ROYAL OAK, MI – Developers at SkyLofts MarketSquare in Royal Oak have finished out all the remaining residences in the building with the most popular, premium features and are offering builder’s close out pricing for lofts that can be occupied immediately at closing.
“We have a timing advantage in what has become a very competitive lofts market in Royal Oak,” said Development Manager Nico Schultz. “Buyers can see just what they’re going to get, and negotiate accordingly.”
Schultz used data from existing buyers to select the most popular features and colors chosen by owners who had customized an empty space. Most of the completed lofts therefore have bamboo floors, furniture-grade hardwood cabinets, granite countertops and a fireplace, and there’s a television niche above the fireplace for flat screen TVs. Schultz said 80 percent of the building’s residents have a plasma or LCD TV.
He then worked with a designer to vary the central theme. Some lofts mix hardwood and carpeting, others have a whirlpool bathtub or special edging on the countertops. Material colors are based on the residence’s orientation to the sun.
The fact that all the lofts are completed means that buyers can obtain a mortgage that covers the complete cost of the loft. Those who are customizing an unfinished space often must pay in advance for premium features, as developers protect themselves from the cost of retrofitting following a cancellation.
“These are one-of-kind lofts, so people have to act quickly,” Schultz said.
Schultz said the pricing also invites fast action. The developer, Morningside Group of Chicago, is using a “No reasonable offer refused” theme in their advertising. When a Royal Oak newspaper printed a picture of the Morningside billboard bearing that message, a prospective buyer used the photo to call the MarketSquare sales office.
“We’re in a strong niche in an otherwise soft real estate market,” Schultz said. “There are customers who can buy now and who want new construction and a lofts lifestyle. It may have been the holidays, but we had strong traffic last month, and ‘no reasonable offer’ is a big reason.”
Founded in 1993, Morningside Group is a real estate development firm that specializes in creating premier mixed-use and multi-family developments in urban locations throughout the Midwest. Long recognized as a leader in the design and construction of highly acclaimed buildings, Morningside Group has built an enviable track record of successful public-private partnerships.
Morningside’s incomparable work ensures that each new development will join a growing portfolio of prized buildings which includes, in Michigan, SkyLofts Royal Oak and SkyLofts MarketSquare in Royal Oak and, in Illinois, Arbor Court and Prairie Town Center in Oak Lawn, Crescent Court and Museum Square in Elmhurst, Morningside Square in Downers Grove, The Glen Astor in Glen Ellyn and buildings in Evanston and Skokie.
Click here to visit the SkyLofts MarketSquare website!
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