swappin' out the pole for "28 Grand" micro apts

[detroitsgwenivere]

Show of hands, who here is willing to live in a microloft and pay the same price you paid for a space 3-4 times the size two years ago?

Not moi.

[canuck]

Show of hands, who here is willing to live in a microloft and pay the same price you paid for a space 3-4 times the size two years ago?

Not moi.

Yes, but what an easy way to jack property values up for a developer. If all those 300sq ft apts find their prey, it will mean that folks with means will fork out more for big apartments. The tone will be set. I too find that the micro thing is just as depressing as the monster house phenom.

[JBMcB]

Yes, but what an easy way to jack property values up for a developer. If all those 300sq ft apts find their prey, it will mean that folks with means will fork out more for big apartments.

Sooo... explain how increasing the supply of apartments will increase the price of apartments again?

[canuck]

Sooo... explain how increasing the supply of apartments will increase the price of apartments again?

Well, if the cost is around 700 bucks for a micro, it may indeed be worth it. Erase, erase. Chuckles.

[mikeg19]

Show of hands, who here is willing to live in a microloft and pay the same price you paid for a space 3-4 times the size two years ago?

Not moi.

I'm also going to go out on a limb and say you're probably not 21 or 22 years old. I think what a lot of people who aren't under 30 don't realize is Millennials don't need 4,500sq ft homes with three living rooms and 4 baths. We use a house as a place to eat and sleep. The rest of the time we are out working and socializing. Having a family, different story obviously. But for a single person, why not move into something 300-500sq ft? Less cost to operate and live, basically no maintenance and minimal cleaning. I grew up in a modest home in Macomb, and I watched my parents toil away their weekends cleaning and landscaping. Who wants to waste their time on that crap?

[Bham1982]

I grew up in a modest home in Macomb, and I watched my parents toil away their weekends cleaning and landscaping. Who wants to waste their time on that crap?

That has nothing to do with a multifamily vs. a single family, though. In both cases, if you don't want to "do work" you pay someone else to do it. In a multifamily you may through monthlies [[if condo) or through a portion of your rent. In a single family you need to pay people directly.

I always find it weird when people say they prefer a condo because they don't want to do work on a house. It's the same thing, except the condo already sets up the maintenance, while in a single family you pay for work done. But no homeowner, regardless of typology, has to do a thing. In both cases, you need to pay for work done [[unless, of course, you want to do it yourself).

[mikeg19]

That has nothing to do with a multifamily vs. a single family, though. In both cases, if you don't want to "do work" you pay someone else to do it. In a multifamily you may through monthlies [[if condo) or through a portion of your rent. In a single family you need to pay people directly.

I always find it weird when people say they prefer a condo because they don't want to do work on a house. It's the same thing, except the condo already sets up the maintenance, while in a single family you pay for work done. But no homeowner, regardless of typology, has to do a thing. In both cases, you need to pay for work done [[unless, of course, you want to do it yourself).

I don't think it's that black and white. A lot of people can't afford lawn care service, snow removal service, landscaping, leaves, etc. They have to do it by their own means. I'm pretty sure most people would rather be out doing things with their family on Saturday afternoon than spending 4 hours mowing the lawn and removing crabgrass.

Believe me I see both sides of it. I've lived in a condo for the last 2 years and have enjoyed having all maintenance taken care of for me [[obviously paying the HOA for the services). Now I've just bought a house and relish the thought of taking care of it. I think it's all in the mindset of people.

[detroitsgwenivere]

I'm also going to go out on a limb and say you're probably not 21 or 22 years old.... Who wants to waste their time on that crap?

It's true... I'm not the spring chicken I once was . But one thing I do know that that this idea of young people not wanting the responsibility of owning their own home because they're young is not true. It seems that the young who do want to own do not have the upfront capital to put down, they just don't make or save enough money, and cost of basic living hasn't been kind.

Two of my friends closed on their homes in the last year, a 21 year old bought his home in Dearborn Heights and the 24 year old bought in Hazel Park. Both are young men who have good paying jobs, no children out of wedlock, and had handholding through the lending process. That seems to be the winning combo. I wanted my own home when I was their age too, but life happened and the money just wasn't there. And thank God, because that was during the build up to the housing bubble.

Homes dont have to have 3500sqft and a massive yard. But 1500/2000sqft and a little yard is normal in most urban areas that aren't New York. Living in large spaces is part of our culture in Detroit, ask anyone who's lived here for more than 5 minutes. Good luck to the microminnies though, to each their own.

[hybridy]

It's true... I'm not the spring chicken I once was . But one thing I do know that that this idea of young people not wanting the responsibility of owning their own home because they're young is not true. It seems that the young who do want to own do not have the upfront capital to put down, they just don't make or save enough money, and cost of basic living hasn't been kind.

Two of my friends closed on their homes in the last year, a 21 year old bought his home in Dearborn Heights and the 24 year old bought in Hazel Park. Both are young men who have good paying jobs, no children out of wedlock, and had handholding through the lending process. That seems to be the winning combo. I wanted my own home when I was their age too, but life happened and the money just wasn't there. And thank God, because that was during the build up to the housing bubble.

Homes dont have to have 3500sqft and a massive yard. But 1500/2000sqft and a little yard is normal in most urban areas that aren't New York. Living in large spaces is part of our culture in Detroit, ask anyone who's lived here for more than 5 minutes. Good luck to the microminnies though, to each their own.

I bought my first home at 26 [[2011) and flipped it for [[65k profit) last summer. Bought a move up home at 30. I know many others who have done the same, siblings and friends alike. Never had help applying for or paying mortgage in addition to student loans, utilities, insurance, car payments, daycare and groceries. You must hang out with the lower rung of the millenials. The attitude against millenials in general is very one sided. I am far better off than my parents, and by hard work not their financial support.

[mikeg19]

I bought my first home at 26 [[2011) and flipped it for [[65k profit) last summer. Bought a move up home at 30. I know many others who have done the same, siblings and friends alike. Never had help applying for or paying mortgage in addition to student loans, utilities, insurance, car payments, daycare and groceries. You must hang out with the lower rung of the millenials. The attitude against millenials in general is very one sided. I am far better off than my parents, and by hard work not their financial support.

Hey that's good and all. You were smart, used money wisely, and made a buck while supporting yourself. But not everyone is in that boat, and it's not because they are lazy or are the "lower rung". My cousin is walking out of optometry school with $160K in debt. I can only imagine what that loan payment will be, probably well over $1,000 a month. That kinda crap will put a dent in anyone's future plans.

[1953]

At that price, I may pick one up just to nap in at lunch.

1953

[hybridy]

Hey that's good and all. You were smart, used money wisely, and made a buck while supporting yourself. But not everyone is in that boat, and it's not because they are lazy or are the "lower rung". My cousin is walking out of optometry school with $160K in debt. I can only imagine what that loan payment will be, probably well over $1,000 a month. That kinda crap will put a dent in anyone's future plans.

here's a scary list of my monthly's
mortgage - 1677
student loans - 1200
car payments - 480
daycare - 840
utilities - 300-500
+ insurance, groceries, & fuel

[Honky Tonk]

here's a scary list of my monthly's
mortgage - 1677
student loans - 1200
car payments - 480
daycare - 840
utilities - 300-500
+ insurance, groceries, & fuel

Insurance, groceries, and fuel, Oh My....

[mikeg19]

here's a scary list of my monthly's
mortgage - 1677
student loans - 1200
car payments - 480
daycare - 840
utilities - 300-500
+ insurance, groceries, & fuel

Damn those are some serious bills lol

[masterblaster]

It's true... I'm not the spring chicken I once was . But one thing I do know that that this idea of young people not wanting the responsibility of owning their own home because they're young is not true. It seems that the young who do want to own do not have the upfront capital to put down, they just don't make or save enough money, and cost of basic living hasn't been kind.

Two of my friends closed on their homes in the last year, a 21 year old bought his home in Dearborn Heights and the 24 year old bought in Hazel Park. Both are young men who have good paying jobs, no children out of wedlock, and had handholding through the lending process. That seems to be the winning combo. I wanted my own home when I was their age too, but life happened and the money just wasn't there. And thank God, because that was during the build up to the housing bubble.

Homes dont have to have 3500sqft and a massive yard. But 1500/2000sqft and a little yard is normal in most urban areas that aren't New York. Living in large spaces is part of our culture in Detroit, ask anyone who's lived here for more than 5 minutes. Good luck to the microminnies though, to each their own.

It is telling that your 2 friends didn't purchase a home in a nice neighborhood in Detroit like Rosedale Park or move downtown or to midtown. From my experiences in work and social networking, the suburbs are still king to the millenials in the Detroit area.

[detroitsgwenivere]

It is telling that your 2 friends didn't purchase a home in a nice neighborhood in Detroit like Rosedale Park or move downtown or to midtown. From my experiences in work and social networking, the suburbs are still king to the millenials in the Detroit area.

And when I pitched Detroit to both of them, who don't know each other btw, neither one considered it an option. Too competitive in the desirable areas, expenses too high even factoring in the cut to their commutes. Auto insurance alone... And true that most of their friends living in the burbs was a factor.

[mikeg19]

And when I pitched Detroit to both of them, who don't know each other btw, neither one considered it an option. Too competitive in the desirable areas, expenses too high even factoring in the cut to their commutes. Auto insurance alone... And true that most of their friends living in the burbs was a factor.

I'd say that's the mentality of most millennials. I grew up in Shelby Twp, all my friends and family are roughly in that area, and when you're talking costs, it just doesn't make sense for a lot of us to move downtown. I fantasized about moving to downtown for about a decade when I was in my late teens. Then I started doing the math, and saw how insane it would be to live down there. The car insurance alone was about a 400% increase, plus I could get a large condo near family and friends for half the price.

Which begs the question: who the hell can actually afford to live in a place like downtown Chicago or Manhattan?

[Honky Tonk]

Which begs the question: who the hell can actually afford to live in a place like downtown Chicago or Manhattan?

There's one born every minute........