Buena Sala Apartments [Update: Destroyed by Fire on Sat. AND immediately razed]

[kraig]

Personally, I'd contact the city to find out who owns the property then contact them directly from there. Buying property like this over ebay seems so shady.

As for the building itself, obviously an incredible building. Hopefully it sees a second life. It will take well over a million to repair this building.

I'm with you on not purchasing a building on Ebay. But, the debris can be cleaned up, apartments renovated and furnished and the building brought up to code and tenants living there for about a few hundred grand or less.

[Zacha341]

Beautiful! That entrance way is golden!!

http://maps.google.com/maps?hl=en&ie...242.54,,0,5.57

[Zacha341]

Yeah, the locale is better than the Clairmont building, but still problems. Lots of burnt out or otherwise abandoned buildings/ property. Once was a nice area.....

It's definitely beautiful 1920's construction. To recreate that building today would probablly be impossible, I don't think you could find the artisans to do that type of work. In it's current state and location I can't see any value there what so ever, unless somebody could dream up some elaborate tax dodge. If that building were offered to me for free, I would absolutely not accept it.

[softailrider]

I'd finance this in a heartbeat. If you rent the units at $500.00 a month, this building pays the $9,088.00 purchase price, repair and renovation costs, within a few years. The scariest thing with this is dealing with the City of Detroit's beauracracy. If a developer has the patience and capital to deal with that, they'll be fine.

I like your math, it sounds really good. I don't think it's quite that easy though - If it were, there would be renovated apartment buildings all over the city instead of vacant lots.

[Zacha341]

That's true. It's hard to get consistently paying tenants in some areas. This is a big problem for many who own rental property.

I like your math, it sounds really good. I don't think it's quite that easy though - If it were, there would be renovated apartment buildings all over the city instead of vacant lots.

[kraig]

I like your math, it sounds really good. I don't think it's quite that easy though - If it were, there would be renovated apartment buildings all over the city instead of vacant lots.

It's definitely not easy. The issue is having the up front funding to complete the project. This is where the DEGC can really come into play and work out a deal that could benefit the owner of the property and the neighborhood. The DEGC is actually very good for small projects like this because they're beneath the attention of those that would interfere in order to get a piece of the action.

[davewindsor]

That's true. It's hard to get consistently paying tenants in some areas. This is a big problem for many who own rental property.

I disagree. If you run a well-maintained building, there's things you can do like run credit checks on people to minimize the risk of getting more than one or two deadbeat tenants. Not everyone in that area is a deadbeat. As long as it's not run like a slum, you can get consistently paying tenants. The big problem is that banks and other money lenders simply will not lend money on apartment buildings and apartment building rehabs on principle alone because there have been slumlords who wrecked it for everyone.

[Zacha341]

Yes, the banks do see this as a risky venture... you'd have to have your own capital to make a go of it... others have tried, some with success, some not. Most depends on 'location' and a careful, evaluation of the area, to see where it is heading or turning/ from walking the area/ talking to people and merchants who live and do business there not just people afar 'online'. That area has taken a somewhat rough turn in the last 6 years.

Credit checks would have to be fully enforced [[no exception) with thorough security-based background checks [[not just the light surface kind). With the building monitored by on site manager 24/7. And clearly everyone in that area is not a dead beat, I have family in that area and I live nearby. But you'd have to be on the defensive to be landlord in that area...

Obviously and apparently, things went very wrong in the prior ownership and declining tenancy to bring this building down along with others nearby... the reason[[s) needs to be objectively evaluated be any serious new owner considering to make a go of it, 'beyond' what failed before. Every since the Liv/ Elmurst precinct closed crime has been up sadly.

I disagree. If you run a well-maintained building, there's things you can do like run credit checks on people to minimize the risk of getting more than one or two deadbeat tenants. Not everyone in that area is a deadbeat. As long as it's not run like a slum, you can get consistently paying tenants. The big problem is that banks and other money lenders simply will not lend money on apartment buildings and apartment building rehabs on principle alone because there have been slumlords who wrecked it for everyone.

[EASTSIDE CAT 67-83]

Love that building.

You and me both....I passed that apartment just about everyday growing up on the east side and alway liked the building and especially that entrance way stonework.

[davewindsor]

I drove through this area last night and around the block just to get a better idea of the area. I noticed that on the east side of Lasalle Blvd, where this building is, there is another vacant apartment building next to it, a couple vacant lots, then Tyler street, and then another boarded up apartment building on the other side of Tyler on the east side of LaSalle. Then, I drove along Buena Vista and all the houses next to it looked vacant. Yet, on the west side of Lasalle Blvd, it looked like all the houses and apartment buildings are well kept, clean and near fully occupied. Still, this building looked like it was the best building in the whole subdivision.

It reminded me of the Ambassador bridge expansion in Windsor where a whole side of the street was bought up and boarded up, yet they couldn't knock them down because the city got in the way. I'm starting to wonder if the reason this building closed down was not due to poor management, but plans for a highway expansion, where they bought up all these buildings with the intent of knocking them down, emptied them up, and then ran out of money and.or complications from the city and then put them back on the market. Anyone know if there was some kind of road widening planned for this area?

[Zacha341]

Yeah, I drove by there the other day too and was like 'wow' what happened here? A progressive deterioration happened in that section ala the adjacent properties.

That area is Russell Woods and was once very, very nice.

Long story short, it would be highly speculative and risky for someone to purchase that building and rehab it with the rest of the area so broke down. Who would want to live there amidst the squalor that is so much of corner and street?

The whole block needs a rehab to bring in a decent, stable tenancy to make the venture worth while... like if someone perhaps purchased two of the larger apartments... Dreaming I know but what it could be would be splendid.

The architecture of that building is outstanding!

I drove through this area last night and around the block just to get a better idea of the area. I noticed that on the east side of Lasalle Blvd, where this building is, there is another vacant apartment building next to it, a couple vacant lots, then Tyler street, and then another boarded up apartment building on the other side of Tyler on the east side of LaSalle. Then, I drove along Buena Vista and all the houses next to it looked vacant. Yet, on the west side of Lasalle Blvd, it looked like all the houses and apartment buildings are well kept, clean and near fully occupied. Still, this building looked like it was the best building in the whole subdivision.

It reminded me of the Ambassador bridge expansion in Windsor where a whole side of the street was bought up and boarded up, yet they couldn't knock them down because the city got in the way. I'm starting to wonder if the reason this building closed down was not due to poor management, but plans for a highway expansion, where they bought up all these buildings with the intent of knocking them down, emptied them up, and then ran out of money and.or complications from the city and then put them back on the market. Anyone know if there was some kind of road widening planned for this area?

[wayne]

Once this building is gone-it's gone! It's a beautiful, rare style of architecture. If these buildings are preserved then there can be a resurgence of development. If these buildings are torn down then there is no chance. A lot of people purchase buildings like this on ebay and then don't do anything with them. I live in Salt Lake City so I don't know if the new buyer is fixing up this building. If they are not, someone needs to make them an offer, purchase the building and fix it up. Often in areas like this artists and retired people will purchase condos and apartments in these old buildings. Next galleries and restaurants will open. Before you know it there is an urban renaissance. But if these old antiques are torn down then there is no chance. Once the roof is not repaired and the building sits without heat, then in a few years the building is too far gone to be restored. I think the type of landlord who would purchase this would be the person who owns 25-50 buildings that each have a low profit margin, but when you combine all the profits together it is substantial. This building would probably cost upward of a million to rehab. The landlord would get a return on their investment in 10-15 years. Resale value is low but if the area could have a resurgence them up goes the real estate values. There won't be a resurgence if nobody does anything. If these old antiques are gone or sitting around dilapitidated then there is no chance the area will improve. If no one purchases it and rehabs it then there won't be a resurgence of the area. You just never know if an area could could up, but if the old antiques are gone then there is little chance the area will improve. Sometime you just have to make the buyer a large enough offer and that does the trick. I hope someone will restore it to its former grandeur.

[bartock]

I drove through this area last night and around the block just to get a better idea of the area. I noticed that on the east side of Lasalle Blvd, where this building is, there is another vacant apartment building next to it, a couple vacant lots, then Tyler street, and then another boarded up apartment building on the other side of Tyler on the east side of LaSalle. Then, I drove along Buena Vista and all the houses next to it looked vacant. Yet, on the west side of Lasalle Blvd, it looked like all the houses and apartment buildings are well kept, clean and near fully occupied. Still, this building looked like it was the best building in the whole subdivision.

It reminded me of the Ambassador bridge expansion in Windsor where a whole side of the street was bought up and boarded up, yet they couldn't knock them down because the city got in the way. I'm starting to wonder if the reason this building closed down was not due to poor management, but plans for a highway expansion, where they bought up all these buildings with the intent of knocking them down, emptied them up, and then ran out of money and.or complications from the city and then put them back on the market. Anyone know if there was some kind of road widening planned for this area?

Not a chance in that area. No need to expand Jefferson [[and the Pointe's wouldn't let that happen) and no need to expand Alter [[and wouldn't happen). No freeways nearby, either.

Edit: Add - I was looking for houses on that end of Grosse Pointe Park, north of Alter and East/South of Jefferson. There are neglected/empty homes popping up on those last few blocks of Grosse Pointe Park. I think it is just the trend over there, hopefully it stops.

[davewindsor]

Ha, Buena Sala Apartments on the market again by another speculator on e-bay who gave up after half a year. He claims in the listing that he hasn't even visited the vacant building. Current bid at $7,200. Why do people keep buying this stuff without any plan to improve the condition of it or even desire to visit it?

http://cgi.ebay.com/Historic-20-Unit...item3f09d40ac8

[Richard]

Seller has bought tax deeds before,most are probably just speculating , just making a few thousand on the resale,age of computer you do not need to leave the house,basically house flipping without the fix up part.

[neavling]

This beautiful apartment burned down last night in a three-alarm blaze. The building was demolished. I have the demo on video, and I'll post once it's uploaded.

[Zacha341]

So sad. The building could not survive the back and forth shuffle of investors and what not rotting empty while paper work shuffled..

[davewindsor]

So sad. The building could not survive the back and forth shuffle of investors and what not rotting empty while paper work shuffled..

Yup, and scammer pammer continues to speculate and rip people off on these buildings [[including Buena Sala) on ebay.

http://www.ebay.com/itm/HUGE-INVENTO...item3f24077058

WE HAVE OVER 100 PROPERTIES
TO LIQUIDATE!!! THAT'S RIGHT OVER 100!
DETROIT IS ON THE UP SWING AND PRICES
WILL NEVER BE THIS LOW AGAIN!


WE'RE TALKING HUGE
APARTMENT BUILDINGS

WAREHOUSES & STOREFRONTS

[Johnnny5]

Yup, and scammer pammer continues to speculate and rip people off on these buildings [[including Buena Sala) on ebay.
.

If you're registered on Ebay you can report the listing as it's violating several of Ebay's listing practices.

[jaytheory]

looks like this caught fire today....seems odd it was listed

[jaytheory]

looks like this caught fire today....seems odd it was listed

http://deadlinedetroit.com/articles/..._notable_ruins

[neavling]

I captured the demolition on video. Sad.

[mcsdetroitfriend]

I captured the demolition on video. Sad.

http://www.youtube.com/watch?v=oFKMpTWD9do

Cannot believe how careless that was. People could've been seriously hurt when those electrical lines came down. Also the dropping of debris on the neighboring buildings pisses me off too! Just because they're currently empty doesn't give you the right to further the deterioration and blight

[Zacha341]

Wow that was a 'tripped-out' demo... I'm hoping those power lines were offline or someone got a bad spike followed by lights-out when they were severed.

Sad to see the lady go down. That had to be lovely building to live in back in the day. Some of the units had those mini corner porches and the gold bricking. The lovely sculpting of the brickwork, windows and roof, etc. I love that Moroccan style architecture.

[canuck]

Wow. That powerline and the stuff falling on the house is pretty sad. I guess the order came to get rid of it real quick, and avoid further public safety problems but this was really strange.