2nd Amendment to Master Deed

Co-owners have received a notice from the Developer regarding an amendment to our Master Deed.

Click here to read about the amended sections.  The most significant impact of the amendments is the creation of multiple phases for our condominium project.  This document shows the location of the new phases. New construction within Phases 2 and up will generally begin in the same order as their phase number.

All currently occupied units will now be part of Phase 1, which includes Units 1-36, 39-40, 45-56, 61-94, 101-112, 123 and 137-167.  As a result of the phasing that is being created by this 2nd Amendment, all units in Phase 1 of our condominium project that are under consideration for a mortgage or refinancing will now meet the federal "Owner-Occupancy Requirements" for warrantable condominium financing.

UPDATE: The 2nd Amendment to our Master Deed went into effect when it was recorded on March 15, 2016. Click here to view the recorded document.

Condo market is starting a comeback

From the June 8, 2014 Detroit Free Press: 

"After booming and crashing, Detroit's condo market is starting a comeback"

Key information from the article for Manors co-owners:

Local development experts say the reason most large banks haven’t sold mortgages for new Detroit condos is that the buildings are considered nonwarrantable, meaning Fannie Mae, Freddie Mac and the FHA are unwilling to buy loans on the secondary market that originated in such buildings.

This situation makes the mortgages riskier for lenders, who must keep the loans on their books rather than sell them off.

In 2012, Detroit-based First Independence Bank became one of the first lenders since the recession to write mortgages for new Detroit condo buildings with 10% to 20% down payments.

At least five other local banks and credit unions have since followed suit.

• First Independence Bank
• Quicken Loans
• Ross Mortgage
• Lake Michigan Credit Union
• Talmer Bank and Trust
• Huntington
• Level One Bank