1001 Covington, the first condo conversion project in the Palmer Park neighborhood, has sold 14 of its 16 units in just nine months. The 3,000 square-foot condos sold for approximately $75/sf, averaging $200,000 per unit.
Developer Joseph Brophy attributes the project's success to the craftsmanship of the renovation, its proximity to Palmer Park and the Detroit Golf Club and “its good, central location to the suburbs or pretty much anything going on in the city.”
He also points out that house-hunters already looking in Sherwood Forest, the University District or Palmer Woods were “won over with the NEZ tax abatement.”
Brophy is currently involved with the creation of P4 (Positive Presence for Palmer Park), an association of building owners, churches and residents to improve the area. He says there is “real neighborhood energy around making this a better place.”
Brophy plans to embark on more condo conversions in the area, which he believes will help stabilize the area. “We are changing the perception of this area so that people want to live here. We’re changing it one condo at a time.”
Source: Joseph Brophy, 1001 Covington
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