is usually possible for a cash deal. Cash deals take that long because of the home inspection, lien search and property survey.

If you have any questions, feel free to call me at 248-875-5868, or email at kandiss@dwellingsunlimited.com

Kandiss