Discuss Detroit Archives - January 2008 Jefferson Mansion up for auction Previous Next
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Nainrouge
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Username: Nainrouge

Post Number: 957
Registered: 05-2006
Posted on Friday, March 07, 2008 - 8:35 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

How much will this go for?

http://www.bethroseauction.com/html/auction_detail.php?auc=1035&sec=0&typ=0


jefferson
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Nainrouge
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Username: Nainrouge

Post Number: 958
Registered: 05-2006
Posted on Friday, March 07, 2008 - 8:41 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

From the same auction house, the Wright K Building:

http://www.bethroseauction.com/html/auction_detail.php?auc=1038&sec=0&typ=0


wright
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Goat
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Username: Goat

Post Number: 10142
Registered: 10-2003
Posted on Friday, March 07, 2008 - 9:20 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

The Wright K is one of my fav buildings downtown. Wonder how much that would fetch?
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Guideboat
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Username: Guideboat

Post Number: 12
Registered: 02-2008
Posted on Saturday, March 08, 2008 - 10:14 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Wow, incredible. I've seen the outside of course, but the inside is fabulous.
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Barnesfoto
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Username: Barnesfoto

Post Number: 4836
Registered: 10-2003
Posted on Saturday, March 08, 2008 - 11:00 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

I like the second one better; less lawn to mow.
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Rugbyman
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Username: Rugbyman

Post Number: 264
Registered: 06-2005
Posted on Saturday, March 08, 2008 - 1:18 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

So being the nerd I am I calculated what an investor buying the place at $1 million could get out of it yearly.

Taxes are $20K/year. Utilities paid are $30K per year. Mezzanine apparently pays $250K per year in rent. The top three floors are two two bedroom lofts and one three bedroom.

If you were to buy it for $1 million, your loan payments would be about $72k per year. Tack on your utilities and round to $100k. Insurance... ehhhhh, don't know. Moral: it's not too out of the realm of possibility that you could have about $100k in yearly profit BEFORE finishing the top three levels of lofts. Throw another $40K in loft rental income and you've got a nice investment going.

So, uh, anyone want to put up a million in collateral?
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Rugbyman
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Username: Rugbyman

Post Number: 265
Registered: 06-2005
Posted on Saturday, March 08, 2008 - 1:20 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

And by "the place" I clearly mean Wright Kay.
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Bigjeff
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Username: Bigjeff

Post Number: 163
Registered: 08-2006
Posted on Saturday, March 08, 2008 - 1:30 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

The gentleman that owns the Wright Kay building has had it for sale for 2.5 million online for a while now.
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Drankin21
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Username: Drankin21

Post Number: 193
Registered: 12-2003
Posted on Saturday, March 08, 2008 - 1:34 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I'm in!
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Iheartthed
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Username: Iheartthed

Post Number: 2816
Registered: 04-2006
Posted on Saturday, March 08, 2008 - 2:48 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Was the Wright K building converted into apartments?
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Kimistree
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Username: Kimistree

Post Number: 111
Registered: 01-2004
Posted on Saturday, March 08, 2008 - 6:58 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Before the architecure firm bought the Wright Kay building I lived in it on the third floor. That was in 1995. In the auction ad that is the floor that is yellow. I had a friend that lived on the second floor also.

Itt was home to Haberman Fabrics,and then converted into loft spaces after they closed the downtown store I don't know what year that was. Mr. Haberman was our landlord.

If I can dig them out I have pictures of the interior of the building that I took before I moved. I will post them when I find them.

I really really wish I had the money to by it, I certainly would! It is beautiful.
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Darwinism
Member
Username: Darwinism

Post Number: 714
Registered: 06-2005
Posted on Sunday, March 09, 2008 - 10:14 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Perhaps an arrangement such as the FSC and the Vinton can be planned for these 2 properties. The Wright Kay is definitely a great building.

If such an opportunity comes about, please count me in.

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