Discuss Detroit Archives - Beginning January 2006 Question about Condos in Detroit Previous Next
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Mountainman
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Username: Mountainman

Post Number: 47
Registered: 02-2006
Posted From: 69.144.84.154
Posted on Friday, May 12, 2006 - 11:54 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I'm planning on relocating to Detroit in fairly short order. I was looking at purchasing either a Condo, or loft in Detroit. I noticed their were some inexpensive ones (condos) available in LaFayette Park. They looked nice, but aren't all sales photos suppose to? Any low dow on these guys? information about the neighbourhood? Any advice?
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Ndavies
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Username: Ndavies

Post Number: 1814
Registered: 10-2003
Posted From: 68.255.246.6
Posted on Saturday, May 13, 2006 - 12:16 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Condo or Co-op? Many of the units in Lafeyette park are co-ops.

Condos have higher purchase price but lower monthly dues. Co-ops have lower purchase prices, but much higher association dues.

There are advantages and disadvantages to both.

Blondy is selling her townhouse in Lafayette park.
https://www.atdetroit.net/forum/mes sages/65504/66169.html?1139854 021
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Mountainman
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Username: Mountainman

Post Number: 48
Registered: 02-2006
Posted From: 69.144.84.154
Posted on Saturday, May 13, 2006 - 12:48 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Open to either I guess. All depends on the individual unit. Advice on either?
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Furnitureguy
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Username: Furnitureguy

Post Number: 50
Registered: 12-2003
Posted From: 64.12.116.204
Posted on Saturday, May 13, 2006 - 3:55 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

there are some really cool lofts being built on antietam street in lafayette park across from the pavillion in an old handicap school building..have seen some finished unit..better quality than alot of projects in the city...just one to check out..hope this helps, i th ink they are open on sundays????
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Huggybear
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Username: Huggybear

Post Number: 214
Registered: 08-2005
Posted From: 68.79.164.102
Posted on Saturday, May 13, 2006 - 9:43 am: Edit PostDelete PostMove Post (Moderator/Admin Only)

Lafayette Park, in my experience, is a great place to live. It's in a very pretty setting, very peaceful, and very close to downtown. You can walk into Greektown or downtown, but if you work downtown, you get the psychological benefit of "leaving" every night, even if it is only going a mile or two from where you work (I-375 is more or less a moat). This is the difference between the two sets of co-ops:

The 2-story Mies townhouses are really pretty in a 1950s classic modern way - floating staircases, glass front and backs. And they have good-sized basements. The only two drawbacks are that the kitchens are miniscule (to the point of having been designed with flip-down electric ranges) and that the 1,300 or so square feet is carved into three bedrooms on the second floor and separate livingroom/diningroom/kitchen/ bathroom on the first. They also lack enclosed yards and covered parking. Designed for Europe. There are some townhouses just to the north of that, same basic idea, but one story with garage and enclosed yard. The townhouses are probably the most peaceful part of downtown - during the spring and summer, when there are leaves on the trees, you would think you were in California.

1300 East Lafayette is the high-rise south of the townhouses. Interior design is similar, but with fewer bedrooms. Kitchens can take full-sized appliances. Higher association fees, but this includes a fair amount of mortgage interest on the structure itself (around half of the assn fee), so you can deduct a good chunk of the association fee. Swimming pool and covered/secured underground parking. Probably the best high-rise views in the entire metro area.

Navarre Place is at the foot of 1300, just to the south. A lot of people like these for the privacy, but the windows are very small! Garages and enclosed back yards. Shares 1300's swimming pool.

In terms of the difference between condos and co-ops, the big one is property taxes. Unless you live in a new, tax-subsidized project (in which you can expect a very nasty surprise the year after the abatement ends), condos are vulnerable to Detroit's high (and rising) property taxes. The Lafayette Park co-ops, thanks to continuity of ownership (a corporation) and the magic of Proposal A, are still paying like they did in the 1980s.

The price/association fee issue is something of a red herring. Downtown Detroit is not an investment market where you can expect huge rates of return - so really what you ought to be looking at is how much it costs (net of tax deductions) to live there. Ultimately, except for the property taxes, there is really no cost difference between a condo and a coop.
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Ndavies
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Username: Ndavies

Post Number: 1816
Registered: 10-2003
Posted From: 129.9.163.234
Posted on Saturday, May 13, 2006 - 2:04 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

There are significant differences between the structure of a Condo and a Co-op. Each person needs to thoroughly go through the benefits and detrimants to each. For instance you cannot get a second loan against a Co-op property but you can aqainst condo. You need to carefully analyze the total cost of each. Both Monthly and in total over the life of ownership. Each have signifacant differences in cost structures that will either help or hinder your specific circumstances.
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Mountainman
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Username: Mountainman

Post Number: 49
Registered: 02-2006
Posted From: 153.90.110.16
Posted on Saturday, May 13, 2006 - 6:16 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Huggybear, thanks for all the detailed info. You guys are a great help.
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Broken_main
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Username: Broken_main

Post Number: 1096
Registered: 06-2005
Posted From: 69.222.11.226
Posted on Sunday, May 14, 2006 - 12:33 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Mountainman, less than 1 mile westof downtown. is my community with new condos, St. Annes Gate Community. It is near Mexican Village and is a 5 minute bus ride or a short walk from the CBD. If you need any info, I would be more than happy to help you. These are new builds, 160's, 1500sf, nice location.
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Mountainman
Member
Username: Mountainman

Post Number: 50
Registered: 02-2006
Posted From: 69.144.84.154
Posted on Sunday, May 14, 2006 - 4:32 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Broken_main. Sound pretty cool. I actually really like that area of town. Any other info would be awesome. Especially prices and photos.
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Apbest
Member
Username: Apbest

Post Number: 57
Registered: 03-2006
Posted From: 68.40.65.66
Posted on Sunday, May 14, 2006 - 5:34 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

http://www.modeldmedia.com/neighborhoods/placestomove/stanne.aspx

http://www.modeldmedia.com/nei ghborhoods/placestomove/Defaul t.aspx?neighborhood=/Root/neig hborhoods/mextown.aspx

Model D or citylivingdetroit.com for rresources

(Message edited by apbest on May 14, 2006)
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Barnesfoto
Member
Username: Barnesfoto

Post Number: 1982
Registered: 10-2003
Posted From: 66.2.148.32
Posted on Sunday, May 14, 2006 - 10:10 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Mountainman, I'm down the street from Broken Main...We got a supermarket within walking distance, a fantastic BBQ place within walking distance, as well as Mexican Restaurants (and Matty Maroun's windowless train station), and and if you don't like St. Anne's Gate, there are other loft-style condos in the area....The Roosevelt Lofts are scheduled to be completed in Summer 2005, er, sometime...Anyway, this area is where you wanna be.
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Mountainman
Member
Username: Mountainman

Post Number: 53
Registered: 02-2006
Posted From: 153.90.110.121
Posted on Sunday, May 14, 2006 - 11:06 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Barnesfoto,

I've always loved that neighbourhood. Those houses look great. It's me and my fiance, neither of which will have top tier paying jobs. We'll both be working at WSU/working on our Post doctoral degrees.
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Chub
Member
Username: Chub

Post Number: 316
Registered: 11-2003
Posted From: 69.246.28.200
Posted on Sunday, May 14, 2006 - 11:14 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

Check out www.oconnordetroit.com and look in the properties section under condos.

(Message edited by chub on May 14, 2006)
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Mountainman
Member
Username: Mountainman

Post Number: 54
Registered: 02-2006
Posted From: 153.90.110.121
Posted on Sunday, May 14, 2006 - 11:36 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

I hit post a little too early. How hard are the loan requirements? We easily have a downpayment. Just worried if they're hardcore.
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Chub
Member
Username: Chub

Post Number: 317
Registered: 11-2003
Posted From: 69.246.28.200
Posted on Sunday, May 14, 2006 - 11:43 pm: Edit PostDelete PostMove Post (Moderator/Admin Only)

If you need a good mortgage person or want to know more about the Corktown or Hubbard Farms area, just email me at eric@oconnordetroit.com

Our office is right across the street from the Roosevelt Lofts and right next door to the great BBQ joint Barnesfoto mentioned.

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