DETROIT, April 20, 2009 – Accelerated Marketing Partners (AMP) will conduct Detroit’s first new development real estate auctions when it auctions homes at Ram Realty Services’ The Ellington Lofts/Condominiums and Riverfront Condominiums, with minimum selling prices up to 69 percent below previous asking prices. Both auctions will take place on Sun., May 9 at the Max M. Fisher Music Center in Detroit. Peter Cummings, chairman of Ram Realty Services, will donate $1,000 for every home sold at the auction to the Detroit Symphony Orchestra.
“The May 9 events will be unique to the Detroit market as the developer will auction homes at two strikingly different new developments,” said Ken Stevens, co-founder and west coast chief executive officer of AMP. “This will be a watershed event for the Detroit market and will empower new-home buyers to determine market value in these close-out sales.”
The Ellington and Riverfront auctions will be conducted without hidden reserves or buyers’ premiums and winning bidders will pay what they bid. Advance registration for both auctions is required. Mortgage representatives from Ram Realty Services’ preferred lenders will be present on-site at the auction information centers during the open house dates to assist with financing.
The Ellington Lofts/Condominiums:
Minimum selling prices for the 25 condominium one- and two-bedroom homes at The Ellington Lofts/Condominiums will start at $95,000. The auction information center and model homes are open daily from 10 a.m. to 7 p.m. for viewing through May 9 and are located at 3670 Woodward Ave., Suite 103A (street-level retail), in Detroit.
Homes available for auction at Ellington Lofts/Condominiums include:
Seven one-bedroom residences that range in size from approximately 862 square feet to 1,147 square feet, with minimum selling prices starting from $95,000. One-bedroom homes had previous asking prices of up to $250,000.
The 18 two-bedroom homes available at auction range in size from approximately 1,180 square feet to 1,420 square feet, with minimum bids starting from $105,000. Two-bedroom residences had previous asking prices of up to $343,900.
Homes at The Ellington feature open and airy living spaces with 10-foot ceilings, hardwood floors throughout, exposed spiral ducts that create a loft-like design, floor-to-ceiling windows, in-home washers and dryers, walk-in closets, and private balconies in many homes. The galley and island kitchens feature Kohler faucets, while the spacious bathrooms feature dual sinks, Kohler faucets and fixtures, and separate soaking tubs and shower stalls. Amenities at The Ellington include covered parking, a fitness center, ground-floor storage units, and first-floor retail for convenient access to shopping and banking services.
The Ellington is located at the intersection of Mack and Woodward Avenues in the historic Midtown district, a neighborhood filled with restaurants, galleries, shops and theaters. Surrounding The Ellington Lofts/Condominiums is the Max M. Fisher Music Center, Detroit Institute of Arts (DIA), Hilberry Theater, Charles H. Wright Museum of African American History, Detroit Science Center, College for Creative Studies, Museum of Contemporary Art Detroit, Wayne State University and Detroit Medical Center’s main campus.
Minimum selling prices for the 24 condominium one- and two-bedrooms at Riverfront Condominiums will start at $60,000, with homes up to 69 percent below previous asking prices. The auction information center and model homes are open daily from 10 a.m. to 7 p.m. for viewing through May 9 and are located at 300 Riverfront Drive, Suite 9A, in Detroit.
Homes available for auction at Riverfront include:
10 one-bedroom residences that range in size from approximately 553 square feet to 793 square feet, with minimum selling prices starting from $60,000. One-bedroom homes had previous asking prices of up to $209,714.
14 two-bedroom homes that range in size from approximately 1,019 square feet to 1,201 square feet, with minimum selling prices starting from $80,000. Two-bedroom residences had previous asking prices of up to $250,000.
Also included in the auction are four model homes that are available fully furnished. Minimum selling prices for the model homes start from $60,000.
Homes at Riverfront feature expansive windows with panoramic views of the marina, city skyline or riverfront; in-home washer and dryers; hardwood floors throughout; plentiful closet space; cherry wood entry doors; and individually controlled heat and air conditioning. Traditional- and modern-style kitchens include maple or cherry cabinets, top-of-the-line stainless-steel appliances, under-mount kitchen sinks with Moen faucets and granite countertops. Bathrooms boast ample space, granite countertops and Moen fixtures.
Riverfront, located at Tower 300 within the Riverfront gated community, boasts unprecedented amenities that provide comfort and convenience for residents. On-site amenities include: Signature Grille & Bar, featuring a menu of tasteful American fare in an elegant waterfront atmosphere; Signature food market; salon and spa; dry cleaner; ATM; tennis courts; rooftop jogging track; and picnic and grilling area. A full-service health and fitness center, private marina and community room are also available to residents for an additional fee.
The condominiums are located along Detroit’s waterfront, immediately to the west of Joe Louis Arena and Cobo Center and Detroit’s newly installed Riverwalk. Riverfront is connected by an enclosed Skywalk to the People Mover, which provides direct access to Detroit’s theaters, restaurants, the Greektown Casino, MGM Grand Casino, Comerica Park and Ford Field.
“We are confident that the Riverfront and The Ellington auctions will be truly successful and will bring buyers off the sidelines,” said Cummings. “I’m proud to donate a portion of the auction proceeds to the Detroit Symphony Orchestra. As a company, we previously donated a home at Ellington to the orchestra for visiting artists’ use, which is currently serving as the temporary home for famed conductor Leonard Slatkin. We are happy to continue supporting such a vital cultural institution, which is especially important during these trying economic times.”
Homes at both developments are available for immediate occupancy. For more information on the Riverfront auction, please call (313) 393-5111 or visit www.auctionriverfront.com. For more information on The Ellington auction, please call (313) 309-0099 or visit www.auctionellington.com.
Accelerated Marketing Partners
Accelerated Marketing Partners, a full-service residential real estate firm with offices in San Francisco, Irvine, Calif., and Boston, specializes in the development and implementation of both accelerated and conventional marketing and sales programs. The company has brought together the industry’s most seasoned professionals with decades of experience to provide strategic marketing solutions for residential real estate developments nationwide. Accelerated Marketing Partners offers comprehensive integrated services including detailed marketing analysis, management of on-site sales initiatives and accelerated marketing campaign development and implementation. For more information, please visit www.acceleratedmp.com.
Ram Real Estate
Founded in 1978, Palm Beach Gardens, Florida-based Ram is an affiliated group of companies comprised of Ram Development Company, a leader in retail, residential and mixed-use development and acquisition, and Ram Realty Services, a provider of residential and retail management and leasing services. In addition to the Palm Beach Gardens office, Ram has offices in Fort Lauderdale and Tampa, Fla., Chapel Hill, N.C., and Atlanta, Ga. Currently, the company manages approximately 2.5 million square feet of retail property and 3,000 apartments and is active in Florida, North Carolina and Georgia. Ram is committed to making places that are socially responsible, economically vibrant and environmentally sustainable. For more information, visit www.ramrealestate.com.