Harbortown in trouble?

**spiritofdetroit** · September-24-09, 01:15 PM

There are dozens of foreclosed condos listed online for Harbortown, especially in the Spinnaker tower. 1 bedroom's going for 29,000, and 2 bedrooms going for 45,000. Apparently the investors who bought all of these up to rent out have defaulted on all the loans. I've been told association fees have skyrocketed to $695 a month to cover the costs for the remaining units.

Anyone have any first hand knowledge of what it is like there?

croweblack · September-24-09, 05:05 PM

Originally Posted by spiritofdetroit

Apparently the investors who bought all of these up to rent out have defaulted on all the loans.

or the idiots that bought a condo in detroit for over 200 grand decided to walk away.

**Boo Stinking Boo** · September-25-09, 11:52 AM

Apparently, there was a flood in the store which was about 2 months ago or so. I smell a rat! If this did happen ALL the food, etc needs be tossed out.

**downtownguy** · September-25-09, 03:58 PM

Good job reading the rest of the thread, Boo.

**tahleel** · September-25-09, 05:15 PM

Before buying, I would definitely check the taxes. Many of them have an NEZ tax abatement, but taxes will rocket up when the abatement period is up [[which many of them are only a few years from now). In all honesty, you can rent an apartment somewhere [[especially in Midtown, if you like it, as I do), for $700/mo [[that's what the assoc. dues are). You won't have to worry about association dues, assoc. rules, taxes, mortgage, homeowner's insurance, and etc. At the end, you can walk away, and move elsewhere when you don't like it.

-Tahleel

**Boo Stinking Boo** · September-28-09, 08:25 AM

Originally Posted by downtownguy

Good job reading the rest of the thread, Boo.

Opps wrong thread!

**exdetroiter** · September-28-09, 09:45 AM

Keep in mind, with a condo, your association fees go up with the number of foreclosures around you. The remaining residents have to eat the cost of those units that are vacant.

**jt1** · September-28-09, 11:27 AM

Originally Posted by exdetroiter

Keep in mind, with a condo, your association fees go up with the number of foreclosures around you. The remaining residents have to eat the cost of those units that are vacant.

Wouldn't the bank that foreclosed be responsible for the dues. They own the asset so it would only be logical that they pay the taxes/dues on the property.

**jtf1972** · September-28-09, 11:51 AM

Would the association fees go down when the units fill up?

Also, what did the fees look like before the foreclosures jacked the rate up?

**exdetroiter** · September-28-09, 11:53 AM

Originally Posted by jt1

Wouldn't the bank that foreclosed be responsible for the dues. They own the asset so it would only be logical that they pay the taxes/dues on the property.

No, the bank is not responsible [[why I don't know), but I have a friend whom lives in the loft on Jefferson. His association dues have increased three hundred dollars in two years. When he questioned the increase he was informed that its due to the empty units that were foreclosed and they remaining tenants having the catch up the slack.