Lothrop Street Renovation

Printable View

July-06-18, 01:29 PM
DetroiterOnTheWestCoast

pictures

Lothrop Street Renovation

I often check out Detroit real estate listings. As we probably all know, there are quite a few "flips" and renovations taking place, compared to a few years ago when there were next to none.

I am most intrigued when I see work being done anywhere beyond the "prime" areas such as B-E, the University District, etc. This recent listing on Lothrop Street caught my attention for that reason.

https://www.realestateone.com/homes/...troit-MI-48206

Its on Lothrop about a block off of LaSalle. So its not far from LaSalle or Grand Blvd or New Center, but it still seems a bit outside of where I'd expect a big renovation on speculation. And the house appears to be a typical Detroit two-family that has been converted into a single family which is unusual; its listed as 4 bedrooms and 3 full baths. I'd love to see the revised floor plan.

While the work is not yet finished [[the listing says its four weeks out) the limited photos show bathrooms above and beyond the Home Depot quality that we so often see, and the listing notes that there will be full stainless appliances and copper plumbing. I see siding that is not cheesy vinyl and a new concrete walk and steps. Seems like a nice job. Street view shows the place abandoned and very run down, so its been a substantial undertaking. Anyone have any insights on this section of Lothrop or the area?

Attachment 36088

https://www.google.com/maps/place/22...69!4d-83.09558
July-07-18, 06:54 AM
Danny

Nice remodeling on the house but my big questions is..

1. Will millennials [[especially white folks) move into the hood?

2. Will the house be fully secured from looters?

3. Is the landlord [[whoever this person is) charge high rent?

4. Will the home owner or tenant be safe there?

5. Will the west side Detroit hood be gentrified so that poor folks move out and folks with money move in? It's horrible but our city needs to compete with New York and Chicago to attract worldwide attention and regional development.

Let's hope more Detroit homes can be fixed up. Folks in around there are sick and tired of living their ghettos!
July-07-18, 07:34 AM
renf

Taxes on property at 2225 Lathrop

Is the Real Estate One advertisement for this home misleading? It the residence sells for $229,900, one might assume that it might be assessed, for tax purposes, at one-half of that amount. The current millage rate for home owner occupied residences in Detroit is, I believe, 68.87 mills. That implies an annual tax of about $7700. Real Estate One states the annual tax is $508. Does that refer to some older assessment or am I confused?
July-07-18, 09:47 AM
48202

Quote:

Originally Posted by renf

Is the Real Estate One advertisement for this home misleading? It the residence sells for $229,900, one might assume that it might be assessed, for tax purposes, at one-half of that amount. The current millage rate for home owner occupied residences in Detroit is, I believe, 68.87 mills. That implies an annual tax of about $7700. Real Estate One states the annual tax is $508. Does that refer to some older assessment or am I confused?

Taxes listed in real estate listings are what the current owner currently pays.
July-08-18, 09:58 PM
Hamtragedy

Quote:

Originally Posted by 48202

Taxes listed in real estate listings are what the current owner currently pays.

As far as I'm concerned this is also a primary reason of Detroit's real-estate collapse of the early 2000s / Great Recession. Gramma or Auntie living in the house since the 60s or 70s only paid 500 in taxes. Then it sells in 1995 for 100K in Grandmont. Problem over the next 6 or 7 years with balloon mortgages, prop taxes, ever-increasing insurance, tripled natural gas rates, doubling of gasoline, and collapse was imminent well before the rest of the country.

It's somewhat simplified, but I always thought the real-estate people should have levelled with prospectives what the new taxes would be based on the asking price, if not publish that on the listing.
July-08-18, 10:36 PM
48202

Quote:

Originally Posted by Hamtragedy

As far as I'm concerned this is also a primary reason of Detroit's real-estate collapse of the early 2000s / Great Recession. Gramma or Auntie living in the house since the 60s or 70s only paid 500 in taxes. Then it sells in 1995 for 100K in Grandmont. Problem over the next 6 or 7 years with balloon mortgages, prop taxes, ever-increasing insurance, tripled natural gas rates, doubling of gasoline, and collapse was imminent well before the rest of the country.

It's somewhat simplified, but I always thought the real-estate people should have levelled with prospectives what the new taxes would be based on the asking price, if not publish that on the listing.

This isn't a Detroit thing. As far as I know, real estate listings everywhere list the current taxes. In Michigan, blame the Headlee Amendment for the big jump in taxes between owners.

Ignoring Headlee for a moment, taxes are based on assessed value. Don't ever assume assessed value is current. Cities and towns can reassess whenever they get around to it.

Bottom line, Renf did a quick calculation for guesstimating taxes. Anyone can, and should, do the same.
July-08-18, 10:40 PM
48202

And don't ever get a mortgage with a balloon.
July-09-18, 08:29 AM
Shai_Hulud

The blocks in between the boulevard and Boston-Edison tend to have most of the old houses standing. Occupancy is probably above 50% but it's not ritzy.

There are new people, read: white, moving in and renovating themselves. There are also a lot of properties that were flipped or renovated and rented out directly south of B-E between Woodward and the Lodge.

The area is a little rough now but it's probably a good investment for landlords, flippers, and those buying cheap. For people paying full price for a renovated house...
July-09-18, 10:54 AM
DetroiterOnTheWestCoast

Quote:

Originally Posted by Shai_Hulud

The blocks in between the boulevard and Boston-Edison tend to have most of the old houses standing. Occupancy is probably above 50% but it's not ritzy.

There are new people, read: white, moving in and renovating themselves. There are also a lot of properties that were flipped or renovated and rented out directly south of B-E between Woodward and the Lodge.

The area is a little rough now but it's probably a good investment for landlords, flippers, and those buying cheap. For people paying full price for a renovated house...

Thanks; that’s the kind of info I was wondering about. I assumed the area between BE and the Blvd was still rough, and from what I’ve seen from afar I see some interesting things east of the Lodge. This one stuck out because of its location. I hope the incremental progress keeps up.
July-09-18, 09:27 PM
ABetterDetroit

Quote:

Originally Posted by renf

Is the Real Estate One advertisement for this home misleading? It the residence sells for $229,900, one might assume that it might be assessed, for tax purposes, at one-half of that amount. The current millage rate for home owner occupied residences in Detroit is, I believe, 68.87 mills. That implies an annual tax of about $7700. Real Estate One states the annual tax is $508. Does that refer to some older assessment or am I confused?

In this case it most probably means the House is currently under a NEZ abatement due to improvements at some point in its past. When the abatement started and when they run out is very important financial information on the property in question and only a trip to Coleman A. Young Municipal Center will give you the correct data that is reliable. Real estate people play dumb or outright lie to you under this line of questioning most of the time. The newest lie is “there is a extension coming”.
July-09-18, 09:48 PM
Meddle

^^ I would not expect reliable, accurate information from any place named after a crooked, lying sack of donkey dung.
July-09-18, 10:34 PM
DetroiterOnTheWestCoast

Quote:

Originally Posted by Meddle

^^ I would not expect reliable, accurate information from any place named after a crooked, lying sack of donkey dung.

Nobody mentioned Trump Tower.
July-10-18, 07:42 AM
ABetterDetroit

Does this inquiry mean there a chance that DetroiterOnTheWestCoast is considering a move back to the D?
July-10-18, 07:36 PM
DetroiterOnTheWestCoast

Quote:

Originally Posted by ABetterDetroit

Does this inquiry mean there a chance that DetroiterOnTheWestCoast is considering a move back to the D?

Not really; like many of us who used to live in Detroit I just follow the news of what’s going on. I’m especially interested in what’s going on in the neighborhoods, particularly the historic ones and those nearby. Now if I could have a second place and spend the summers in the D....
July-11-18, 08:10 PM
Towne Cluber

Be very cautious in dealing with Real Estate One! Get everything in writing from them...and if they just tell you something don't believe it!
July-11-18, 09:35 PM
48202

Quote:

Originally Posted by Towne Cluber

Be very cautious in dealing with Real Estate One! Get everything in writing from them...and if they just tell you something don't believe it!

That sounds like a pretty strong indictment of a company that has over 80 offices around Michigan.

Actually, it's not bad advice for anyone dealing with any real estate agent anywhere - as buyer or seller.
July-12-18, 12:23 PM
Towne Cluber

Quote:

Originally Posted by 48202

That sounds like a pretty strong indictment of a company that has over 80 offices around Michigan.

Unfortunately, that's exactly the point. One would expect much more professionalism, honesty, and accuracy from such a company. Or just plain decency. I'm not a big believer in most of the gentrification talk in Detroit, but some of that company's behavior certainly gives ammunition to it.