Midtown Condo Lists for $309K

[garyalex]

While looking for a home in the area I came across this:

http://detroit.curbed.com/2016/2/24/...ondo-sale-309k

I really like it but seems kind of pricey. What do you think?

Thanks,

Gary

[FormerDetroiter]

While looking for a home in the area I came across this:

http://detroit.curbed.com/2016/2/24/...ondo-sale-309k

I really like it but seems kind of pricey. What do you think?

Thanks,

Gary

Here's a Google street view. Notice the fire station directly across the street....

https://www.google.com/maps/place/43...b31baf!6m1!1e1

[SyGolden48236]

That is utterly absurd. You'd have to be mad at your money to spend over $300,000 on a place like that.

[Zacha341]

They must have knocked down some walls [[from those ceiling section beams) to make for the looks like huge rooms and the presence of two baths. The natural light is a plus! Still seems pricey!

[emu steve]

I don't know prices in that real estate market, but I believe Midtown prices are priced, as stocks are somethings priced or valued, based on some future value.

That is, prices might reflect what Midtown might be in five years, not today.

One is 'buying the future' in a neighborhood which is improving year by year.

[Eber Brock Ward]

Disagree. It's actually probably underpriced relative to other places that offer the same amenities [[walkability, safety, heart of city with three major sports and good orch/opera, near meds and eds, transit line going in nearby, and so on).

Only Ann Arbor can compete in our region from a scale perspective, but it's too isolated from most job centers. Similarly, Royal Oak and Birmingham are way out there.

Consequently, I think there's still substantial upside in that area, especially as Detroit's core - but certainly not all or even most of Detroit -- has become acceptable and, believe it or not, fashionable for out of state and suburban dollars.

[SammyS]

$200/sqft seems pretty accurate for midtown but that depends on the association fees. I'm seeing some rediculous demands lately like $500/month. This one should not be >$250/month

PS. first post but have been lurking for a while.

[garyalex]

They must have knocked down some walls [[from those ceiling section beams) to makes for the looks like huge large rooms and the presence of two baths. The natural light is a plus! Still seems pricey!

It does seem pricey. I've looked at many properties online. This is the one that instantly attracted me. It's the natural light, the floors and the room sizes that make this, for me, a wonderful space. If it were $50,000 less I'd very likely buy it. It's been so long since I've lived in Detroit I don't even know what that neighborhood is like these days.

[Zacha341]

Welcome Sammy!

[michmina]

I think it could be had for a little bit less, but not much less. There is so much within walking distance, the place seems in good repair, 2 off-street parking spaces and the parking area is gated. I'd want to know what the HOA dues are, are all the units owner-occupied [[versus rented) and goes without saying I'd get a good inspection done.

[michmina]

$200/sqft seems pretty accurate for midtown but that depends on the association fees. I'm seeing some rediculous demands lately like $500/month. This one should not be >$250/month

PS. first post but have been lurking for a while.

Glad to have you here!!

[garyalex]

What do you think a fair price for this property would be? Just curious.

Thanks.

[michmina]

$280 - $290K, if you are the only offer they get, but seriously if the HOA fees are outrageous I wouldn't get involved.

[garyalex]

$280 - $290K, if you are the only offer they get, but seriously if the HOA fees are outrageous I wouldn't get involved.

Agreed. Thanks.

[garyalex]

Here's a Google street view. Notice the fire station directly across the street....

https://www.google.com/maps/place/43...b31baf!6m1!1e1

Thanks. It'd be great to have emergency assistance so close. On the other hand, it could get noisy. Having lived in NYC for 30+ years I know something about noise.

[SammyS]

Thanks, I learn a lot from you guys.

Heres as a quick background:

Originally from Melbourne Australia [[wanna talk about runaway housing prices? ) , been living in the area since 2001, have a vested interest in Detroits recovery.

[401don]

Thanks. It'd be great to have emergency assistance so close. On the other hand, it could get noisy. Having lived in NYC for 30+ years I know something about noise.

There's a big difference between constant city noise and a neighborhood where the quiet is broken by fire engine sirens 20 ft. away. I'd be taking some donuts over to those guys and asking them how many nightly runs they are doing.

[DeLemur]

For that money I'd buy a grand Detroit house with a yard. But that's me and my declining interest in eating and drinking out all the time. The DIA, the DSO, Eastern Market and Comerica Park are close enough in 10 minutes by car. Don't need them 10 minutes by feet.

[emu steve]

might want to check this thread to see if the info is useful to you...

http://www.detroityes.com/mb/showthr...dward-corridor

[hybridy]

the location is very good...hence the price. however that unit, while nice, is very vanilla. windows on 2 sides in the main living space is a major plus, but the kitchen is too small. for that money i would want something more authentic 'loft'.

[dtowncitylover]

Thanks, I learn a lot from you guys.

Heres as a quick background:

Originally from Melbourne Australia [[wanna talk about runaway housing prices? ) , been living in the area since 2001, have a vested interest in Detroits recovery.

SammyS, quick aside, check your personal messages. Thanks!

[RickBeall]

The layout is nice, but the historical architectural details are boring. There are none.

[mikefmich]

For that money I'd buy a grand Detroit house with a yard. But that's me and my declining interest in eating and drinking out all the time. The DIA, the DSO, Eastern Market and Comerica Park are close enough in 10 minutes by car. Don't need them 10 minutes by feet.

I like how you think.
I just bought a 2,500' 1895 Victorian 90% re-habbed, with a carriage barn on a large lot for half that price, & I'm concerned if mort. appraisal will meet the purchase price. That said, it wasn't in Detroit.

The kitchen/cupboard space in that condo is pretty small.

[TTime]

Disagree. It's actually probably underpriced relative to other places that offer the same amenities [[walkability, safety, heart of city with three major sports and good orch/opera, near meds and eds, transit line going in nearby, and so on).

Only Ann Arbor can compete in our region from a scale perspective, but it's too isolated from most job centers. Similarly, Royal Oak and Birmingham are way out there.

Consequently, I think there's still substantial upside in that area, especially as Detroit's core - but certainly not all or even most of Detroit -- has become acceptable and, believe it or not, fashionable for out of state and suburban dollars.

For Midtown to compare to Ann Arbor[[which it currently does not in any way) it will need to work on very basic things like cleanliness, safety, foot traffic, and density and it will need to add a hundred or so shops and bars to the nice new additions it has seen over the last decade. Also, to dismiss Royal Oak and Birmingham in favor of Midtown is pretty silly. Right now those areas and Ferndale are arguably considerably more appealing options for any kind of "city" feel. In time though, who knows what will happen? Can't tell people how to risk their money so more power to em if they over pay in our eyes.

[garyalex]

might want to check this thread to see if the info is useful to you...

http://www.detroityes.com/mb/showthr...dward-corridor

That is a very helpful link. Thanks.