University District Makeover In-Progress

THE HOME

2,798 square foot, 3-story English Cottage style stucco with 2-car garage completed in 1925. There are 4 Bedrooms, 2 1/2 Baths, 3rd floor ensuite with Bedroom, Full Bath and Living/study area. Large Living Room with wbf, formal Dining Room, hardwood and ceramic tile throughout, solid masonry construction.

THE PROJECT

5 phase process of first clearing out to make steps 2 through 5 easier, then patch and repair, replacement of some fixtures, neutral refinishing, lawn restoration, exterior painting, etc.

THE FINISHED PRODUCT

Historical features will be preserved of course, the neutral palate used for walls and ceilings would be appreciated by those with interior design skills and their own design scheme. They would have a low-key backdrop to work from.

THE SCHEDULE

Currently in the midst of step one: clearing out of all spaces in preparation for patching and repairs. Next step will include exterior work when spring finally arrives. The objective is to have pretty much everything done sometime during the summer of 2011.

PROPERTY TAXES

Due to the property's condition when purchased in 1984, the starting basis for property tax assessment is well below that of similar district properties. This year's assessment of market value by the city tax department is right around $200,000. This value is overstated based on my observation of the current market, however $200k to $300k was common for U District homes just before the over-debt crisis began a few years ago.

THE NEIGHBORHOOD

The University District is among the group of neighborhoods in the Livernois - Woodward - McNichols - Eight Mile sector that is the most attractive to those seeking a semi-suburban setting within the city limits. Adjacent neighbors include Greenacres/Woodward and Sherwood Forest to the north, Palmer Woods to the northeast, the Detroit Golf Club to the east and the University of Detroit to the south. This particular home is in the Golf Club subdivision, the Detroit Golf Club is one block over. These areas have been hit with foreclosures just like the rest of the metro area, the difference apparent is the speed at which empties are turned over to new buyers, often with a dumpster showing up out front and major renovation work done. This district is always among the areas with the highest voter turnout, and public officials at all levels recognize that (many live in the district). There is evidence that an organized group of UK investors has targeted the University District for purchasing, restoring and marketing properties, in addition to the traditional markets of transferees, Detroiters moving up and suburbanites seeking urban living.