Midtown Condo Lists for $309K

[DeLemur]

I like how you think.
I just bought a 2,500' 1895 Victorian 90% re-habbed, with a carriage barn on a large lot for half that price, & I'm concerned if mort. appraisal will meet the purchase price. That said, it wasn't in Detroit.

The kitchen/cupboard space in that condo is pretty small.

Congrats. Sounds like a beauty. Whats a carriage barn?
We got an abandoned 100 yr old house with a huge hard. Modest size and detail but the price and location was right. Been doing as much work as possible on my own and putting in our own flair to it. We've kept the cost down. When finished, likely half of your price but probably 4 times the time lol.

[garyalex]

Property taxes in Detroit are higher than I realized:

http://www.detroityes.com/mb/showthr...ment-Questions

[swingline]

Property taxes in Detroit are higher than I realized:

http://www.detroityes.com/mb/showthr...ment-Questions

You previously mentioned living in NYC. Property taxes in many parts of the country will indeed seem high compared to the Big Apple. The valuation system there is borderline incomprehensible what with the thousands of buildings enjoying huge 421a exemptions and the limiting of comparable sales examples only to rental buildings. The system allows property tax rates to plummet the more expensive you go with your purchase. Many simple $1 million apartments in NYC will have tax bills below $10,000. And $10 million apartments might only have a $30,000 bill. Crazy.

[garyalex]

You previously mentioned living in NYC. Property taxes in many parts of the country will indeed seem high compared to the Big Apple. The valuation system there is borderline incomprehensible what with the thousands of buildings enjoying huge 421a exemptions and the limiting of comparable sales examples only to rental buildings. The system allows property tax rates to plummet the more expensive you go with your purchase. Many simple $1 million apartments in NYC will have tax bills below $10,000. And $10 million apartments might only have a $30,000 bill. Crazy.

Yes - that makes sense. While I've rented for all the years I've been in NYC I've heard some strange stories here about what owners are paying. My brother and I own a townhouse in Maryland that's about the same square footage as the condo I was interested in. The property tax is nowhere near what it is for that Detroit condo. Oh well - I guess I'll look to the suburbs. Not really what I wanted to do but it is what it is. I'm still coming home.

[Danny]

If you all writing about the former five star apts. in that area That's something that Phil Drummond want to buy when his family leaves.