BACK UP INFO FOR TAX TRIBUNAL-TO UPLOAD.pdf
Randall Scott Fogelman Petitioner V City Of Detroit Respondent · 26-002929-TT
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Docusign Envelope ID: 50224374-E5E6-4CA6-BBFE-AA9ECCBBC630 460 W CANFIELD #302 Detroit, MI 48201 City of Detroit Assessor’s Office 2 Woodward Ave Suite 130 Detroit, MI 48226 Tuesday, February 17, 2026 To Whom It May Concern: I am the owner and principal resident of 460 W. Canfield Street, Unit 302 (Canfield Lofts), Detroit, Michigan. I am writing to respectfully request that the 2025 State Equalized Value (SEV) be adopted as the 2026 Taxable Value for my property due to material changes affecting both the building and the surrounding neighborhood. Canfield Lofts is a 26-year-old residential conversion originally developed in 1999. As the building has aged, it is now experiencing significant capital pressures related to aging infrastructure and deferred maintenance. Of particular concern is the original geo-thermal HVAC system, which was innovative at the time of conversion but is undersized for the building’s needs and has not been adequately maintained over time. As a result, multiple units — including Unit 302 — have experienced reduced or, at times, non- functioning air conditioning. In addition, the building’s roof is nearing the end of its useful life and will require replacement in the near future, further increasing financial strain on unit owners. These physical and financial realities directly impact marketability and value. Additionally, there has been a measurable decline in the immediate neighborhood’s commercial vitality. The former Traffic Jam & Snug property remains in a fire-damaged and non-operational condition directly across the street. Motor City Brewing Works has recently closed, and Jolly Pumpkin Pizzeria & Brewery has reduced both its operating hours and menu offerings. The loss and instability of these long-standing neighborhood anchors negatively affect both desirability and comparable market values. Taken together, the building’s infrastructure challenges, anticipated capital expenditures, and the downturn in immediate neighborhood activity materially affect the property’s fair market value. For these reasons, I respectfully request that the 2025 SEV be carried forward as the 2026 Taxable Value. I appreciate your time and consideration and am available to provide any additional documentation or clarification that may assist in your review. Sincerely, Randall Fogelman Owner, Unit 302 460 W. Canfield Street Detroit, MI 48201
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Docusign Envelope ID: 50224374-E5E6-4CA6-BBFE-AA9ECCBBC630 Real Estate With a stale luxury market, Detroit condos had a gloomy 2025 By Nick Manes Credit: Nick Manes/Crains Detroit Business Detroit condo buyers last year largely eschewed high-end products in favor of lower-cost options like Pallister Gardens near Henry Ford Hospital, now building a second phase. January 22, 2026 05:46 AM Condo sales in Detroit slowed in 2025, falling 5% from a year earlier, according to a new report. Mortgage interest rates above 6% most of the year and a flight to smaller, less costly units resulted in a market that was far from ideal for the city's condo buyers or sellers, according to the newest condo market report by Detroit-based brokerage The Loft Warehouse. Related Birmingham condo listing highlights growing rent-or-buy dilemma Hudson’s condos seek a record price — and a tax break A historic downtown tower is converting apartments to condos Beyond just the slowdown in units sold, the total value of condos sold in 2025 plummeted 17% to $86 million from the previous year as the luxury market went dormant. Still, despite the gloomy numbers, Loft Warehouse Broker Jerome Huez says the city's condo market continues to show signs of resilience as indicators such as price per square foot and inventory remain fairly stable. "The overall strength of the market is there," Huez said. "It's just that 2025 was just a bad year. Perhaps most notable is the exodus away from luxury units as buyers flock instead toward value. In compiling the report, Huez said he saw 19 condo units that hit the market last year at a price above $1 million but with only one sale.
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Docusign Envelope ID: 50224374-E5E6-4CA6-BBFE-AA9ECCBBC630 That sale was a 3,000-square-foot unit on Broadway Street downtown that sold in October for $1.85 million, or $616 per square foot — the only condo sale last year to eclipse the $500-per-square-foot mark. By contrast, in 2023 a handful of units surpassed $700 per square foot and one — in the Greektown Exchange building — fetched more than $900 per square foot. Detroit is something of an outlier in the area for its sluggish high-end market, according to Huez. Markets including Birmingham and Ann Arbor remain steady for luxury buyers, he said. Credit: Nick Manes/Crains Detroit Condo units in buildings like Canfield Lofts tend to trade at prices around $300 per square foot, in line with the broader Midtown Detroit neighborhood average. For new developments, buyers last year opted primarily for condos under $400 per square foot in projects such as Pallister Gardens near New Center and Woodbridge Crossing in the Woodbridge neighborhood, according to the report. Prices for resale condos around the city vary greatly, ranging from a couple of buildings with units in the sub-$100 per square foot range up to around $400. That includes the two condo buildings within the Harbortown development along the east riverfront and the Leland Lofts near Lafayette Park. Around the city, $200 per square foot is the average selling point, but it's markedly higher — over $300 per square foot — in Midtown and the central business district. Those averages have been trending down since early 2024, per the report. In speaking with developer clients, Huez said it's important to take a forward-looking view and not get too bogged down over one bad year. "When you dig up a new project, you always look a year or two in the future and the market is still pretty strong," Huez said, pointing particularly to the more than seven months of supply, the lowest since 2019. "I think we need something ... to wake up the market."
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Docusign Envelope ID: 50224374-E5E6-4CA6-BBFE-AA9ECCBBC630 The obvious trigger, Huez said, would be a reduction in mortgage interest rates, something President Donald Trump has put emphasis on. But the slow market, particularly on the luxury side, comes as some high-profile condo projects are commencing sales. Late last year, Detroit real estate firm The Roxbury Group announced it would convert the 79 apartments in the downtown David Whitney Building across from Grand Circus Park into for-sale condos, with prices ranging from about $500 up to $700 per square foot. With a request for a Neighborhood Enterprise Zone tax abatement pending before the city, online listing services show no closed sales as of Wednesday, but a Roxbury Group spokesperson said the company continues to take reservations from would-be buyers. Credit: Nick Manes/Crains Detroit Business Condo units in buildings like Willy’s Overland Lofts tend to trade at prices around $300 per square foot, in line with the broader Midtown Detroit neighborhood average. While offering condo buyers a strong location and a bevy of amenities, Huez says the Whitney condos are essentially "a precursor" to the 96-planned Edition-branded condos at the Hudson's Detroit development downtown. A spokesperson for Detroit-based developer Bedrock LLC said the Edition condos are in "pre-sale" and formal sales are expected to commence in the spring. Specific pricing for the units and other details have not yet been publicly disclosed, but an application to Detroit City Council last year requesting an NEZ tax abatement for would-be buyers said the units would carry an average asking price of around $1,000 per square foot, a record in the city. Despite the current dormancy of the high-end market in the city, Huez expressed confidence in the Hudson's development's potential. Several clients, he said, have expressed interest in acquiring units once on the market.
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Docusign Envelope ID: 50224374-E5E6-4CA6-BBFE-AA9ECCBBC630 "I think it's going to work, based on the response of my clients," Huez said. "And I think it's going to change things. It's going to lift the ceiling and it's going to give confidence for a lot of people to come to Detroit."
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460 W CANFIELD #302-SEV 2022-2026 2022 2023 2024 2025 2026 SEV $ 96,700 $ 125,300 $ 105,800 $ 119,800 $ 169,700 INCREASE % 30% -16% 13% 42% POINTS 1. Building is 26 years old with deferred maintenance (Building came on line in January 2000) - Geo-Thermal system is undersized for current weather conditions and is failing - Windows no longer offer R insulation and will need to be replaced at owners expense - Roof is coming to end of useful life - Units at Willy's Lofts still have NEZ-REHAB, making them significantly more attractive to buyers. - Condo market in Detroit has suffered since COVID. SPECIFIC ISSUES WITH #302 - No indoor parking space ($25,000 of value) - One of the smallest units in the building - High HOA with Special Assessment this year and others anticipated for coming years CALCULATIONS 868 Square Feet $ 300.00 Average Square Foot Sale Cost $ 260,400.00 True Market Value $ 130,200.00 Proposed SEV