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Old 12-07-2007, 10:21 AM
 
Location: Tucson
686 posts, read 3,610,309 times
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I was looking online at houses and a lot of huge, stately houses for a fair price are in the Boston Edison Neighborhood. We're talking 3000 square foot houses that would proabably cost over a million in the burbs.

Are the houses cheap because it's in one of the few neighborhoods within the city of Detroit that is clean and safe? Also If someone could outline, where does the Boston Edison neighborhood begin and end, and what does the area surrounding that neighborhood look like?

Can you also tell me about the Palmer Woods area? I heard that is a very attractive neighborhood in the city of Detroit
Daniel_T

Last edited by Daniel_T; 12-07-2007 at 10:30 AM..
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Old 12-07-2007, 10:45 AM
 
Location: Florida and the Rockies
1,789 posts, read 1,926,696 times
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Boston Edison is not really isolated, which is part of its problem. It abuts some truly shady neighborhoods, and it is within walking distance of Highland Park (not good). Palmer Woods is more isolated, separated by the park and the golf club.
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Old 12-07-2007, 01:36 PM
 
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There are several reasons why some of those gorgeous houses are relatively low priced:

1. Location: They are in the City of Detroit, which has the perception (deserved) of having high violent crime rate. Plus the public schools are not good, and there are a lack of good retail/commerce options in most areas of the city. So violent crime, low quality public schools, lack of retail options, and high taxes/auto&home insurance de-value these houses.

2. Terrible Economy/No Job growth: The economy is sputtering. It is often stated here that Michigan is in a one-state recession. Volkswagen is moving its U.S. headquarters from suburban Detroit to suburban Washington, D.C., and a homegrown bank that's been here over 150 years - Comerica - is moving its headquarters to the more progressive city of Dallas, Texas. Also, Chrysler is cutting a whole lot workers, as well as Spirit Airlines, and the list goes on. People are moving out of Michigan because of the lack of jobs, thus lowering property values.

3. Foreclosure crisis - Michigan is in the top 3 in foreclosures of houses. This is causing a glut of houses to go on the market. Because there is a lot more supply of houses, than demand for those houses, then the prices will drop. Plus neighborhoods with a lot of foreclosed homes are going to see their values drop because it is undesirable to live in a community with many empty houses.

4. Condition of the houses - some of these houses that are being offered for low prices are probably not in that good of condition and need repair/restoration. The previous owner(s) might not have taken good care of the property, and let it fall into disrepair.
ALSO.........
The vacant foreclosed houses of the historic Detroit neighborhoods are being ransacked by thieves. These thieves are taking everything that make these houses unique - antique wall sconces, ceiling light fixtures, antique door knobs, solid wood interior doors, fireplace mantels, solid wood paneling, radiators, and of course COPPER.
I saw on the internet yesterday, that there is a 4,000 sq ft house in the Boston-Edison district that is being offered for $18,000. Now you know that this house has probably been broken into and stripped of many things.

Surrounding neighborhoods - are not as well kept up as B-E is. These neighborhoods have a lot of the same quality of houses as B-E, but because they don't have a historic designation, they are not as well-kept up, and they probably have a much higher percentage of renters.

The Boston-Edison District is located in the 12-block long (1.5 mile long) sections of Boston Boulevard, Chicago Boulevard, Longfellow and Edison Street - that stretch from Woodward Avenue on the East, to Linwood on the west. The northern border is Boston, and the southern border is Edison. It consists of about 900 homes, 99% of which were built before 1930.

There is also an adjacent East Boston-Arden Park Historic District that is EAST of Woodward. It only consists of 2 streets - Boston and Arden Park that run about 3 or 4 blocks. There are some absolutely gigantic, magnifiicent houses in this neighborhood too, although there are also more than a few distateful 1960's ranches.
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Old 12-20-2007, 09:35 PM
 
Location: michigan
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Its not like people say it is.. Check out neighborhoodlink.com/detroit/hbe. Also for great mansion style homes in Indian Village as well as East english Village.
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Old 12-20-2007, 09:44 PM
 
Location: michigan
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Its a beautiful district you can found more info at historicbostonedison.org. Also you can check out Indian Village for mansion style homes, Shore Pointes Villages of the Riverfront is gorgeous. Happy house hunting.
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Old 12-21-2007, 08:32 AM
 
Location: Grosse Ile Michigan
30,253 posts, read 74,339,334 times
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Be careful and very selective when choosing one of these homes. Have it inspected, including any destructive testing/investigation that may be necessary or recommended.

I can tell you from experience that it is very easy to pay more restoring a historic home than it is worth. Keep in mind that if you sink a few tens or hundreds of thousands into a home and then find out that it needs twice as much as you expected, you are stuck. You will have to either walk away and lose your investment or invest ever more money that you will lose and possibly never recover (or not for ten or more years anyway). You have to love these houses and have money that you can afford to lose if you are going to restore one. Often, it is not an investment. We have restored old houses and made money, but that is more a factor of the market boom than it was the restoration. In Michigan we lost huge sums of money on a historic home restoration, but we did it because we wanted to preserve and live in this house, not as an investment.


Also I recommend that if you know what you are doing, you may want to do a lot of work yourself. Very few contractors seem to have any concept of historic restoration, they all want to rip things out and replace them with new garbage from home depot.
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Old 12-29-2007, 11:28 PM
 
Location: Midland, MI
25 posts, read 130,686 times
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A lot of the historic homes in detroit, though they may have a cheap ticket price, require proof in escrow that you can restore the house. and not up to modern standards, but historically. one of our friends bought a beautiful home in edison park 3 years ago and they still have not moved in because every repair they went to make was met with rules and regulations, like the plumbing had too all be up to modern code, but they had to use copper pipe. its funny how detroit is selctive like that about which parts of its history to keep in tact...
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Old 01-03-2008, 02:06 PM
 
284 posts, read 1,613,109 times
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Boundaries are generally considered to be Boston, Edison, Woodward, Linwood.

Driving through Boston-Edison breaks my heart. It is surrounded by some higher crime areas, but it seems like those who live in and invest in B-E really love it. The homes are (or could be again) beautiful.
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Old 01-03-2008, 02:28 PM
 
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Default what to say about Detroit.....

There are a lot of architects turning in their graves over Detroit. My husband and I were excited about a new job opportunity that took us to the Detroit area. We considered the Boston Edison area; the homes were beautiful.... I am at a loss of words on how to describe the area. It was like you would have a gorgeous stately home sitting next to a burned out crack house.... The state of the city is surreal. It is like someone dropped an atomic bomb on the city and just left it like that. There are a few sprinkles of prideful owners with lovely homes, but from what I could see, they were older professionals and we wondered what would happen if we chose to buy in Detroit and those residents died off. Prev posters are right about the taxes and other costs. And Highland park is so sad it is CRAZY. On one side of the road you have beautiful mansions and a golf course---just across the street are burned shells of houses with drug addicts hiding in abandoned buildings. We were able to leave after 8 months in that area. We never looked back. Now we are in Texas--the land of milk & honey (lol!).
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Old 04-18-2009, 09:10 PM
 
Location: Sherwood Forest, Detroit
186 posts, read 561,242 times
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I'm going to assume that they just want people to move in faster. But Boston Edison is not the only good neighborhood with gorgeous homes and mansions for cheap. Theres Indian Village but the surrounding area may have safety concerns and poor schooling beside the private school in the center of the neighborhood. Palmer Woods is the most most exclusive neighborhood in the city with gorgeous mansions that are competitive with Grosse Pointe and Bloomfield Hills, the schools are stronger and for the most part it is a safe area, to the south it is bounded by a golf course with the palmer park neighborhood which has mansions of the golf course and the an apartment district. The Sherwood Forest neighborhood is west of it and has Beutiful mansions too, well manacured lawns, egently curving streets names after english towns and a variety of architectual styles like Tudor Revival, Georgian, and Colonial. Also the Rosedale Park neighborhood competes with those others too with it's beautiful houses situated at Grand River Avenue and West Outer Drive. But who knows it may be schools, safety, or lack of economic growth but hopefully there will be improvement soon. Everyone should be reminded that the downtown area and it's surrounding neighborhoods like Boston-Edison does not define the entire city, theres better and worse.
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