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Old 10-23-2012, 08:14 PM
 
2 posts, read 6,288 times
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I'm looking for some more information on 1300 Lafayette, since there are no online reviews.... Does anyone have answers to the following questions:

1. Do a lot of young professionals live in this coop?
2. Is it safe to walk downtown (at night) from Lafayette Park or is a cab necessary?
3. I've seen single bedrooms for around 10-15k, why are they so cheap?
4. In terms of social atmosphere, would it be better for a 22 year old recent graduate to live in the Detroit City Apartments or 1300 East Lafayette?

My employer partakes in the live Detroit incentive, so I'm trying to decide if I want to take advantage of the 20k forgivable loan and purchase something downtown.... I'm looking for a somewhat social atmosphere though.
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Old 12-04-2012, 11:27 AM
 
40 posts, read 121,513 times
Reputation: 39
Quote:
Originally Posted by downtown313 View Post
I'm looking for some more information on 1300 Lafayette, since there are no online reviews.... Does anyone have answers to the following questions:

1. Do a lot of young professionals live in this coop?
2. Is it safe to walk downtown (at night) from Lafayette Park or is a cab necessary?
3. I've seen single bedrooms for around 10-15k, why are they so cheap?
4. In terms of social atmosphere, would it be better for a 22 year old recent graduate to live in the Detroit City Apartments or 1300 East Lafayette?

My employer partakes in the live Detroit incentive, so I'm trying to decide if I want to take advantage of the 20k forgivable loan and purchase something downtown.... I'm looking for a somewhat social atmosphere though.
Not sure of the demographic on this property, however, I do know that it has the reputation of being a nice place to be given the concierge desk, location, etc.

I wouldn't necessarily see an issue walking since its not far, just a couple blocks really. You can also take the People Mover to move further into downtown from Greektown.

There are a lot of co-ops in that area for around the same price. The reasons vary depending on the co-op board. You have to keep in mind that a co-op is not a condo in the sense that you do not truly own your unit. You do not take title. Instead, you are buying into the corporation that owns the complex. If you are looking into the forgivable loan, you would need to know if the lender is even willing to finance a co-op. As a real estate professional, there are some lenders who will not finance a co-op because you don't actually own it.

Socially your last question would be up to you. There are other apartments in the area of 1300 Lafayette that are not co-op. You could do a short lease and then make the determination of what suits your needs best.

Good luck and welcome to Detroit!
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