Discuss Detroit Archives - January 2008 Unique opportunity to own at Lofts at New Center! Previous Next
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Michigansheik
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Username: Michigansheik

Post Number: 304
Registered: 09-2005
Posted on Sunday, May 04, 2008 - 10:53 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

My friend will soon relocate to Florida, due to work, and did not get his Loft bought as part of the relocation package. So he's forced to sell his Loft short sale, which means the price is definitely right! It's in excellent condition and great for entertaining. Before you suggest it, he can not rent it at a competitive rate and still cover a majority of his monthly commitments. Sadly short sale is his best option given his time constraints but this could be a win-win in the end. The tax abatements will transfer to the new owner too. Please check this place out at the link below and share it with anyone that may be interested. Might be good for an investor as well.

http://www.realestateone.com/2 8064139
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Sean_of_detroit
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Username: Sean_of_detroit

Post Number: 248
Registered: 03-2008
Posted on Monday, May 05, 2008 - 3:09 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Good location when we get that Woodward line...

:-)
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Paulmcall
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Username: Paulmcall

Post Number: 976
Registered: 05-2004
Posted on Monday, May 05, 2008 - 12:44 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I'm sure that's right around the corner. The only good thing for an investor would be as a write off.
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Swingline
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Username: Swingline

Post Number: 1111
Registered: 11-2003
Posted on Monday, May 05, 2008 - 1:31 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

quote:

So he's forced to sell his Loft short sale, which means the price is definitely right!

$125,000 for that unit seems like a very good deal. Even including condo fees, taxes, insurance and utilities, a buyer's cost after deductions for property taxes and mortgage interest would only be around $1,000 per month.
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Michigansheik
Member
Username: Michigansheik

Post Number: 306
Registered: 09-2005
Posted on Wednesday, May 07, 2008 - 10:08 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

i agree. For an investor i would think the unit could lease it for $1000 per month which would cover the monthly bills of an investor if they can put down 20%. What I don't know is if the tax abatements would apply for an investor. That would change the scenario quite drastically. But for a owner live in place at 125k or less its a nice place.
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Newlaster
Member
Username: Newlaster

Post Number: 245
Registered: 06-2004
Posted on Wednesday, May 07, 2008 - 10:12 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

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