  Merchantgander Member Username: Merchantgander Post Number: 1572 Registered: 01-2005 Posted From: 150.198.164.127 |
http://www.modeldmedia.com/fea tures/brush.aspx This might be the best article Model D has ever done. | ||
Detroitman Member Username: Detroitman Post Number: 908 Registered: 06-2004 Posted From: 67.35.32.188 |
It's amazing the transformation that has taken place in Brush Park in just the past 6 years and while its only in the early stages of being revived, I believe that in another 5 to 10 years the entire area will be back. On a different note, I wonder will the city ever do a Woodbridge Estates-stlye project where the Brewster Porjects are now. | ||
Merchantgander Member Username: Merchantgander Post Number: 1574 Registered: 01-2005 Posted From: 150.198.164.127 |
I think once Brush Park is about 90% complete the Brewster Project will be demoed for market rate homes. A filled in Brush Park makes that land pretty valuable. | ||
Itsjeff Member Username: Itsjeff Post Number: 5516 Registered: 10-2003 Posted From: 208.27.111.125 |
Merchantgander, I'd like you to meet the Detroit City Counsel. City Counsel, Merchantgander. | ||
Merchantgander Member Username: Merchantgander Post Number: 1577 Registered: 01-2005 Posted From: 150.198.164.127 |
Itsjeff you underestimate the city council cave in factor. City council always talks but 9 out of 10 times the developer wins. It’s the power of the almighty dollar. | ||
Itsjeff Member Username: Itsjeff Post Number: 5517 Registered: 10-2003 Posted From: 208.27.111.125 |
Merchantgander, please shoot me an e-mail. | ||
Merchantgander Member Username: Merchantgander Post Number: 1580 Registered: 01-2005 Posted From: 150.198.164.127 |
I can be reached at weareworthy47 at hotmail dot com | ||
Detroitkev Member Username: Detroitkev Post Number: 38 Registered: 04-2005 Posted From: 66.178.218.40 |
The Brewster Projects will make a great location for future high density (hi-rise) development | ||
Jt1 Member Username: Jt1 Post Number: 6723 Registered: 10-2003 Posted From: 198.208.251.24 |
Didn't they condo-ize (if that's a word) projects in Chicago. | ||
Detroitduo Member Username: Detroitduo Post Number: 496 Registered: 06-2005 Posted From: 194.138.39.52 |
Brush Park is one of the most amazing neighborhoods in Detroit. Boy, I sure wish I lived there! I love that this Brush Park article was positive, but not over-the-top, saying that BP is the greatest, etc. BP has, like much of Detroit, great potential. I am looking forward to the next 3 to 5 years. It really is an exciting time in Detroit. If there ever were a poster child for Detroit revitalization... it's Brush Park. | ||
Detroitduo Member Username: Detroitduo Post Number: 497 Registered: 06-2005 Posted From: 194.138.39.52 |
Jt1, more like the Demolished the whole Caprini Green and made way for High$ condos! | ||
Jt1 Member Username: Jt1 Post Number: 6724 Registered: 10-2003 Posted From: 198.208.251.24 |
Gotcha. Thanks | ||
Gdub Member Username: Gdub Post Number: 974 Registered: 10-2003 Posted From: 69.221.78.226 |
Actually, Cabrini-Green was replaced by mixed-income housing, where market-rate and low-income townhouses now sit side-by-side. The experiment has apparently worked out well, with market-rate buyers moving in next to former Cabrini residents. The middle-class people learn from the former Cabrini people, and vice versa. It's an effective method for bringing people from different classes together. It also has the "broken window theory" effect, whereby a nicer, cleaner environment fosters more responsible behavior, and residents make sure their neighbors keep their property well-maintained. | ||
Slows Member Username: Slows Post Number: 107 Registered: 01-2005 Posted From: 69.246.28.200 |
In regards to the Cabrini demo, they are still knocking down the mid-rises as we speak. The project has taken at least twice as long if not longer than what was originally projected. Alot of that had to do with the displacement of the Cabrini residents. The replacement development has been somewhat mixed income. The majority has certainly been market rate. | ||
Lurker Member Username: Lurker Post Number: 1581 Registered: 10-2003 Posted From: 65.196.220.198 |
Well, the last of the Brush Park mothball projects (Ransom Gillis) is progressing nicely. People will be happy to see the Turret being secured and rebuilt.   | ||
Danny Member Username: Danny Post Number: 3700 Registered: 02-2004 Posted From: 141.217.174.229 |
While gentrication of Brush Park is in full swing. Meanwhile at the Crosswinds Condos about 9 people are selling their condos. What's going on with those people? They don't need to take a gamble on their mortages if choose to living a condos and then sell it 2 years later while the housing market is a steady roller coster ride when it was slow last year. In the nest 4 months the housing market price will begin to go up while inflation increases by 1.2% in June. Slow down folks sell your houses later. | ||
Rust Member Username: Rust Post Number: 95 Registered: 08-2004 Posted From: 64.118.136.130 |
Danny, I can't believe that I am agreeing with everything you just stated. | ||
Ndavies Member Username: Ndavies Post Number: 1640 Registered: 10-2003 Posted From: 129.9.163.233 |
Please, Danny's still clueless. There are over 200 crosswinds condos now in brush park. If 9 units are up for sale that is only 5% of the available units. Most of the owners of the for sale units have been there for well over 6 years. I own one of those for sale units. I have been there 6 years. I'm currently having a loft built downtown. I need to sell my unit to complete the financing of the loft. An average US homeowner owns a home for 7 years. this would put these condo sellers right about on the average for ownership of a home. | ||
Rust Member Username: Rust Post Number: 96 Registered: 08-2004 Posted From: 64.118.136.130 |
Ndavies, I understand why people sell and I am not disturbed that people are selling their units. I am just agreeing with Danny that the area has yet to really appreciate to the level it should be at. Meaning that those who hold on longer should see a bigger return on their money as the area builds out and values rise. This is a good thing going on and its only going to get better for Brush Park. The people that are selling are creating an oppurtunity for someone else to get in on the investment potential of this area, which I think is huge. | ||
Ndavies Member Username: Ndavies Post Number: 1641 Registered: 10-2003 Posted From: 129.9.163.233 |
Also, they are selling thier units while there is still a resonable amount of NEZ time left. The NEZ is for 12 years. They have already burned through 1/2 of the NEZ period. These units will devalue quickly after the NEZ expires. You won't be able to sell these for full price if the new buyer has to pay $900 a month in taxes. (Message edited by ndavies on February 15, 2006) | ||
Rasputin Member Username: Rasputin Post Number: 3475 Registered: 10-2003 Posted From: 64.12.116.204 |
Danny wrote: They lost the tax breaks .... paying the mortgage & taxes is kicking their asses now!! Mayhaps you might want to investigate how many of those units are close to foreclosure ..... Go figure, on the "RAPE of Brush Park!!" Black-atcha ..... | ||
Ndavies Member Username: Ndavies Post Number: 1642 Registered: 10-2003 Posted From: 129.9.163.233 |
The units were at the top of the market when purchased. They are at the top of the market now. They have apreciated at the long term average for housing in the US. Anyone who believes these are going to jump in the next 4 years are fooling themselves. The Michigan and Detroit economy are going to continue to sink near term. There is no pop left in these units. Only depreciation. Between the tax issues and the new development on the Riverfront these will be stagnant to declining investments. There is too much better product coming on the market with 12 years of NEZ, priced at the same price as the Crosswinds condos. | ||
Danny Member Username: Danny Post Number: 3706 Registered: 02-2004 Posted From: 141.217.174.229 |
Good one Rasputin! That's one of the other symptoms that lots of people will be able to sell their homes in Brush Park while the housing market is going a roller coater ride until inflation rates goes up. White-folks, ethnic folks or those hip cool white kids can handle NEZ's 53% tax break. Did it say that the NEZ will continue those tax breaks for 12 YEARS. Therefore for those who want sell your condos now due your feeble opportunity costs of income and better jobs anywhere. I urged them to sell your homes later so your mortage incentative rates don't go belly up on you when your try to pay back after you get your so called dream home. (Message edited by danny on February 15, 2006) | ||
E_hemingway Member Username: E_hemingway Post Number: 495 Registered: 11-2004 Posted From: 68.42.176.123 |
Is it possible the Brush Park neighborhood could be included in the NEZ neighborhood plan the state legislature just approved? That might help maintain the value of the homes where the NEZ is running out. Also, won't overall property taxes decrease a small but significant chunk when the city finishes paying off the bonds for the incinerator this year? | ||
Ndavies Member Username: Ndavies Post Number: 1643 Registered: 10-2003 Posted From: 129.9.163.233 |
Rasputin, When did they lose the tax breaks? That's news to me. None of the units have been there 12 years. They all have at least 4 years left. All of the Crosswinds condos are still under NEZ. The only place this would be an issues if if this was not a persons primary residence. | ||
Jfried Member Username: Jfried Post Number: 717 Registered: 11-2003 Posted From: 209.131.7.190 |
ummmm....... "Anyone who believes these are going to jump in the next 4 years are fooling themselves. The Michigan and Detroit economy are going to continue to sink near term. There is no pop left in these units. Only depreciation. Between the tax issues and the new development on the Riverfront these will be stagnant to declining investments. There is too much better product coming on the market with 12 years of NEZ, priced at the same price as the Crosswinds condos." you might not want any of your prospective buyers to read that..... | ||
Danny Member Username: Danny Post Number: 3715 Registered: 02-2004 Posted From: 141.217.174.223 |
Ndavies, The folks who lost tax breaks is due to the fact they don't know a hoot about about paying their mortage bills ON TIME, lost their jobs or they just can't keep up their credit score. Maybe next time they should READ THE FINE PRINT before they buy a house or condo. (Message edited by danny on February 16, 2006) | ||
Ndavies Member Username: Ndavies Post Number: 1645 Registered: 10-2003 Posted From: 129.9.163.106 |
Danny, that is a very incorrect post. The NEZ tax breaks are not tied in anyway to ones credit. They are not tied to ones ability to pay their mortgage. The owners may have lost their condo due to those facts, however, they couldn't lose their tax breaks because of it. The only way the city/state can pull the tax break is if this new construction building wasn't the owners primary residence. The foreclosures have pretty much come from would be landlords underestimating the amount of rent they could charge for the places. The rents you can charge won't cover the costs of the mortgage and the full tax rate charged by the city. | ||
Danny Member Username: Danny Post Number: 3716 Registered: 02-2004 Posted From: 141.217.174.223 |
When buying a Crosswinds Condos in Detroit Brush Park. A " fake estate" agent will tell you that based on your good credit score, a confrontation with the your bank and paying your bills on time you will be able to get a $190,000 to $500,000 condo. After you submit a $10,000 down payment. You may want to get a 30 year mortage loan for at least $80,000. Since you have a other $80,000 in the bank you will be able to pay it off and the condo is yours, or is it! You DO NOT get own 100% of the entire condo, but instead you don't technically own your piece of "fake estate". It's belongs to your bank or mortage company. So you have to pay of the rest of $80,000 loan until the condo is all yours for the taking. What about the NEZ tax break for 12 years. You will get it all right depending on your what taxes that City of Detroit has in store for you if the Kwame's T.H.U.G. Mafia who are now working the city county building don't mess up on your property taxes. Then as you can't keep up with your mortage payments and you have to sell you house 10% lower of housing value so you can pay of the rest of mortage. And good buy dream home. HAH! and you only lived there for only 2 years. | ||
Danny Member Username: Danny Post Number: 3717 Registered: 02-2004 Posted From: 141.217.174.223 |
Ndavies, Those symptoms are part of the cause for home ownship loss. You can tell the ghettoman the rest. | ||
Ndavies Member Username: Ndavies Post Number: 1646 Registered: 10-2003 Posted From: 129.9.163.106 |
I hope the ghettoman's understanding of real estate is better than yours. |
