A Midwest hot spot for vacations — Traverse City, Michigan — is now home to what’s said to be the priciest condo sale per square foot in the state.
On Aug. 29, an unbuilt brownstone townhouse unit sold for $3.24 million, according to Homes.com. At 2,295 square feet, that pencils out to $1,415 per square foot. Traverse City’s median price per square foot is $330, Homes.com data shows.
The four-bedroom, three-and-a-half-bathroom townhouse is part of local developer Freshwater Development’s under-construction project called the Brownstones at 100 Park, made up of three townhouse units with private boat slips. The townhouses replaced an existing office building through a commercial-to-residential conversion.
Units hit the market at the end of June.
Original listing prices ranged from $1.9 million to $2.3 million for “white box condition,” meaning without finishes and products, leaving design customization up to the buyer.
Crain’s Grand Rapids Business earlier reported the $3.24 million sale and that the deal set the highest price per square foot for a condo in Michigan, based on data supplied by the local Realtor association.
Unit B, the record-breaking townhouse, listed for $2.3 million with an anticipated fully finished turnkey home price of $3 million. With the home closing at $3.24 million, it’s likely the buyers selected pricier packages. Freshwater did not respond to a request for comment.
Unit C is under contract and Unit A remains on the market at $2.19 million. Agent Lydia Wiley of @properties Christie’s International Real Estate represents the properties.
Small market in demand
Freshwater founder Andrew McCarthy previously told Homes.com that he believed the Traverse City market had a gap, and the record sale and pending sale could be proof of his theory.
McCarthy, who returned to Michigan after a development career in New York, watched flight patterns to identify the type of buyer visiting Traverse City. He picked up on out-of-staters from areas like Texas, Arizona, Florida and the East Coast. For those buyers, the market needed something turnkey, luxury and in a prime location, McCarthy had said in June.
“We’re very focused on premier corners in Traverse City and there aren’t any vacant corners or gas stations we’d be interested in. We want to be in central, downtown Traverse City,” McCarthy told Homes.com in June.
Two full-floor condo units from Freshwater are also on the market at 111 State, priced at $3.25 million for a five-bedroom, three-bathroom unit with 2,432 square feet and a $2.95 million condo with 2,436 square feet.
The most expensive condo on the market is a 2,895-square-foot four-bedroom, four-bath home for $4.1 million. If sold for the listing price, it would beat the Brownstones at 100 Park price per square foot by $1.
A townhouse sold for $2.15 million in May, the second-priciest attached housing unit sale within the past year.