1300 Lafayette

[48202]

i have a co-op across the train track's with a 1 car garage, 3 bedrooms and only pay $660 a month fee. why would you pay $1250 a month for less?

For the awesome view, for security and doorman 24/7, for two swimming pools, for being closer to downtown, and for the utilities that are not included in your assessment.

[marshamusic]

i have a co-op across the train track's with a 1 car garage, 3 bedrooms and only pay $660 a month fee. why would you pay $1250 a month for less?

Are you at Town Square co-ops? If so, those are nice; but I see a lot of bars on the windows there.

[Chinman]

i have no bars and no grills!!! sorry to tell you!!! very safe!!!

[Honky Tonk]

i have no bars and no grills!!! sorry to tell you!!! very safe!!!

"NO grills"? C'mon, someone surely owns a grill in that complex.

[marshamusic]

"NO grills"? C'mon, someone surely owns a grill in that complex.

I thought the same thing. LOL!!

[Downtown Lady]

I think I'm basically down to figuring out what I'd like more: 1300's view and surrounding area, or Willy's industrial feel and midtown.

If you can afford the cost and it comes down to the decision you mentioned above, allow me to put in a good word as it relates to the view.

I lived in a 19th floor southwest corner apartment in Lafayette Towers [[across the street from 1300). The view was incredible and I have such happy memories of having that view every day.

I would often watch the sunrise over Belle Isle, and it brought such a feeling of serenity. The view was like living artwork. I was mesmerized by the movement over in Canada, little tiny matchbox cars zipping down the road. And my favorite thing was watching the freighters.

If it were me, I would go for the view. An opportunity to have that kind of view doesn't come along everyday. I know there are other factors, but all things being equal that would be my vote if I were doing it.

[Honky Tonk]

"the movement over in Canada"

I didn't realize they had one too.

[Det_ard]

I've seen a number of listings for co-ops in 1300 that state "financing not available". Is this particular to certain units, the whole building, and why? I realize co-ops are "wierd" to many in Michigan but surely they're usually able to be financed. Is it like condos where FHA has an approved [[or not) list?

[Honky Tonk]

I've seen a number of listings for co-ops in 1300 that state "financing not available". Is this particular to certain units, the whole building, and why? I realize co-ops are "wierd" to many in Michigan but surely they're usually able to be financed. Is it like condos where FHA has an approved [[or not) list?

I THINK they mean that "1300 Lafayette" does not finance, and you'll have to get it on your own. There are few banks in MI that finance cooperatives. The big one is NCB, National Cooperative Bank, and Mackinac Savings Bank. Both are active in financing cooperatives in the Detroit area, but are out of State. There might be others I'm unaware of.

[Det_ard]

I THINK they mean that "1300 Lafayette" does not finance, and you'll have to get it on your own. There are few banks in MI that finance cooperatives. The big one is NCB, National Cooperative Bank, and Mackinac Savings Bank. Both are active in financing cooperatives in the Detroit area, but are out of State. There might be others I'm unaware of.

I don't know, most of the current 1300 Lafayette listings have some comment such as:

"CASH SALE. FINANCING NOT AVAILABLE."
"CASH DEAL ONLY. NO FINANCING BANK FOR THIS CO-OP."

Most are private sales, not bank or government agency owned. I wonder if there is something about the financial or legal standing of the co-op association that makes units difficult or impossible to finance. Certainly something to research if one is considering buying one. Cash-only will limit the resale market.

[Honky Tonk]

I don't know, most of the current 1300 Lafayette listings have some comment such as:

"CASH SALE. FINANCING NOT AVAILABLE."
"CASH DEAL ONLY. NO FINANCING BANK FOR THIS CO-OP."

Most are private sales, not bank or government agency owned. I wonder if there is something about the financial or legal standing of the co-op association that makes units difficult or impossible to finance. Certainly something to research if one is considering buying one. Cash-only will limit the resale market.

Cooperative units are privately owned. A financial and criminal background check is usually required, @ least for the better ones. Maybe current occupants are looking to get out, and are willing to make perspective buyers an offer they can't refuse. I wonder what a 2 bedroom goes for there, and what the monthly association fee is?

[Chinman]

first of all..buying a co-op is not like buying into a condo. in a co-op, you are buying a share of a corporation. by purchasing that 1[[one) share...you get a place to live. you control your share by paying your monthly dues.

[Chinman]

if my fridge breaks, i get a new one because i pay for that. if my oven wont heat, i get a new one. as part of the corporation that i pay into...i get benefits.

[DetBill]

I don't know, most of the current 1300 Lafayette listings have some comment such as:

"CASH SALE. FINANCING NOT AVAILABLE."
"CASH DEAL ONLY. NO FINANCING BANK FOR THIS CO-OP."

Most are private sales, not bank or government agency owned. I wonder if there is something about the financial or legal standing of the co-op association that makes units difficult or impossible to finance. Certainly something to research if one is considering buying one. Cash-only will limit the resale market.

all equity sales must b cash. You cannot finance the equity at1300 anymore as no banks will facilitate it as the building has financed the maximum value. You can get equity financing by two banks at the town houses across the street

[DetBill]

Thanks for the input everyone - especially DetBill concerning the elevators. I'll have to clarify the cost and timeframe on the elevators. I had considered making an offer less whatever the total elevator assessment would be.

A little more information:
I'm 34, currently own a home in Hamtramck, and have lived here about 8 years. It's a duplex and I rent out the first floor to a family, and the extra income was really nice when I was starting off. Hamtramck was awesome the first 5 years or so being within walking distance of the bars, restaurants, music venues, galleries, etc. While I still love all that stuff, my priorities have changed considerably since moving here. I frequently travel for work for 1 to 3 weeks at a time, so being able to put everything on auto pilot and know my place is secure is a big priority.

I'm basically looking at 1300 Lafayette and Willys Overland in midtown. The specific unit I'm looking at in 1300 is on the 25th floor, river view, and has been completely updated. All I'd have to do is paint and put up my own art.

After running the numbers, even with the $300 elevator assessment, living in 1300 is only about $650/mo more than living in insanely cheap Hamtramck. 1300's HOA isn't a bad deal considering everything it covers. If I can get the seller to cover the assessment, 1300 becomes a no brainer from a cost perspective.

I think I'm basically down to figuring out what I'd like more: 1300's view and surrounding area, or Willy's industrial feel and midtown.

It's a good building k but do know that you must have cash for the equity purchase? I have sent you a private note about building requirements to help you out .