Park Shelton Condo's

When I drove north on Woodward the other day [[daytime) it appeared to me that many of the windows at the Park Shelton appear to be without window treatments, which would indicate a lot of empty or rehabbed units. Does anyone have any idea how many units are occupied or sold? I have a friend moving to Detroit to do grad work at WSU and I have mentioned the building to her as an ideal location and she would consider buying for an investment over and above her living there for her grad school time. She has the $$$ to purchase so that is not a problem. but I told her I'm concerned that, like Harbortown or the coop's at 1300 the monthly association fees may skyrocket and make it difficult to sell down the road. In addition as she will be a fulltime student she wants to make her monthly expenses as reasonable as possible.

Thanks for any info.

Sorry DBob, I don't know the answer, but I do have a question. A grad student typically is in a place two to four years depending on the field of study. A real estate trueism is that you should plan on living in your place for 5 to 7 years for an investment to payoff, or at least, break even.

And those were during good times.

These are not good times. Your friend will never recoup what they think is an investment. They might be able to get a tax deduction, but since they're in grad school ...

Renting is her best bet. If she doesn't like it she can move.

I love that building, solidly built, nearly sound proof... lots of marble and plaster... thick floors, you don't hear noise from other tenants. Very spacious, but I've not been in there in over a decade back when they were rental apartments. Not sure of current occupancy. Will take a look a windows the next time I drive by at night........ Maybe the person can rent at the Belcrest on Cass near Kirby... it too is fairly sound proof, but not sure of current status.......... Anyone else know?

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Originally Posted by detroitbob

When I drove north on Woodward the other day [[daytime) it appeared to me that many of the windows at the Park Shelton appear to be without window treatments, which would indicate a lot of empty or rehabbed units. Does anyone have any idea how many units are occupied or sold? I have a friend moving to Detroit to do grad work at WSU and I have mentioned the building to her as an ideal location and she would consider buying for an investment over and above her living there for her grad school time. She has the $$$ to purchase so that is not a problem. but I told her I'm concerned that, like Harbortown or the coop's at 1300 the monthly association fees may skyrocket and make it difficult to sell down the road. In addition as she will be a fulltime student she wants to make her monthly expenses as reasonable as possible.

Thanks for any info.

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There is CCS Dorms/Apartments in there. They are crazy nice.

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Originally Posted by detroitbob

When I drove north on Woodward the other day [[daytime) it appeared to me that many of the windows at the Park Shelton appear to be without window treatments, which would indicate a lot of empty or rehabbed units. Does anyone have any idea how many units are occupied or sold? I have a friend moving to Detroit to do grad work at WSU and I have mentioned the building to her as an ideal location and she would consider buying for an investment over and above her living there for her grad school time. She has the $$$ to purchase so that is not a problem. but I told her I'm concerned that, like Harbortown or the coop's at 1300 the monthly association fees may skyrocket and make it difficult to sell down the road. In addition as she will be a fulltime student she wants to make her monthly expenses as reasonable as possible.

Thanks for any info.

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Detroitbob - my uncle moved there recently. I've been there twice and it is really nice. He told me that 60-70% of the place is occupied. Former WSU president Irvin Reid lives there, the people just going to and fro are very friendly, and the view from the roof/patio [[middle column as you look at the building north) [[closed for winter) is great. Of course, the crepe place and sushi place on the bottom level are popular, and rumor is that a small grocer may move into the addional ground floor space. Parking structure is new and secure. Really an amazing place.

I don't know the monthly's. I'll send you a private message with his email and you can inquire from him directly.

Beautiful, solid building. Many decades ago, I delivered prescriptions to a rather well known, and very wealthy woman who lived there. Quite polite, she explained the history of the building and pointed out unusual and impressive details about the structure. Then, she tipped a dime each week!

Are you sure you don't mean the Art Center apartment on the next block east at John R and Kirby right next to CCS?

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Originally Posted by casscorridor

There is CCS Dorms/Apartments in there. They are crazy nice.

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The Park Shelton is very nice, and the rooftop patio is friggin awesome.

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Originally Posted by Zacha341

Are you sure you don't mean the Art Center apartment on the next block east at John R and Kirby right next to CCS?

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The Art Center apartments are separate. They have more of a campus dorm feel, with security check in. The Park Shelton has two full floors of apartments for CCS students. That is in addition to the Art Center and Argonaut Building [[AKA Taubman Center). Of all the CCS apartments, the ones the Park Shelton are the best. For obvious reasons.

I was going to send the response I received via private message, but perhaps others would be interested in knowing. Currently fees are $489/month, including heat, electricity and water.

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Originally Posted by casscorridor

The Art Center apartments are separate. They have more of a campus dorm feel, with security check in. The Park Shelton has two full floors of apartments for CCS students. That is in addition to the Art Center and Argonaut Building [[AKA Taubman Center). Of all the CCS apartments, the ones the Park Shelton are the best. For obvious reasons.

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yep. CCS has more students than housing, so they procured a block of rooms/apartments in the shelton for that purpose.

i lived in the park shelton before its overhaul, someone mentioned that it was almost soundproof, i don't remember that being the case when i was there at least

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Originally Posted by bartock

Currently fees are $489/month, including heat, electricity and water.

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The association fees are $489 per month? Yikes. You could rent an apartment [[a crappy one) for $450 in that same area. I've looked at a few of them.

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Originally Posted by Pcm

The association fees are $489 per month? Yikes. You could rent an apartment [[a crappy one) for $450 in that same area. I've looked at a few of them.

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A crappy apartment costs $450 a month because a landlord got it for nothing, invested nothing in it [[except, maybe, a coat of paint every time tenants change), and is charging the maximum the market will bear. If he was charging more based on ROI, it would probably be half that. By that measure, it's the apartment dwellers who get ripped off.

A $489 association fee in a multi-unit condo buildings goes for security, maintenance, and capital reserves. In cooperatives, there is often a pass-through for master mortgage interest payments, making part of the fee tax-deductible. None of this is a feature of a low-priced rental.

I don't believe that real estate is a great investment in general [[since even in the best markets, it's pretty much even with inflation), but the costs - considered as [[mortgage + fees - deductions) are actually quite reasonable compared to comparable rentals. That, and you have the ability to reconfigure it at will.

I looked at the Park Shelton when it was first going condo. It's a nice place that you wouldn't be embarrassed to show your parents. Not cheap, but given its location right on top of the DIA, one would not expect it to be.

Park Shelton is a top notch historic building. Plus it has some nice eats in the lobby.....watch your waistline with those crepes!!!

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Originally Posted by casscorridor

The Art Center apartments are separate.

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The name is 'Art Centre Apartments' -- an alternate spelling of 'Center' -- and it was home to some interesting people before being purchased by CCS. Here's a photo taken circa Christmas 1974.Attachment 40887

Wow you necroposted a ten year old thread.

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Originally Posted by Satiricalivory

Wow you necroposted a ten year old thread.

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Yeah, I'm wont to continue old threads rather than begin new ones. YMMV.