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What is the easy explanation of the eractic price's of the condo units? There can be a 2 bedroom unit for 24K and then another 2 bedroom unit at 75K. I know the building is a co - op, could this be part of the answer? and if so why. Hopefully there is a realtor on this site who could clear this up for me.
Higher floors command higher prices. A 2 bedroom could be anywhere from 800 to 2,000 sq ft.
You see the same sort of pricing in places like Riverfront, Rivertown, Book Cadillac, River Place
I'm wondering what the monthly maintenance charges are there.
Also, how much air can you really get in an apartment where only a small strip on the sides of the windows opens? I love fresh air...
IIRC, monthly fees are in the mid 700s. The co-op units vary in price because some owners have put in major upgrades, such as hardwood floors, granite counter tops, stainless steel appliances, glass showers, etc. Other units are really dated. It all depends on the particular unit just like a condo. I've seen co-ops in 1300 listed for as much as 300k.
On a side note, many famous people have lived in the building since it became a cooperative in 1979, including Diana Ross.
I've been working in a unit on the 13th floor on and off for a couple of years. Just finished up a kitchen, in fact, with stainless appliances, Corian countertops and travertine backsplash with Pewabic tile accents. Those little windows do provide a surprisingly nice breeze, at least at the floor I'm working on, or in the case of this summer, close them off and dial down the AC. You can also hear the roar from Tiger games, not to mention the fireworks.
There are some efficiencies or studios going for less than 10K on some of the low floors. They have also been cracking down on sub-leasing, making more units owner occupied.
I live in a Mies building in downtown Chicago and really like the minimal feel to the architecture. Is the 1300 building really a Mies building? I'm coming home to Detroit for the Crains House Party and will be picking a unit in the 1300 building to start the party. I'd like to get a feel for it and see if this would be "the" apartment building in downtown Detroit to purchase a unit. Also, what is the best way to cross the highway if your walking closer to say Woodward and Jefferson? Thanks everyone for offering different points of view, it really helps.
1300 is not a Mies building--the townhouses are by him, but the 1300 tower isn't--it is by Gunnar Birkerts.
You can walk down Jefferson, but I'd cross on Lafayette..
The maintenance charges are roughly proportional to the square footage of the units, and from what I've seen the charges currently come to a bit less than $1/sqft/month. That includes heat and property taxes.
1300 East Lafayette was designed by noted architect Gunnar Birkerts in the early 1960s. The Meis van der Rohe townhouses [[coops) and apartments [[rental) are across the street from 1300.
http://www.amazon.com/Architecture-G.../dp/1558350519
I have been [[and still am) considering purchasing a nice home in East English Village.The idea would be to either pay cash for it or quickly pay it off...and have no mortgage. With today's economic enviroment, that seems like a good move at current prices/intrest rates.
However, the one [[and only) issue I have with EEV is the "suburban" like location. I really, really want to be able to walk downtown, or at the very minimum, have an easy bike ride. The neighborhoods I am familiar with that surround downtown, namely Corktown and Woodbridge, are much more costly...effectively ending my dream to live in a paid off property [[anytime soon.)
I have been watching [[considering) 1300 Lafayette on trulia.com for quite sometime. The mid 700s HOA fees being the big concern. But as I have sat down and seriously cruched the numbers, they actually don't seem to be much more than I would pay for a single family residence. I figure that in almost any home in the city, I will be paying approximately $200 - $300 a month in property taxes...$2,400 - $3,600 a year. I am guessing [[because I have been away almost a decade) another $200 - $250 for utilitys [[including basic cable) per month over the course of a year...winter/summer.
That gets you to approximately $400 to $550 of the mid 700s HOA fee. Throw in the standard $200 - $300 for fees at any condo and your there. AND...some of the units are going for $10,000 to $15,000 dollars! I figure I'll be saving a minimum of $20,000 dollars over a single family home in EEV.
While the residences themselves are apples to oranges...the costs associated with each [[paid off home in EEV vs. paid off unit in 1300) seem fairly in line with one another. Am I missing something...possibly inflating the tax or utility numbers of an EEV property?
Am curious as to what the resident Dyes experts think of my analysis...thanks in advance for any of your thoughts/ideas!
Paul
Paul... I have an acquaintance who has 2 houses on Courville [[2nd street west of Outer Drive) right next to EEV [[same size housing stock) that you can have for $15-$20 thousand each...
Paul, Right now I can only compare the situation I have in Chicago.....I have an apt. in a Mies building on Lake Shore. HOA's are at 456.00 - taxes are seperate and add 258.00 per month, so I'm over 700.00 total. The difference is the Chicago apt is not a co-op. The purchase price was also no where near the prices at 1300 Lafayette. The amenities out my front door can not be compared, location wise to the 1300. However different they may be, my heart is wanting to return to the Motor City....it's home, so my search continues. Good luck if you settle in EEV.
Congrats to Paulie and others who are now positioned to essentially "Have JStone's life...HALF OFF or less".
Heck, come work with me, and we'll give you enough dough to purchase that condo outright, on top of the deflated comparable salary you'll be getting. If it turns out you don't like living here anymore because you need more space, change job locations or say maybe got tired of getting robbed, you can easily sell it for the same, or most likely more than you paid. No invisible boat anchor around your neck. Come to work footloose and fancy free. You don't NEED no stink'n corporate job - Heck, you can work at Slows and pay your bills!
Me, I'll just keep towing the line as if it's still 2005 for the next 24 years or so.
its true the HOA charges $1200 a month which is just as good as renting
Paul, don't forget the 100-150/mo for homeowners insurance you'd be paying in EEV.
Hey Paul, I live at 1300 Lafayette,, have for a long time, Your financial analysis is quite on tune.. Often people tell us our monthly charges are high, I always scratch my head because when you do a breakdown of what it costs to run/own/insure/mortgage/upkeep a home, it isnt at all..Infact, its often less, I pay approximately 1120 a month for my 2 bedroom/ 2 bath corner unit and two parking spaces, You have to remember a portion is tax deductible, I get about 100 monthly back,, so , it costs me 1000 a month to live here,, on top of my co op equity to purchase, and the coop equity is much less than purchasing a condominium, you also mention 2 bedroom equities for as little as 25000 and as high as 75000. Its all about whats in the unit and the upgrades, some are absolutely beautiful,, and 75000 is cheap as they were 125000 a couple of years ago for a nicely done unit. ,, You would be paying quatriple for this in Chicago. The 25000 are for low floor and not updated., you are talking upgrades and lots of dollars for improvements so they are not really a deal unless you want to live in them as is. .... for the ammenities I get// doorperson, round the clock security staff, shipping /handling person, maintenance staff, cable, heating/cooling, property taxes, maintenance , workout rooms,/ supervised pools and above all, great safety for me and my car, good neighbors, unforgettable views of the downtown all day and night, nothing comes even close dollars and cents wise,, It would easily cost this , or much more to rent a place like this,, and you have the stability of a building of ownernrship. Living and walking to everything,, and running in the morning along the river is great,, Its a very , very good deal if you plan on living in Detroit. and very safe, I am gone for long periods of time often and never, ever worry about my place, or packages or anything,, Not to many places in Detroit provide you that comfort. If you qualify for the new incentive live downtown program , its a no brainer.
Artistic,
Thank-you for initiating this thread...it has been quite informative, even without a large number of replies. You mention "...my heart is wanting to return to the Motor City..." I'm in the same exact boat. I currently reside [[and have since 2002) in South Carolina. My heart is in Motown, and after much angst [[my long time girlfriend will most likely not be joining me) Ive made the decision to return home.
I noticed in another thread you planned to attend the Crain's House Party and visit 1300 Lafayette. I plan to do likewise...maybe I'll see you there! Either way, wishing you the best wherever you end up!
Gistok,
If I expand the scope of my search into Morningside, I'll definately contact you...thanks!
JStone,
I'm seriously sorry for the situation you find yourself in. Millions of folks are in the same [[or worse) perdicament...no comfort to be found in that I'm sure...but I honestly hope things improve for you personally and for all of those who find themselves in a similiar situation that they had nothing to do in creating. Hang in there bro!
Hamtragedy,
Wow...$100 to $150 dollars a month for homeowners insurance!?!?!? I've never lived in a major urban area before...as you can probably guess by my response...BUT, I honestly had NO idea that was the going rate! I guess based on the outragous auto insurance rates, I shouldn't have been surprised...but am. Thank-you for providing me with the additional information! Confirms in my mind that I'm on the right track.
DetBill,
I truly appreciate your thoughtful and reasoned response! It's exactly posts like yours that make this site such a unique and amazingly informative place to go for first hand information! I have been seriously considering 1300 for at least the last 3 weeks or so. Your post especially, along with several others, has me convinced that 1300 has ALOT of what I am looking for in a home [[any way the HOA would allow for a private balcony and fireplace...thereby moving the needle from ALOT to ALL of what I'm looking for in a home :-) LOL Seriously though, thanks again for the lengthy and informative post! [[And for everyone who contributed to the thread...it's all very helpful and appreciated)
Paul
DetBill:
Great information on the 1300 building. I was hoping to get feedback from someone who actually lives there. On all accounts the monthly cost are very close to my Chicago condo, except original purchase price and that I'm not in a co-op. Safety is important and I like what you offered in your comments about being safe at 1300 and that you had 2 secured parking spots.
PaulieG63:
Yes I will be at Crains House Party - I choose the largest condo of the 3 offered for the pre party. I hope to see amazing views and most important to meet some great people. If you do go and choose the same condo....let me know, it would be great to say hello.
If you plan on not having a mortgage then you're kind of inflating your costs.Quote:
Originally Posted by PaulieG63
After the NEZ tax reduction, which takes about a year to process with the city dragging their ass and losing stuff, I pay $350 per month for taxes, insurance, and mortgage. I guess without a mortgage you'd be paying about $300 after NEZ.
Water/Sewerage bill is ~$50 consistently, if you took utilities for the whole year, probably $150 per month. However I think central air is for pussies and I think TV is garbage so I don't pay for those. Your fixed cost per month to stay in your house with lights on, water running, heat, and a working shitter will probably be around $600 per month.
Even I think its insane that I own a great house with tons of character in a good neighborhood for monthly costs that you couldn't rent a 1 bedroom in the 'hood for.
I wouldn't live on Courville, but that's just me. Either live in EEV or if you're going to do Morningside, do Outer Drive our Audubon. Virtually everything else in Morningside isn't looking great these days, sadly.
Yes, you're far from downtown in EEV. It bugs me but I'd rather be able to walk outside or have a beer in my yard or on my porch than stick my head out an apartment window.
Detbill, your right on with 1300. I lived on Audubon in Morning Side for 18 years. I loved the homes and the neighborhood. Audubon is a great street and the only one I would consider. Your close the GPs, shopping. I moved to 1300 because I was tired of keeping up a home. With all the money it cost me for grass cutting, snow removal, insurance, heating and electric, general maintainence on Audubon the monthly cost at 1300 is small. We also have a new gym and 2 swimming pools. Plusb the monthly fee keeps out the riff raff.
DetroitPole,
Thank-you for the monthly expense breakdown, that was exactly the information I was seeking! I really appreciate all of you thoughts/post regarding the East English Village neighborhood...your a wonderful ambassador for the community at large and have been a tremdous help/source of information over the last many months, thank-you!
If I in fact end up on the far east side, it will most definitely be in EEV. You just can't beat the combination of diverse and interesting architecture, neighborhood, awesome association and price points...anywhere!
Regarding 1300 Lafayette, I came across this while perusing a website that specializes in 1300 Lafayette real estate [[Dwellings Unlimited)...under the heading of "Whats your housing syle?" COOP...
"...Financing options are typically limited to cash purchases, seller financing [[land contract) or financing with banks that provide loans for cooperatives-which is rare in this area."
Can anyone living at 1300 verify this for me? Because if true, it would make the eventual sale of a unit...especially an updated one...exceedingly difficult! Any information regarding this would be most appreciated!
Paul
Anyone know if there an application process, with board of directors approval, required to get into1300 or can it be purchased just like a condo unit?
Yes, co-op board approval is required to purchase equity in the building.
Check with National Co-Op Bank for loan guidelines. All of the others seem to keep their rates set on kill.
Done! Thank-you Bagley...the site contained alot of good and helpful information!Quote:
Originally Posted by Bagley
Paul
I don't believe that National Co-Op Bank is providing financing for this building any more.