Mystery Buyer Is Snagging Detroit Properties

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An unknown entity or entities is purchasing well known Detroit properties. The Film Exchange Building at 2310 Cass Ave. and its parking lot sold for an estimated $8.75 million. The Bookie’s Bar & Grille building at 2208 Cass Ave. sold for an estimated $4.2 million. Both LLC buyers list their addresses as PO boxes, a tactic frequently used by the Illitches who are in talks with Stephen Ross for his Detroit Center for Innovation Project with the University of Michigan. Two other properties at 135 West Montcalm and 231 W. Elizabeth St. have also sold and list a Troy PO box address. All of these properties are within the footprint that Stephen Ross is targeting for his project.

Possible New Location for the Detroit Center for Innovation

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 Billionaire Stephen Ross and Christopher Ilitch, president and CEO of Ilitch Holdings, are in talks about building the Detroit Center for Innovation within District Detroit.  District Detroit is comprised of Ilitch-owned properties around Little Caesars Arena. This is a change from previous plans for a 14-acre Gratiot site where the half-built Wayne County jail once stood. The size and scope of the project at the new site is unknown. The project could be in within walking distance of a multifamily residential or mixed-use development that Ross has planned at Charlotte Street and Third Avenue.

Detroit Landlords Are Given An Ultimatum

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Detroit Mayor Mike Duggan has given bad landlords an ultimatum. If they don’t clean, sanitize and restore damaged properties from last month’s flood, they’ll be fined $250 a day. The effort may not be enough in the face of the myriad of difficulties renters face. Year-long delays with home repair grants programs, mortgage challenges, over-assessed properties and a tax foreclosure operation have made things hard. For the first time in 50 years, renters outnumber homeowners, but with a high poverty rate and scarce renter’s insurance, renters are struggling after last month’s floods. They don’t qualify for most home repair programs, nor were they protected when their landlords were foreclosed and their homes were put on the auction block. Many Detroit landlords don’t keep their rental properties in good repair. Experts believe that renter-focused policies is the answer.

 

 

Detroit’s AT&T Building Changes Hands

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Although public records don’t yet reflect a sale, real estate investment firm, Reign Capital LLC, has bought the AT&T Inc.’s 20-story building. The property was purchased in late May for $15.5 million through an affiliate, Reign CO1 Propco LLC. The company has also recently purchased AT&T properties in Milwaukee, Pittsburgh, and Winston-Salem. An AT&T spokesperson has stated that the change in building ownership will not affect employees or operations.

 

Outdoor Living Spaces Tip the Scales

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Outdoor living spaces are a tipping point for homebuyers. Buyers are looking to entertain family and friends in pandemic-proof ways. Home owners want access to golf courses, larger yards, attractive landscaping, and outdoor rooms. Previously buyers may have bought a cabin in northern Michigan, but now they want everything just steps away.  People are focusing on updating and upgrading their outdoor spaces as much as their indoor spaces. Lakefront property is hot right now. Listed lakefront houses and condos are on the market for about 18 days.

 

Buyers Continue Bidding Wars

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It continues to be a “dog-eat-dog” world for home buyers. Brokers advise clients to get pre-approval, save, and have some cash to bring to the table. Many home buyers are waiving home inspections, bidding before seeing the home, paying cash, and paying thousands over the asking price to get to the closing table. With more buyers than sellers, the competition is vicious with the average home going for $10,000 over the asking price. Appraisal guarantees are deal-makers, and buyers will have a hard time winning a bid without one.

 

 

Study Takes Aim at Home-Grown Marijuana Market

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Much of Michigan’s marijuana industry is outside mainstream retail outlets. The Michigan Cannabis Manufacturers Association commissioned a study says that millions in taxes and fees could be captured from illicit marijuana markets. While there is no current legislation concerning home cultivation, the information from the study will be used to inform legislators in Lansing. It’s speculated that the MCMA may seek to change the state law passed in 2018 in order to upend the home cultivation rules. The interest is in bulking up the legal retail market and tax revenue.

 

Detroit’s Eastern Market Area Gains Office Space

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Detroit’s Eastern Market and its food-centric footprint is the target of a $24 million office redevelopment plan. Developer Christos Moisides has big plans for a former cold storage building at 2529 Orleans St. The 63,400 square-foot building would included 55,000 square feet of office space. The remainder would be commercial space that would included a brewery and restaurant. Moisides paid $4.1 million for the building and will spend over $17.4 million on construction and other costs. He is seeking a 12-year tax abatement from the city.

Investors Add to Competitive Housing Market

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With limited housing inventory, homebuyers are already over a barrel when shopping for a new home. But add investors into the mix and the market becomes even tougher. Nationally, Metro Detroit has experienced the second-highest increase in the number of investor-purchased homes year over year. Investors are cash buyers who can close more quickly which makes it even harder for buyers getting a mortgage. But for the seller, cash is king and a cash sale allows a seller to move on with their future.

U of D to Redevelop City of Detroit Rec Center

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The University of Detroit Jesuit High School and Academy has purchased the former city of Detroit recreation center and park in northwest Detroit. The 12.5-acre property was purchased in February 2020 for $625,000. As part of the sale agreement, the school will open the renovated center for community meetings and classes, as well as kids’ camps. The all-boys Catholic high school has raised $6.2 million toward the $7.5 million needed for redevelopment. The project will more than double the size of the school’s campus. Renovations on the rec center are expected to be completed by this fall