Lots in Detroit

My wife and I are seriously considering the purchase of a loft in the downtown/midtown/corktown area. As we have walked through several, and are pretty set on our price range... the last major questions that we have involve the neighborhoods. Basically, I was hoping for some advice [[or rankings) on safety of these areas and whether I will have to worry about her when I'm not around. :) Primary properties that we're considering are:

Grinnell Place Lofts in Corktown
Canfield Lofts in Midtown
Garden Lofts in Brush Park

Any suggestions or tips? Thanks in advance!!!

Perhaps this website will help you decide. You can sort by radius and time.

http://detroit.mi.crimeviewcommunity.com/

You might also take a look at the Ellington in midtown. I'm not sure the location is quite as desirable as Canfield Lofts, but prices are good and management seems very competent.

Thanks for the posts so far. I'll check out the website and also look into the Ellington.

Tenny,
I'm not trying to deter you from buying a loft, but I am/was in the same position as you. I was looking forward to buying a loft, and then I realized that most of these lofts were made in the early 2000s, and the tax abatement would end in a few years. After that, taxes would be FIVE TIMES what they are currently. For example, the millage for my home [[in Detroit) is 75. The millage on the lofts are 14-15, now. The taxes for that loft may only be around $700, now. But in a few years, when the abatement comes off, the taxes would be then be $3500.

-Tahleel

Tahleel,

Thanks for the info. I was also concerned about how the NEZ abatement was going to be calculated. I believe that the Garden Lofts only began clocking a couple of years ago... and the units that I would be looking into at Grinnell are still white box [[never owned)... so I'm thinking that 15 year abatement would begin with my purchase.

Walking through all of these, I liked the Grinnell best... but their asking prices haven't come down much despite the drastic drop in the real estate market.

Choose Garden Lofts at Brush Park. Great view of Downtown Detroit. Access to Tiger Games, Fox Theaters, and restaurants and other festivities.

Thanks for the suggestion. However, I'm more interested in the actual areas where these lofts are located. Does anyone actually live in or near any of these three? There are enough people in teh DetroitYES! forum claiming to know what's best for the city and it's politics... yet nobody can actually tell me the best neighborhood? Come on now... help a brother out! ;)

To answer your question: Corktown, home of the Grinnell Lofts, is the best neighborhood!

I can say this as I know numerous people who live in the neighborhood and the Grinnell lofts. They always seem to be doing something fun- they have a big get-together for the fireworks, which are viewed well from the building. They are on the parade route for the St. Patricks day parade. They also are located well for Nemo's bus rides to sporting events.

If your only concern about the building is pricing, you can still put in an offer and see what happens.

I used to own one of the crosswind's condos at the corner of Winder and Woodward in Brush Park. I lived there for 8 years. I loved living there. I loved my condo. Very close to everything. I had the best Thanksgiving mornings there, with the parade passing right past my front door. I usually had a crowd of 25 to 30 friends over for brunch and then off to the football game.

I sold my place 3 years ago, just before the market meltdown. The woman who bought it must hate me. I sold it to put cash into another real estate venture.

The neighborhood is usually extremely quiet with the exception of game days. Don't worry about the game days too much, The suburbanites only know one way in and out. there are plenty of ways around their traffic. You will need to check the football and baseball schedules if you plan to invite people over.

It is Detroit, there is crime in all three of the locations you've identified. But as anecdotal evidence, in the three years I lived in brush park the only crime I personally encountered was the theft of my el cheapo mountain bike. I didn't shut my garage one evening and somebody took advantage of that.

Several of the crosswinds condos have been broken into. I would expect less of that in the loft building due to the front door and windows not being directly on the street.

I know several of the townhouses are for rent from private owners. Maybe you should try renting before you buy. It will give you chance to try the neighborhood. I can't see the market improving in the area any time soon. I think the deals only getting better over the next year or two.

Also one other word of caution is to closely check the condo fees. Make sure the condo association is viable and covering it's costs. You don't want to get whacked with a huge bump in the condo fees. It's one huge issue with having buildings fully sold.

Have you been approved for financing? Does the condo meet the requirements to get financing? Can the condo appraise for enough to get your loan? These last three questions are killing lots of condo deals in the city.

Brandon, are you still a real estate agent in Corktown? I personally prefferred
Brush park to Corktown.

If your idea of a loft is broad enough to include a townhouse, you might consider the Mies van der Rohe designed glass townhouses in Lafayette Park. Or for that matter, the courthouses across the park on Chateaufort.

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Originally Posted by tennyskj

Thanks for the suggestion. However, I'm more interested in the actual areas where these lofts are located. Does anyone actually live in or near any of these three? There are enough people in teh DetroitYES! forum claiming to know what's best for the city and it's politics... yet nobody can actually tell me the best neighborhood? Come on now... help a brother out! ;)

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All three neighborhoods are fine. The crime is mostly vehicle break-ins/bike theft, broke people will steal if you are not vigilant. In three years, I haven't experienced anything worse in midtown, knock on wood, and thats after not knowing what to expect when moving in. One thing I would say is in midtown you have the WSU police who are two times quicker to respond than DPD. I would choose based on which loft you like best though. Crime really seems less than what I thought it was going to be. I don't want my wife walking around after dark alone, but I wouldn't want her to in any city in America. I wouldn't rank the neighborhoods, each has its own unique characteristics, ask Forbes on that. My personal opinion, only because you asked, is that the closer to the university, the safer the investment. Check out Willys Lofts too. Very cool.

Brandon / NDavies / Neilr / lo_to_d....

Thanks for all of the information and suggestions. And, yes, the Willy's Lofts are also on my list. We will start doing walkthroughs shortly and make our decision this fall.

Thanks again!

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Originally Posted by brandon48202

To answer your question: Corktown, home of the Grinnell Lofts, is the best neighborhood!

I can say this as I know numerous people who live in the neighborhood and the Grinnell lofts. They always seem to be doing something fun- they have a big get-together for the fireworks, which are viewed well from the building. They are on the parade route for the St. Patricks day parade. They also are located well for Nemo's bus rides to sporting events.

If your only concern about the building is pricing, you can still put in an offer and see what happens.

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Brandon,

Unfortunately, the asking prices at Grinnell have come down very modestly and are way out of my price range for a comparable unit in these other lofts. I understand the concept of making an offer, but I'm not out to insult anybody. ;)

Tenn, you won't insult anyone by offering your top price. Just say, I love this place but my top price is.... Can we work anything out?

Dont forget the Willy's lofts on Willis. They have a downpayment assistance program through the UCCA.

I personally love the midtown neighborhood and have lived in the neigborhood for 11 years. You can walk to everything culturally and food/bar coffee house types. Also you are on the Woodward corridor which will be key for future development.

Also check out the Crystal Lofts in Brush Park. I've lived in Brush Park for two years now and I love it. I lived in the Kales for a while, but got tired of the noise from the bar crowd. Brush Park is in a great location, close to Dowtown, Eastern Market and Wayne State. The neighborhood is fairly quiet and we have great neighbors!

I would suggest going for a walk in each of the desired neighborhoods during the day, and getting a gut feeling for are you comfortable? Do you like the things you can walk to? Different folks will have different answers to these simple questions.

And, just to mess with you a little bit because of the title of this thread, You are going to live in a lot in Detroit? You sure are brave. Do you need a spare squeejee or anything?

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Originally Posted by RickBeall

And, just to mess with you a little bit because of the title of this thread, You are going to live in a lot in Detroit? You sure are brave. Do you need a spare squeejee or anything?

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To clarify... we are looking to buy a LOFT in Detroit. We are currently living in a LOT in Madison Heights. We are excited about the big upgrade and hoping to sell our current squeejees prior to the move. :D