1300 Lafayette

**krhn** · May-26-13, 02:06 PM

I'm interested to hear from current residents of 1300 Lafayette what you think about living there. Yesterday I viewed some of the units and I'm pretty seriously considering buying there.

The space I'm interested in is roughly $100,000 and $1250/month HOA. The HOA was a bit of a shock at first, but once I started running the numbers it turns out it really isn't so bad considering what it covers. I am concerned about a special assessment for new elevators that is $305/month for the next two to three years, and am wondering how often similar special assessments come up.

Beyond cost - how do you like living there: amenities, neighbors, surrounding neighborhood, walkability. It seems like it would be a fairly quiet place to live, but still very close to downtown.

I'm also considering midtown. I think I probably like the homes in 1300 Lafayette [[mostly due to the high, river views) more than what is available in midtown, but I think I'd like living in the midtown area more due to its walkability and local businesses.

Left to my own devices and I'm going to over think everything to a state of paralysis, so anything you can offer advice-wise would be appreciated!

**Chicago48** · May-26-13, 07:06 PM

Originally Posted by krhn

I'm interested to hear from current residents of 1300 Lafayette what you think about living there. Yesterday I viewed some of the units and I'm pretty seriously considering buying there.

The space I'm interested in is roughly $100,000 and $1250/month HOA. The HOA was a bit of a shock at first, but once I started running the numbers it turns out it really isn't so bad considering what it covers. I am concerned about a special assessment for new elevators that is $305/month for the next two to three years, and am wondering how often similar special assessments come up.

Beyond cost - how do you like living there: amenities, neighbors, surrounding neighborhood, walkability. It seems like it would be a fairly quiet place to live, but still very close to downtown.

I'm also considering midtown. I think I probably like the homes in 1300 Lafayette [[mostly due to the high, river views) more than what is available in midtown, but I think I'd like living in the midtown area more due to its walkability and local businesses.

Left to my own devices and I'm going to over think everything to a state of paralysis, so anything you can offer advice-wise would be appreciated!

Are you insane? 1250 a month for HOA? Better to buy a house.

**Zacha341** · May-26-13, 07:29 PM

I have an elder friend who lives there. Nice place, fairly sound-proof for a modern structure. She has a corner set with tons of lighting and wood floors, Floor to ceiling windows if that is your kick. Ample over-all space, her unit as 1 and half bath and good security from what I could see. Very pricey though. Also very quiet... for condo/ apartment living.

Steep 'home owner association' fees though. Whew! You have to be pretty well set to live there!

**mwilbert** · May-26-13, 07:55 PM

Originally Posted by Chicago48

Are you insane? 1250 a month for HOA? Better to buy a house.

Most likely if this person wanted a house, he wouldn't be looking at 1300 Lafayette. The $1250 isn't that horrible [[includes pretty much all the expenses--heat, taxes, etc) and that is going to be for a pretty large unit. Presumably for $100K, the unit has been substantially renovated.

But 1300 Lafayette isn't an inexpensive option. You get a bunch of amenities and you pay for them.

**syrett4** · May-26-13, 07:59 PM

I live next door and love the area. Just took some newbies on a tour today that included a walk through Greektown, a People Mover ride, a stop for a coney and then a walk down Woodward to the RenCen and up the Riverwalk. Doing stuff like that is right up my alley.

I buy my food at Lafayette Market and it is nice having it so close. It also only takes me 45 seconds to get on the freeway most mornings.

I'd like to eventually get to 1300, although the complex I'm in is great and don't feel the need to move anytime soon.

**Zacha341** · May-26-13, 08:04 PM

I was just down there at Lafayette Market... and your not far from the nice Mies Van ? Places on Rivard!

**marshamusic** · May-26-13, 08:40 PM

I live in the Mies townhouses, but if I were going to have a "next home" I would move to 1300 in a hot minute, if the price was right. Beautiful lobby, with door persons; well-kept building, luxurious feel, spectacular views, good folks. It is very quiet - if you really like to party, maybe Midtown would be better, with young folks in more of a party mode. I presume you must be on a high floor to have such a high assessment fee. It does seem rather daunting. You'll be paying a mortgage too? Wow.

Price notwithstanding, it is a really lovely place to live, I have many friends there.

**DetBill** · May-26-13, 08:51 PM

Hardly insane,, I have lived at 1300 for close to fifteen years in total,, Its overall a great building, You dont seem to understand that the HOA covers everything,, taxes, building mortgage, parking, cable, building heating, cooling, repairs and plumbing fixes to your unit, ground and maintenance, door staff, full laundry facilities, a shipping and recieving clerk who handles all of your packages coming in, swimming pools with lifeguards,, a nice workout room and yoga room. as well as the most important thing- total safety.. You can also tax deduct a portion of the building mortgage and property taxes which is going to give you at good 100 a month back.. Now,, do the figures and buy a 200,000 condo or house and start to add in all of this.. [[ Some you obviously cant even get) and its hardly insane. Furthermore,, try this value in chicago, or Toronto [[ which we obviously are not) and your going to be paying triple,, Even smaller cities are often double... You get a lot of bang for your buck, you just pay it all in one check. Also, I am wondering if you have your elevator assessment info correct,? I am paying 315.00 for 10 months not 2-3 years..They will be beautiful state of the art systems when they are done and a major asset to the building and your future value. You could also use that as a bargaining tool when making your offer, Make the exisiting owner pay for it in your offer. ... You will probably get your way, trust me.

**marshamusic** · May-26-13, 09:15 PM

Originally Posted by DetBill

Hardly insane,, I have lived at 1300 for close to fifteen years in total,, Its overall a great building, You dont seem to understand that the HOA covers everything,, taxes, building mortgage, parking, cable, building heating, cooling, repairs and plumbing fixes to your unit, ground and maintenance, door staff, full laundry facilities, a shipping and recieving clerk who handles all of your packages coming in, swimming pools with lifeguards,, a nice workout room and yoga room. as well as the most important thing- total safety.. You can also tax deduct a portion of the building mortgage and property taxes which is going to give you at good 100 a month back.. Now,, do the figures and buy a 200,000 condo or house and start to add in all of this.. [[ Some you obviously cant even get) and its hardly insane. Furthermore,, try this value in chicago, or Toronto [[ which we obviously are not) and your going to be paying triple,, Even smaller cities are often double... You get a lot of bang for your buck, you just pay it all in one check. Also, I am wondering if you have your elevator assessment info correct,? I am paying 315.00 for 10 months not 2-3 years..They will be beautiful state of the art systems when they are done and a major asset to the building and your future value. You could also use that as a bargaining tool when making your offer, Make the exisiting owner pay for it in your offer. ... You will probably get your way, trust me.

I forgot the HOA covers heating and cooling. That makes a difference. But the $315 for the elevators - that's on top of your HOA? Per month?

**DetBill** · May-26-13, 09:24 PM

HI Marsha yes it is,, the system to be put in is I believe in the neighborhood of 3-4 million dollars.. total revamp, digitial,, high speed , all that stuff.. Its being funded by a blend of reserves and unit holder assessment.. Your assessed on the basis of the size of your unit.. This person kinda sounds like they are looking at a 2 bedroom unit [[ well redone), as mentioned its for 10 months.. Im paying 315.00 for ten months.. Alot of people are not happy about it,, but I keep thinking, that I get hit with unexpected things costing much more than this often yearly on a house... Experiencing that now with another place I have actually, I come home to 1300 very glad that everthing is done for me compared to the headaches I have with a cottage cost and repair wise. The location and view cant be beat either.

**marshamusic** · May-26-13, 10:00 PM

Originally Posted by DetBill

HI Marsha yes it is,, the system to be put in is I believe in the neighborhood of 3-4 million dollars.. total revamp, digitial,, high speed , all that stuff.. Its being funded by a blend of reserves and unit holder assessment.. Your assessed on the basis of the size of your unit.. This person kinda sounds like they are looking at a 2 bedroom unit [[ well redone), as mentioned its for 10 months.. Im paying 315.00 for ten months.. Alot of people are not happy about it,, but I keep thinking, that I get hit with unexpected things costing much more than this often yearly on a house... Experiencing that now with another place I have actually, I come home to 1300 very glad that everthing is done for me compared to the headaches I have with a cottage cost and repair wise. The location and view cant be beat either.

Oh my goodness.

But Bill, you don't have to convince me about the attribute of co-op living, and the relativity of fees verses housing costs. When my furnace/air didn't work, and all I had to do was pick up a phone and within an hours it was fixed; when I get up in a snow storm and my way is plowed before I go to work, when I don't have to cut grass, replace a furnace or roof, etc. It's worth it. Not to mention, which you did, taxes, insurance, etc.

I just wondered about your extra elevator fee. I thought that's why you have an assessment, to cover the "big stuff". But I guess this project is extra big.

I bet the unit that the OP is looking at is fabulous. I love it there.

**DetBill** · May-26-13, 10:13 PM

Hi Marsha, Yes,, the elevator project cost is large, larger than the reserves could reasonably handle...so thus the additional assessment.. As mentioned many were not happy and thought it could have been done more cheaply but there is a million pros and cons about that argument and its a done deal now. They were talking about replacing them since the 1990s, [[ they are 50 years old now) and as human nature and costs would be, it kept being put off and expensive repairs were always happening with limited success so it was decided to bite the bullet and do it right.. Im personally a big advocate of that when this happens.. Tends to save money in the long run, if your there for it. These special assessments are very common in many condos and coops in our town and others/ I dont know which unit they are looking at but given the price point mentioned and size of unit, its probably a very , very nice one.. with a great view also.

**marshamusic** · May-26-13, 10:24 PM

Originally Posted by DetBill

Hi Marsha, Yes,, the elevator project cost is large, larger than the reserves could reasonably handle...so thus the additional assessment.. As mentioned many were not happy and thought it could have been done more cheaply but there is a million pros and cons about that argument and its a done deal now. They were talking about replacing them since the 1990s, [[ they are 50 years old now) and as human nature and costs would be, it kept being put off and expensive repairs were always happening with limited success so it was decided to bite the bullet and do it right.. Im personally a big advocate of that when this happens.. Tends to save money in the long run, if your there for it. These special assessments are very common in many condos and coops in our town and others/ I dont know which unit they are looking at but given the price point mentioned and size of unit, its probably a very , very nice one.. with a great view also.

Well, an elevator is certainly not something that I would want to skimp on.

Yes, the co-ops over here have had special fees; for changing the heating system, changing the glass walls, etc. Now, in our co-op, we keep our reserves high, to provide a buffer for most even major projects.

A 3-4 million dollar elevator is no joke...

**Cliffy** · May-26-13, 11:13 PM

Originally Posted by mwilbert

Most likely if this person wanted a house, he wouldn't be looking at 1300 Lafayette. The $1250 isn't that horrible [[includes pretty much all the expenses--heat, taxes, etc) and that is going to be for a pretty large unit. Presumably for $100K, the unit has been substantially renovated.

But 1300 Lafayette isn't an inexpensive option. You get a bunch of amenities and you pay for them.

I'm a little confused. Does the 1250 include the mortgage payment too..

**Hamtragedy** · May-27-13, 01:41 AM

The 1250 does not include the mortgage.

And as of last month, any work you do on your unit must be city permit approved and inspected. No more havin your cousin show up and remodeling the kitchen.

So expect a premium on any renovation you do. That freight elevator is teeny, and reserving it is a headache. Your contractor will work that in. Cans of paint in the main elevators is even frowned upon.

**stasu1213** · May-27-13, 06:11 AM

I was considering buying a studio coop at 1300 Lafayette. The price was for $9000 or $10000 at the time. I had then thought about the association fees which was around $650 to $700 a month. I had changed my mind and decided to stay in my apartment on the far eastside where I was paying $600 a month. Midtown would be a nice place to live in the next year or so. You would not want to raise a family in an apartment if you are young. You probably could get a nice house in East English Village or a smaller house in Indian Village for the price you would be paying to live at 1300

**Zacha341** · May-27-13, 07:03 AM

It's a pricey situation no matter how you look at, but well worth it to some and the safety factor is a big motivator I am certain. My elder friend that lives there manages well and she owns an older nice car so she does not have an expensive car note and insurance.

**esp1986** · May-27-13, 09:46 AM

1300 is a great building. 1250 is steep, but it covers just about everything. 24 hour on-site security, and amenities that only a couple other places downtown even have. Everyone is friendly. The elevators were a bitch, and two of the four were broken down quite often before the rehab. They are working great now. Very well managed. If you can afford it, it is worth it.

You are a five minute walk from Greektown, and five minutes from anywhere else in Downtown via the People Mover. It's a bit off the path, but that just means it's quieter on rowdy nights.

**Zacha341** · May-27-13, 10:04 AM

Yep. I love visiting a couple of friends in the area. Great neighborhood just don't venture over there on NE bound Chene where things take a rough turn over towards Vernor... ala the Martin Luther King units. Ick.

**Honky Tonk** · May-27-13, 11:01 AM

Originally Posted by krhn

I'm interested to hear from current residents of 1300 Lafayette what you think about living there. Yesterday I viewed some of the units and I'm pretty seriously considering buying there.

The space I'm interested in is roughly $100,000 and $1250/month HOA. The HOA was a bit of a shock at first, but once I started running the numbers it turns out it really isn't so bad considering what it covers. I am concerned about a special assessment for new elevators that is $305/month for the next two to three years, and am wondering how often similar special assessments come up.

Beyond cost - how do you like living there: amenities, neighbors, surrounding neighborhood, walkability. It seems like it would be a fairly quiet place to live, but still very close to downtown.

I'm also considering midtown. I think I probably like the homes in 1300 Lafayette [[mostly due to the high, river views) more than what is available in midtown, but I think I'd like living in the midtown area more due to its walkability and local businesses.

Left to my own devices and I'm going to over think everything to a state of paralysis, so anything you can offer advice-wise would be appreciated!

If the monthly fee is no problem for you, then yes, it is a safe, secure, place to live with very good amenities. Personally, though I don't need 40 acres and a mule, I like a bit of outside with my living quarters. Yes they do have grounds, but I do some mild gardening, Mr. Fix-It, like to throw something on the BBQ, [[summer and winter), and have an occasional cigar too. Having those additional amenities is important to me, so I wouldn't live there. It all depends where your head is @. You might also want to check out Hyde Park, if you haven't already done so. It's safe, good people, and you get a bit of yard too.

**krhn** · May-27-13, 11:23 AM

Thanks for the input everyone - especially DetBill concerning the elevators. I'll have to clarify the cost and timeframe on the elevators. I had considered making an offer less whatever the total elevator assessment would be.

A little more information:
I'm 34, currently own a home in Hamtramck, and have lived here about 8 years. It's a duplex and I rent out the first floor to a family, and the extra income was really nice when I was starting off. Hamtramck was awesome the first 5 years or so being within walking distance of the bars, restaurants, music venues, galleries, etc. While I still love all that stuff, my priorities have changed considerably since moving here. I frequently travel for work for 1 to 3 weeks at a time, so being able to put everything on auto pilot and know my place is secure is a big priority.

I'm basically looking at 1300 Lafayette and Willys Overland in midtown. The specific unit I'm looking at in 1300 is on the 25th floor, river view, and has been completely updated. All I'd have to do is paint and put up my own art.

After running the numbers, even with the $300 elevator assessment, living in 1300 is only about $650/mo more than living in insanely cheap Hamtramck. 1300's HOA isn't a bad deal considering everything it covers. If I can get the seller to cover the assessment, 1300 becomes a no brainer from a cost perspective.

I think I'm basically down to figuring out what I'd like more: 1300's view and surrounding area, or Willy's industrial feel and midtown.

**EastsideAl** · May-27-13, 11:57 AM

Originally Posted by Cliffy

I'm a little confused. Does the 1250 include the mortgage payment too..

Part of the HOA usually goes to cover payments on the underlying mortgage on the building itself. The interest portion of that is tax deductible. It does not go to cover the unit owner's own mortgage on their individual unit.

The HOA at 1300 is high, but not all that high for a luxury building. Especially given that part of it is for a temporary assessment for what sounds like a comprehensive and much needed elevator repair.

In addition to the heat, etc., you also have to keep in mind that part of the "luxury" you're paying for in a luxury apartment building is freedom from the time and physical labor that goes into home ownership, as well as not having to personally worry about security, the furnace, the roof, etc. You just pay your money, lock the door when you leave, and come and go as you please whenever you feel like it.

**Chinman** · May-27-13, 12:01 PM

i have a co-op across the train track's with a 1 car garage, 3 bedrooms and only pay $660 a month fee. why would you pay $1250 a month for less?

**Chinman** · May-27-13, 12:04 PM

and a small back yard. very safe area and walkable to anywhere.

**Honky Tonk** · May-27-13, 12:56 PM

Originally Posted by krhn

Thanks for the input everyone - especially DetBill concerning the elevators. I'll have to clarify the cost and timeframe on the elevators. I had considered making an offer less whatever the total elevator assessment would be.

A little more information:
I'm 34, currently own a home in Hamtramck, and have lived here about 8 years. It's a duplex and I rent out the first floor to a family, and the extra income was really nice when I was starting off. Hamtramck was awesome the first 5 years or so being within walking distance of the bars, restaurants, music venues, galleries, etc. While I still love all that stuff, my priorities have changed considerably since moving here. I frequently travel for work for 1 to 3 weeks at a time, so being able to put everything on auto pilot and know my place is secure is a big priority.

I'm basically looking at 1300 Lafayette and Willys Overland in midtown. The specific unit I'm looking at in 1300 is on the 25th floor, river view, and has been completely updated. All I'd have to do is paint and put up my own art.

After running the numbers, even with the $300 elevator assessment, living in 1300 is only about $650/mo more than living in insanely cheap Hamtramck. 1300's HOA isn't a bad deal considering everything it covers. If I can get the seller to cover the assessment, 1300 becomes a no brainer from a cost perspective.

I think I'm basically down to figuring out what I'd like more: 1300's view and surrounding area, or Willy's industrial feel and midtown.

If you're tired of the "bar scene" in Hamtown, I don't see how Mid-town is any different, IMO. So basically you're looking for a place you can return home to and find your front door and apartment contents still in tact. Do you own a car? How about a parking space there, included? I would sit down with the management and have a heart to heart on what's been done to 1300, what needs to be, and what their plan is to accomplish this. It's a good sign they're concerned about regular building upkeep and you don't want to get into a situation where there's a constant HOA above the normal fee. By the way, Willys Overland isn't really owned by someone named Willys, FYI.