Quote:
Originally Posted by subterranean
I'm wondering if anyone knows what is happening over at 1300 E Lafayette. There are a number of condos for sale for cheap, but a closer look at the HOAs and they are north of $1,000/mo. What would have to happen to make HOAs rise that high? Structural issues? Pure speculation on my part, but that seems insane.
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The units in 1300 E Lafayette are co-ops (as well as the Mies Van Da Rohe townhouses) and have always generally had higher HOA fees than other residential complexes.
Technically, you wouldn't be buying a condo, you'd be buying a share of the overall property with a unit you get to live in and the HOA fee is more or less your rent. However, in a co-op, the HOA covers everything including taxes, utilities, security, basic cable and internet, ground and pool maintenance, parking, building maintenance, etc. etc. So actually, it's quite the opposite and the 1300 (as a whole) is in pretty good shape.
Units are listed pretty regularly over on Curbed with many recent listings pushing past 300K.
https://detroit.curbed.com/neighborh...afayette-park/