Parc Lafayette Condominiums

[Huggybear]

A lot of people have been looking at Parc Lafayette - people for whom neither the buy-in nor the monthly would raise an eyebrow. And it doesn't have any structural problems that can't be solved with an assessment in the five digits.

The problem is really different. It wouldn't be hard to buy enough units to dominate the condo association board - but your next step would be to foreclose on and kick out the large proportion of the residents who aren't actually paying their association fees. Most aren't renters. They're poorer seniors. When you're ready to ignite that gentrification firestorm, pipe up.

I would not get my hopes up about any ownership or co-op housing in Lafayette Park being less than $1,500 a month out of pocket - whether it be mortgages, assessments and/or co-op fees. Cherboneau might be slightly cheaper, but it's a little slice of 1960s Southfield architecture and most people are looking for something a little more mid-century.

We keep seeing this "but the association fee is so high" on Dyes. It's hard not to read that as the reaction of an inexperienced home/condo/co-op owner.

The problem is that the costs of maintaining [[and utilities) for any 20th century residence are easily that high. Just a like a foreclosed home, the place could be worth virtually nothing - but that doesn't magically make it cheaper to maintain or heat. If you think a $600-700 fee is bad in Parc Lafayette, try a $1,000 winter heating bill in Indian Village. Attached condo fees generally include security, common area maintenance, some unit maintenance, and some utilities. Co-ops include a bit more, including pass-throgh-deductible property taxes and master mortgage interest. Co-ops also save you money on property taxes; thanks to the magic of Prop A, they have assessments that have not gone up in decades.

People's perceptions are skewed by new construction condos where they can charge $150 a month because every part of the building is still new. Believe you me, escalation happens in every complex [[I am going to look this up but am almost 100% sure that Brush Park's fees have at least doubled since construction). I can't remember whether it is Shoreline East or Detroit Towers, but one of those Gold Coast buildings has an association fee close to $2K a month.

HB