$30 Million HUD Grant Will Improve Corktown

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Detroit has been awarded a $30 million federal grant to add more mixed-income housing and improve neighborhood conditions in the Corktown area. The grants are designed to redevelop distressed housing, boost social services and improve public spaces. The grant will be used to replace the 87-unit Clement Kern Gardens Apartments with 841 units of mixed-income housing. The plan also includes more pedestrian-friendly streets, increased access to community amenities and training and employment opportunities.

 

Zombie Properties Becoming More Common

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In the first quarter of 2021, 1 in 14,825 homes sat empty during the foreclosure process, but that number is on the rise. In the second quarter, one of every 12,256 homes are zombie properties. The spike may be due to lenders foreclosing on homes that were already abandoned. However, even with the increase, zombie foreclosures are still just a blip on the radar screen. The trend has been seen before when government officials try to delay foreclosure proceedings for so long that distressed borrowers simply abandon the property before the foreclosure can take place.

Real Estate Slow Down In Sight?

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Although nearly 50% of the homes sold for more than their list price in the last four weeks ending May 16, there are signs that housing market demand may be reaching its peak. In the 7-day stretch leading up to May 16, pending sales were down 10%  from four weeks prior. Home prices remain astronomically high, although mortgage rates spiked last week, jumping 6 basis points to 3%. There has also been a slow down in new listings.

Human Migratory Habits Change Post Pandemic

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Although offices are beginning to reopen as vaccinations climb, many employers are still allowing employees to work remotely from home indefinitely. Those who are able to continue working remotely at least part of the time are heading for greener pastures, literally. Real estate company Redfin reported this month that online searching for homes in suburbs and rural areas has increased since the first quarter of 2020 in most major U.S. metro areas. Before the pandemic, a bigger house might not have seemed worth the commute, but if that commute is cut down to 1-2 days a week, the story changes.

Islandview Apartment Development to Occupy Former High School Site

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Construction will begin soon on the first part of a mixed-use development at the site of the former Eastern High School in Detroit’s Islandview neighborhood. The first phase is a joint venture between nonprofits GenesisHOPE Community Development Corp. and Lansing-based Cinnaire Solutions. The $10 million first phase will have 30 townhomes, a pair of pocket parks, a playground and a community garden. Rents for the two- and three-bedroom units in the first phase are between $769 and $1,083 per month. The second phase, which carries $10.2 million price tag, will include 30 more residential units and 3,000 feet of commercial space.

Millions Face Eviction & Uncertainty

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As states challenge the federal moratorium on evictions, families across the U.S. don’t know if they’re going to have a place stay.  An avalanche of evictions could soon become a reality as renters owe $53 billion to landlords. The Texas Supreme Court lifted the moratorium on evictions on March 31. As a result, the Dallas-Fort Worth area has the third-most eviction filings in the country. The moratorium is scheduled to be lifted on June 30. According to the Aspen Institute, 40 million Americans are at risk of losing their homes.

 

Nicole Curtis’ Years-Long Dispute Decided

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HGTV star and Lake Orion native Nicole Curtis was awarded the Islandview property she’s been fighting to save. The decision ends a years-long dispute in which Curtis sued the Detroit Land Bank Authority in March to recoup her investment. Her Detroit Renovations LLC purchased the property from a private owner in 2017 for $17,000. The following year, she discovered that the Detroit Land Bank Authority argued that it actually held the title to the property. Once this was discovered, Curtis and the land bank entered negotiations to fix the issue, but talks broke down. After two rulings in favor of the Land Bank, an order awarding the property to Curtis’s company was entered this week.

Investors Continue to Bet on Commercial Real Estate

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A year after the start of the pandemic, high-rise office buildings are near vacant, one of every two hotel rooms is unoccupied, and malls continue to struggle. However, by most measures, the U.S. commercial real-estate market is in solid shape. Prices are already rising again, and the number of foreclosures barely increased. The federal government’s efforts to support the economy protected landlords from steep losses. The support won’t last indefinitely, and investors may be in for a rude awakening when it begins to wane.

 

 

Developers Adding to Auburn Hills Business District

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Developers are building about 400 new apartments and nearly 50,000 square feet of office, restaurant, retail and commercial space. The main business district has about $55 million in new buildings that are under construction or recently completed. Interest in increasing more foot traffic and growing a walkable community are driving the developments. The hope is that by providing more residential housing options, people will realize the benefits of living in Auburn Hills.

Sellers Continue to Have the Upper Hand

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Sellers continue to have the upper hand in the real estate market. A shortage of homes has contributed to the current state.  In March 2021, the average seller in metro Detroit received 100 percent of the asking price. Often, sellers received well over their asking price. Sellers continue to contend with dozens of offers that include a variety of contingencies and perks. Buyers are in a bind trying to find homes within their price ranges and are often forced to make concessions on things they want.