Moving to Corktown Detroit? | Detroit’s Hottest Neighborhoods

[@TRULIVINGMICHIGAN]

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[@brenrenn8306]

Great video thanks Corktown is a fun place. I can’t believe how expensive it’s gotten there. I have friends who bought their 10 years ago and paid 150,000 for one of the older cottages on Bagley, now it’s worth close to 550-600,000, just amazing ….Love my Lafayette Park neighborhood. Come on over sometime to the area. It’s a wonderful place to live. it’s has different price points , lots types of people and walkable to, walk to everything stores, restaurants, culture, activities, work if applicable,pro sports, great walking, biking trails, and an incredible riverfront blocks away , don’t need a car.

[@TRULIVINGMICHIGAN]

Wow, that’s a massive price increase! Lots of equity for those who got in early!

[@manbtm1]

@ yes it certainly is. They figure they’ve put in about 70,000 since they bought it , done some real beautiful renovations, and just had it appraised three months ago. But they don’t want to leave , every time they look at something else in Detroit or in the suburbs, they have no interest.

[@johnfloros3232]

I just stumbled upon one of your videos about Michigan real estate and I have to say I am enjoying each of them. I have lived in Detroit proper for many years then moved to Ferndale, Ann Arbor and now live in Ypsilanti. I KNOW Detroit and you are doing a great job of highlighting its real estate amenities. Every city has its cons as Detroit does, but the pros are growing each and every week and month. The city has a vibe now that I can't say I have ever felt before and I love it. I work at the DMC so I am here often. It's always nice to check out some of the places that are recommended like Mudgie's which I just ate at for the first time a month or so ago. It was fantastic. Keep your vids coming. I'm looking forward to seeing what's next.

[@TRULIVINGMICHIGAN]

I appreciate you watching and glad you're enjoying the videos!

[@brucebeamon5460]

That unit you toured would be a NON STARTER and thats because IT HAD NO bathtub just 2 showers . Any place I choose to live MUST come with that option !

[@TRULIVINGMICHIGAN]

Let’s find you one that does

[@williamsturley6631]

Like your videos, but your pronunciation Dee-troit isn't how natives pronounce it. Dih-troit is how it is pronounced by life long locals. No biggie, but thought I'd mention it.

[@TRULIVINGMICHIGAN]

Born and raised here. That's just how I say it. My kids think I say, Bagel, Milk, and Pillow funny too 🤣

[@Jguthro]

Who can afford to live down there? You spend 300k on a small lot and now your mils are 68.5080. You are paying $20,758 in property tax per year alone ontop of your principal, interest and insurance if you didnt pay cash.. Even writing off 12k of the taxes only saves you around $1500.

[@TRULIVINGMICHIGAN]

The tax is based on the SEV which is typically half of the purchase price. So in that example, taxes would be around $10k. The NEZ was a program to help on property taxes as well.

[@Jguthro]

@TRULIVINGMICHIGAN that's only temporary isn't it. It's uncapped when you buy and when the value is reassessed the full assessed value will be taxed correct?

[@Jguthro]

​@@TRULIVINGMICHIGANI'll take silence as I am correct. As a buyer of a property like this, you will not qualify for any tax assistance. So you need to be , willing to be house poor, or be be at the poverty ine to live in Detroit and pretty much be underwater from the start. All this money in taxes and what do you get lol

[@TRULIVINGMICHIGAN]

@@Jguthro the SEV or taxable value is what the city bases property tax on, which in the example you gave above you’re calculations were double what they would actually be. NEZ (neighborhood enterprise zones) are different from an SEV. NEZ is a further tax incentive for people whole purchase in those areas the city has designated. The tax incentives will not last for 15 years.

[@Jguthro]

@@TRULIVINGMICHIGAN so you'd still be on the hook for 10k and that would only be for at the most 15 years then it would jump up to the full uncapped taxable value?

[@kristynkoth185]

“Subdivision” it’s not, go to the suburbs for that. Corktown is a neighborhood!

[@durenjacob694]

Don’t move to Detroit

[@TRULIVINGMICHIGAN]

Lol

[@missmaryjanegreen]

Good. More for me.

[@keanuwick8485]

20's lol. Most of those homes in Corktown are pre 1900.