Discuss Detroit Archives - Beginning January 2006 Brush Park Article Previous Next
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Merchantgander
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Username: Merchantgander

Post Number: 1572
Registered: 01-2005
Posted From: 150.198.164.127
Posted on Tuesday, February 14, 2006 - 10:07 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

http://www.modeldmedia.com/fea tures/brush.aspx

This might be the best article Model D has ever done.
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Detroitman
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Username: Detroitman

Post Number: 908
Registered: 06-2004
Posted From: 67.35.32.188
Posted on Tuesday, February 14, 2006 - 10:43 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

It's amazing the transformation that has taken place in Brush Park in just the past 6 years and while its only in the early stages of being revived, I believe that in another 5 to 10 years the entire area will be back. On a different note, I wonder will the city ever do a Woodbridge Estates-stlye project where the Brewster Porjects are now.
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Merchantgander
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Username: Merchantgander

Post Number: 1574
Registered: 01-2005
Posted From: 150.198.164.127
Posted on Tuesday, February 14, 2006 - 10:53 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

I think once Brush Park is about 90% complete the Brewster Project will be demoed for market rate homes. A filled in Brush Park makes that land pretty valuable.
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Itsjeff
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Username: Itsjeff

Post Number: 5516
Registered: 10-2003
Posted From: 208.27.111.125
Posted on Tuesday, February 14, 2006 - 11:34 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Merchantgander, I'd like you to meet the Detroit City Counsel. City Counsel, Merchantgander.
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Merchantgander
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Username: Merchantgander

Post Number: 1577
Registered: 01-2005
Posted From: 150.198.164.127
Posted on Tuesday, February 14, 2006 - 11:47 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Itsjeff you underestimate the city council cave in factor. City council always talks but 9 out of 10 times the developer wins. Its the power of the almighty dollar.
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Itsjeff
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Username: Itsjeff

Post Number: 5517
Registered: 10-2003
Posted From: 208.27.111.125
Posted on Tuesday, February 14, 2006 - 12:17 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Merchantgander, please shoot me an e-mail.
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Merchantgander
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Username: Merchantgander

Post Number: 1580
Registered: 01-2005
Posted From: 150.198.164.127
Posted on Tuesday, February 14, 2006 - 1:24 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I can be reached at weareworthy47 at hotmail dot com
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Detroitkev
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Username: Detroitkev

Post Number: 38
Registered: 04-2005
Posted From: 66.178.218.40
Posted on Tuesday, February 14, 2006 - 1:53 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

The Brewster Projects will make a great location for future high density (hi-rise) development
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Jt1
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Username: Jt1

Post Number: 6723
Registered: 10-2003
Posted From: 198.208.251.24
Posted on Tuesday, February 14, 2006 - 1:55 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Didn't they condo-ize (if that's a word) projects in Chicago.
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Detroitduo
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Username: Detroitduo

Post Number: 496
Registered: 06-2005
Posted From: 194.138.39.52
Posted on Tuesday, February 14, 2006 - 1:57 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Brush Park is one of the most amazing neighborhoods in Detroit. Boy, I sure wish I lived there!

I love that this Brush Park article was positive, but not over-the-top, saying that BP is the greatest, etc. BP has, like much of Detroit, great potential. I am looking forward to the next 3 to 5 years. It really is an exciting time in Detroit.

If there ever were a poster child for Detroit revitalization... it's Brush Park.
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Detroitduo
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Username: Detroitduo

Post Number: 497
Registered: 06-2005
Posted From: 194.138.39.52
Posted on Tuesday, February 14, 2006 - 1:59 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Jt1, more like the Demolished the whole Caprini Green and made way for High$ condos!
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Jt1
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Username: Jt1

Post Number: 6724
Registered: 10-2003
Posted From: 198.208.251.24
Posted on Tuesday, February 14, 2006 - 2:00 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Gotcha.

Thanks
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Gdub
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Username: Gdub

Post Number: 974
Registered: 10-2003
Posted From: 69.221.78.226
Posted on Tuesday, February 14, 2006 - 2:12 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Actually, Cabrini-Green was replaced by mixed-income housing, where market-rate and low-income townhouses now sit side-by-side. The experiment has apparently worked out well, with market-rate buyers moving in next to former Cabrini residents. The middle-class people learn from the former Cabrini people, and vice versa. It's an effective method for bringing people from different classes together. It also has the "broken window theory" effect, whereby a nicer, cleaner environment fosters more responsible behavior, and residents make sure their neighbors keep their property well-maintained.
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Slows
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Username: Slows

Post Number: 107
Registered: 01-2005
Posted From: 69.246.28.200
Posted on Tuesday, February 14, 2006 - 2:13 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

In regards to the Cabrini demo, they are still knocking down the mid-rises as we speak. The project has taken at least twice as long if not longer than what was originally projected. Alot of that had to do with the displacement of the Cabrini residents.

The replacement development has been somewhat mixed income. The majority has certainly been market rate.
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Lurker
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Username: Lurker

Post Number: 1581
Registered: 10-2003
Posted From: 65.196.220.198
Posted on Wednesday, February 15, 2006 - 10:15 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Well, the last of the Brush Park mothball projects (Ransom Gillis) is progressing nicely. People will be happy to see the Turret being secured and rebuilt.

RG
turret
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Danny
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Username: Danny

Post Number: 3700
Registered: 02-2004
Posted From: 141.217.174.229
Posted on Wednesday, February 15, 2006 - 10:25 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

While gentrication of Brush Park is in full swing. Meanwhile at the Crosswinds Condos about 9 people are selling their condos. What's going on with those people? They don't need to take a gamble on their mortages if choose to living a condos and then sell it 2 years later while the housing market is a steady roller coster ride when it was slow last year. In the nest 4 months the housing market price will begin to go up while inflation increases by 1.2% in June. Slow down folks sell your houses later.
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Rust
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Username: Rust

Post Number: 95
Registered: 08-2004
Posted From: 64.118.136.130
Posted on Wednesday, February 15, 2006 - 10:30 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Danny, I can't believe that I am agreeing with everything you just stated.
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Ndavies
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Username: Ndavies

Post Number: 1640
Registered: 10-2003
Posted From: 129.9.163.233
Posted on Wednesday, February 15, 2006 - 10:41 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Please, Danny's still clueless. There are over 200 crosswinds condos now in brush park. If 9 units are up for sale that is only 5% of the available units. Most of the owners of the for sale units have been there for well over 6 years.

I own one of those for sale units. I have been there 6 years. I'm currently having a loft built downtown. I need to sell my unit to complete the financing of the loft.

An average US homeowner owns a home for 7 years. this would put these condo sellers right about on the average for ownership of a home.
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Rust
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Username: Rust

Post Number: 96
Registered: 08-2004
Posted From: 64.118.136.130
Posted on Wednesday, February 15, 2006 - 10:48 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Ndavies, I understand why people sell and I am not disturbed that people are selling their units. I am just agreeing with Danny that the area has yet to really appreciate to the level it should be at. Meaning that those who hold on longer should see a bigger return on their money as the area builds out and values rise. This is a good thing going on and its only going to get better for Brush Park. The people that are selling are creating an oppurtunity for someone else to get in on the investment potential of this area, which I think is huge.
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Ndavies
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Username: Ndavies

Post Number: 1641
Registered: 10-2003
Posted From: 129.9.163.233
Posted on Wednesday, February 15, 2006 - 10:51 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Also, they are selling thier units while there is still a resonable amount of NEZ time left. The NEZ is for 12 years. They have already burned through 1/2 of the NEZ period. These units will devalue quickly after the NEZ expires. You won't be able to sell these for full price if the new buyer has to pay $900 a month in taxes.

(Message edited by ndavies on February 15, 2006)
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Rasputin
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Username: Rasputin

Post Number: 3475
Registered: 10-2003
Posted From: 64.12.116.204
Posted on Wednesday, February 15, 2006 - 10:52 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Danny wrote:

quote:

While gentrication of Brush Park is in full swing. Meanwhile at the Crosswinds Condos about 9 people are selling their condos. What's going on with those people?


They lost the tax breaks .... paying the mortgage & taxes is kicking their asses now!! Mayhaps you might want to investigate how many of those units are close to foreclosure ..... Go figure, on the "RAPE of Brush Park!!"

Black-atcha .....
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Ndavies
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Username: Ndavies

Post Number: 1642
Registered: 10-2003
Posted From: 129.9.163.233
Posted on Wednesday, February 15, 2006 - 10:58 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

The units were at the top of the market when purchased. They are at the top of the market now. They have apreciated at the long term average for housing in the US. Anyone who believes these are going to jump in the next 4 years are fooling themselves.

The Michigan and Detroit economy are going to continue to sink near term. There is no pop left in these units. Only depreciation. Between the tax issues and the new development on the Riverfront these will be stagnant to declining investments.

There is too much better product coming on the market with 12 years of NEZ, priced at the same price as the Crosswinds condos.
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Danny
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Username: Danny

Post Number: 3706
Registered: 02-2004
Posted From: 141.217.174.229
Posted on Wednesday, February 15, 2006 - 11:02 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Good one Rasputin! That's one of the other symptoms that lots of people will be able to sell their homes in Brush Park while the housing market is going a roller coater ride until inflation rates goes up. White-folks, ethnic folks or those hip cool white kids can handle NEZ's 53% tax break. Did it say that the NEZ will continue those tax breaks for 12 YEARS. Therefore for those who want sell your condos now due your feeble opportunity costs of income and better jobs anywhere. I urged them to sell your homes later so your mortage incentative rates don't go belly up on you when your try to pay back after you get your so called dream home.

(Message edited by danny on February 15, 2006)
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E_hemingway
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Username: E_hemingway

Post Number: 495
Registered: 11-2004
Posted From: 68.42.176.123
Posted on Wednesday, February 15, 2006 - 11:33 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Is it possible the Brush Park neighborhood could be included in the NEZ neighborhood plan the state legislature just approved? That might help maintain the value of the homes where the NEZ is running out. Also, won't overall property taxes decrease a small but significant chunk when the city finishes paying off the bonds for the incinerator this year?
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Ndavies
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Username: Ndavies

Post Number: 1643
Registered: 10-2003
Posted From: 129.9.163.233
Posted on Wednesday, February 15, 2006 - 11:50 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Rasputin, When did they lose the tax breaks? That's news to me. None of the units have been there 12 years. They all have at least 4 years left. All of the Crosswinds condos are still under NEZ.

The only place this would be an issues if if this was not a persons primary residence.
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Jfried
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Username: Jfried

Post Number: 717
Registered: 11-2003
Posted From: 209.131.7.190
Posted on Wednesday, February 15, 2006 - 3:46 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

ummmm.......

"Anyone who believes these are going to jump in the next 4 years are fooling themselves.

The Michigan and Detroit economy are going to continue to sink near term. There is no pop left in these units. Only depreciation. Between the tax issues and the new development on the Riverfront these will be stagnant to declining investments.

There is too much better product coming on the market with 12 years of NEZ, priced at the same price as the Crosswinds condos."

you might not want any of your prospective buyers to read that.....
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Danny
Member
Username: Danny

Post Number: 3715
Registered: 02-2004
Posted From: 141.217.174.223
Posted on Thursday, February 16, 2006 - 4:39 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Ndavies,

The folks who lost tax breaks is due to the fact they don't know a hoot about about paying their mortage bills ON TIME, lost their jobs or they just can't keep up their credit score. Maybe next time they should READ THE FINE PRINT before they buy a house or condo.

(Message edited by danny on February 16, 2006)
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Ndavies
Member
Username: Ndavies

Post Number: 1645
Registered: 10-2003
Posted From: 129.9.163.106
Posted on Thursday, February 16, 2006 - 4:59 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Danny, that is a very incorrect post. The NEZ tax breaks are not tied in anyway to ones credit. They are not tied to ones ability to pay their mortgage. The owners may have lost their condo due to those facts, however, they couldn't lose their tax breaks because of it. The only way the city/state can pull the tax break is if this new construction building wasn't the owners primary residence.

The foreclosures have pretty much come from would be landlords underestimating the amount of rent they could charge for the places. The rents you can charge won't cover the costs of the mortgage and the full tax rate charged by the city.
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Danny
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Username: Danny

Post Number: 3716
Registered: 02-2004
Posted From: 141.217.174.223
Posted on Thursday, February 16, 2006 - 5:03 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

When buying a Crosswinds Condos in Detroit Brush Park. A " fake estate" agent will tell you that based on your good credit score, a confrontation with the your bank and paying your bills on time you will be able to get a $190,000 to $500,000 condo. After you submit a $10,000 down payment. You may want to get a 30 year mortage loan for at least $80,000. Since you have a other $80,000 in the bank you will be able to pay it off and the condo is yours, or is it! You DO NOT get own 100% of the entire condo, but instead you don't technically own your piece of "fake estate". It's belongs to your bank or mortage company. So you have to pay of the rest of $80,000 loan until the condo is all yours for the taking. What about the NEZ tax break for 12 years. You will get it all right depending on your what taxes that City of Detroit has in store for you if the Kwame's T.H.U.G. Mafia who are now working the city county building don't mess up on your property taxes. Then as you can't keep up with your mortage payments and you have to sell you house 10% lower of housing value so you can pay of the rest of mortage. And good buy dream home. HAH! and you only lived there for only 2 years.
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Danny
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Username: Danny

Post Number: 3717
Registered: 02-2004
Posted From: 141.217.174.223
Posted on Thursday, February 16, 2006 - 5:05 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Ndavies,

Those symptoms are part of the cause for home ownship loss. You can tell the ghettoman the rest.
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Ndavies
Member
Username: Ndavies

Post Number: 1646
Registered: 10-2003
Posted From: 129.9.163.106
Posted on Thursday, February 16, 2006 - 5:13 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I hope the ghettoman's understanding of real estate is better than yours.

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