  Bosch Member Username: Bosch Post Number: 7 Registered: 11-2008 |
I have been assuming that it is not a good idea to own a second home in Detroit, because if you are not there for long periods of time, it could be robbed/scrapped/looted/vandali zed. This may depend on the home and neighborhood. It might work fine with a condo with restricted access to the building. Anyone know someone who keeps a second home in the city for weekend visits maybe once or twice a month? My situation/motivation: I live in a resort town which has become mostly older people, losing young people and attracting retirees. Even though I am rapidly approaching the "older person" status, I prefer a little more urban life. I have been looking at Kalamazoo and Ann Arbor which are pretty good but Detroit is even more interesting due to the energy and the people. I am probably stuck living/working where I am for a while due to career and family ties. But it would be nice to have a place to get away to. I know financially its probably a bad move but it is fun to think about. | ||
Iheartthed Member Username: Iheartthed Post Number: 3629 Registered: 04-2006 |
You could buy in a condo building... like say the Book Cadillac? | ||
Detroitnerd Member Username: Detroitnerd Post Number: 3701 Registered: 07-2004 |
A pied a terre in DETROIT? Strange days indeed. | ||
Bigb23 Member Username: Bigb23 Post Number: 2893 Registered: 11-2007 |
If you are not thinking of an investment property, but just a place to stay in the big city, spread the risk and do a sort of time share among family, friends and/or coworkers. Make it legal and in writing though. Having people in and out more often would probably prevent any break ins or scrapping. | ||
Gazhekwe Member Username: Gazhekwe Post Number: 2723 Registered: 08-2007 |
I have a nice little one bedroom apartment in a co-op overlooking Belle Isle. There is a carport with it, and there have been no problems with either the apartment or the carport even though no one is there from one month to the next. Because it has apartments all around, above and below, there has never been a heating problem in there either, so maintenance is pretty easy, no winterizing. There are lots of co-ops available and the prices Looking at a co-op might be a good idea. Mine is available if anyone is interested. | ||
Detroitplanner Member Username: Detroitplanner Post Number: 2014 Registered: 04-2006 |
I have a vacation house in Northern Michigan. At the time it seemed like the best way to handle staying in my present home but expanding my real estate portfolio. Now I see it as an albatross. No one is buying first homes much less second homes in Michigan. I don't get to the vacation home anywhere near the amount of times I want to in a given year due to my workload (which I can't complain about given current situations). However, there may be a time when I would need to 'bug out' of Michigan and I can't because I am stuck here with two homes. I have also noticed a sharp curtailing in where I spend my freetime because I need to justify the expense of the cabin. For example, all vacations these days are up there as opposed to seeing the rest of the world. Second houses may sound great at first, but they could be a very unwise thing to do in this economy. | ||
Downtown_lady Member Username: Downtown_lady Post Number: 425 Registered: 08-2008 |
I had neighbors in Lafayette Towers that did exactly what you're thinking of. He was an attorney who worked in the Penobscot building, and he and his wife owned a home in the suburbs. They rented a studio apartment in Lafayette Towers for weekends or evenings that they were in the city. The studio was small but relatively inexpensive, and cozy with a view of the river. The building is quite secure, so there was not a concern while they were away. | ||
Swingline Member Username: Swingline Post Number: 1226 Registered: 11-2003 |
Bosch, you are correct that a detached single family home that sits empty for weeks on end with snow not shoveled, handbills not picked up, no lights and perhaps other signs of vacancy is pretty risky in Detroit from a security standpoint. On the other hand, the condo thing would present very little risk. Remember though, it would be important to find a condo that has NEZ taxes. The non-homestead rate in Detroit is tough to swallow and the NEZ cushions the sticker shock dramatically. Second home buyers should always do the math though. Sometimes it pays to switch one's homestead to the weekend getaway address. | ||
Lugotown Member Username: Lugotown Post Number: 18 Registered: 02-2008 |
where can people search for vacation rentals in detroit? i've been to the big sites after a google search and only found 3 entries. | ||
Eastsideal Member Username: Eastsideal Post Number: 55 Registered: 10-2007 |
I'm sorry... it probably makes me a terrible person, but I'm laughing inside at the idea of "vacation rentals" in a city with hundreds of vacant apartments that people are in such a hurry to leave that they walk away from a 3 bedroom brick house. Having said that though, Gazhekwe and Downtown Lady's suggestions are probably the best for part-time housing in the city - an apartment in either Lafayette Park or in one of the buildings along the river past the Belle Isle Bridge (or perhaps in Riverfront?). These are the most stable and safest of Detroit's apartment communities. | ||
Artistic Member Username: Artistic Post Number: 87 Registered: 09-2006 |
Interesting post indeed. Bosch, like yourself I live in a resort community on Lake Michigan due west of Detroit. Being able to work from anywhere has allowed a wonderful split between here and South Florida for 8 years....sold the house in Florida 1-1/2 years ago on the last best day of the real estate market. Florida was getting....old. Last weekend I came to town to look for a second home...an urban getaway. Love Detroit, I'm from Detroit, with that said I looked at alot of interesting homes and had good conversation with my realtor as well as people living in the neighborhood......16 vacant homes in some sort of foreclosure, monitors in the homes to detect intruders and make alarms go off in the neighboring homes. Taxes are high as is insurance. The neighborhood is beautiful and the people are wonderful. I've looked at condo's and it's not for me, with that said I'm taking a second visit next week. Crazy maybe! | ||
Detroit_pride Member Username: Detroit_pride Post Number: 37 Registered: 02-2008 |
I know of a couple who have a place at the Ellington for the weekends...they are in the orchestra and entertain/stay the weekends there when performing. With a permenant residence in West Bloomfield. | ||
Oldestuff Member Username: Oldestuff Post Number: 95 Registered: 01-2007 |
Brooklyn Lofts - inside parking - good security. Works for people I know. | ||
Ndavies Member Username: Ndavies Post Number: 3115 Registered: 10-2003 |
It's very common, I know several people who do it. There was even an article on Urban cottages in Saturdays DetNews: http://www.detnews.com/apps/pb cs.dll/article?AID=/20081115/O PINION03/811150386/-1/ARCHIVE | ||
Wash_man Member Username: Wash_man Post Number: 1038 Registered: 05-2006 |
Detroitplanner: I'm in the same boat. House here in Macomb County and one in northern Michigan. I lost my job in August '07. I'm finally employed, but at a drastically lower rate. I've looked for employment in other states but I wonder how I can do it with two homes in Michigan that I probably couldn't even give away. I'm thinking of listing the northern home for sale in the spring. I know I'll take a loss, but I'll be more mobile if I want to leave. Oh well, it was fun while it lasted! | ||
Brandon48202 Member Username: Brandon48202 Post Number: 239 Registered: 12-2004 |
You can get a co-op at 1300 Lafayette for only $7500. You would not have anything to worry about when you are out of town because the building is well secured and you don't have to cut the grass! http://pub.realcomponline.com/ publist.aspx?a=955727C7D653B39 39413C3C3A655A6065&b=438453537 345E49454E53385D5B55 | ||
Wash_man Member Username: Wash_man Post Number: 1039 Registered: 05-2006 |
"You can get a co-op at 1300 Lafayette for only $7500." Don't forget the $612 monthly association fee. Yikes. | ||
Sumas Member Username: Sumas Post Number: 363 Registered: 01-2008 |
Take the advice on this thread, your best bet for a part time home in Detroit would be a condo or apartment. An empty home in Detroit is asking to get scrapped. I love my neighborhood but I am realistic about crime. Two foreclosed homes across the street recently sold, both new owners are investing in improvements. One new owner is paying a construction worker to stay in their home until they move in, the other new neighbor is happy to have us park in her driveway so someone looks to be home. Good luck on finding a situation that works for you. | ||
Brandon48202 Member Username: Brandon48202 Post Number: 240 Registered: 12-2004 |
Show me another city that where you can live in a place like this for only $612/month. Note that the association fee includes property taxes and utilities. | ||
Gazhekwe Member Username: Gazhekwe Post Number: 2724 Registered: 08-2007 |
Yes, association fees are really a bargain. They include upkeep on the building including the HVAC system, elevator, water and cleaning, garbage pickup, snow removal, landscaping AND property tax, building insurance and any remaining master mortgage. You do have to buy your own insurance for your space and goods. In return, you get a statement at the end of the year showing your real estate taxes and any mortgage interest for IRS. | ||
401don Member Username: 401don Post Number: 863 Registered: 11-2007 |
How many weekends a yr are you really going to be in the city? With the glut of hotel rooms coming on-line, you could probably negotiate a pretty good rate with the Atheneum or Fort Shelby (both suite props) for 50-60 weekend nights a year. Compare this with all the costs of buying/renting full-time and having your capital in the bank. | ||
Bosch Member Username: Bosch Post Number: 8 Registered: 11-2008 |
It is definitely not cheap to own a second home. I came close to buying an old victorian in Kalamazoo. My spreadsheet for taxes, utilities and minor maintenance came to about 5k a year, and that did not include major maintenance like a roof or plumbing. That was for a house of well under 100k. And what Victorian does not need major maintenance? In Ann Arbor, friends who live/work in downtown Chicago own a coop unit near the north campus. They use it to get out of Chitown and back home to Michigan on weekends. The buy in was about 25k and monthly fees were 800. I think there are some tax benefits for people who would normally be non-homestead, apparently the units are not taxed separately, the entire coop complex is taxed as a single unit. So there is not a tax penalty for not being a full time resident. A coop at $7344 per year does not sound too bad. I did not read that electric or web was included in that price, though. Anybody know of a list of coops in the City? The suite idea is a good one too. Probably cheaper in the long run and you can back out when you want to. Besides, the idea is to go out, not to spend a lot of time at home. There is something about having clothes, furniture and stuff in your own place though. It really comes down to what one can afford. Personally I would prefer a big old single family house, but the reality is I don't want to spend my time fixing up houses anymore, not to mention the security problems. |
