Millrace Offers Risk-free Buying OptionIt’s a dilemma many prospective homeowners are facing today. Buy or lease? To purchase your next dwelling means building equity with every mortgage payment you make. But in today’s tough housing market and tight economy, banks are requiring everyone but doctors to put 20% down on the purchase.
The other option is to lease. It’s much easier to get your foot in the door (pardon the pun), but then there’s that issue of not building any equity with each payment you make.
But a a new condominium complex in Rochester may have come up with a novel solution that takes some of the risk and guesswork out of buying and leasing. 
Millrace Condominiums, part of a new, mixed-use development located in downtown Rochester on the Clinton River, is offering a land contract arrangement that works much like a lease.
“We have worked out an interest only, land contract arrangement, with a modest down payment, that works much like a lease,” explains Tor Hough, a Millrace partner.
“This permits someone to purchase a unit at a set price. When all the tax benefits are factored in, the monthly payment approximates that of a lease payment,” he added.
“There are many advantages to this arrangement. You can have the benefit of owning and living in a luxury condo immediately for about the cost of a much less appointed apartment. You are also securing the option to purchase the unit at a price set when the market is at a record low. When the price comes back up, you can get your mortgage based on the contracted price. Any increase in market value is equity that you can show when applying for a mortgage,” said Tor.
Or, if you choose not to apply for a mortgage, you simply walk away. No harm, no foul.
Millrace offers 16 loft-style condominiums (8 are sold) with a number of luxury amenities. For further information, call 248-765-0025 or visit their website at
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