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Office Space Continues Its Radical Metamorphosis
/in Detroit, SE Michigan /by Tracy WillisDetroit consulting firm Deloitte confirmed that it’s vacating the Renaissance Center for a 35,000 square foot WeWork space at 1001 Woodward Avenue. GM’s COVID-era policy, along with Deloitte’s departure will increase challenges for the Renaissance Center, a building that’s only 53.5 percent leased. Troy’s Bank of America is giving up its regional headquarters and relocating employees to locations in Bloomfield Hills, Auburn Hills and Farmington Hills. The headquarters’ prominence, location and amenities may interest prospective tenants.
Coalition Suggests Ways For Overtax Paybacks
/in Detroit /by Tracy WillisThe Coalition for Property Tax Justice released a report outlining a series of ideas for ways the city could compensate overtaxed homeowners. It included survey results from more than 200 Detroiters. Ideas included property tax credits, Section 8 rental vouchers, home repair grants, Detroit Land Bank Authority’s rehabbed homes, and as-is Land Bank homes paired with home repair grants or cash payments. Although cash payments to overtaxed homeowners was a main focus, Detroit’s top attorney has indicated that the city cannot use general fund monies to compensate individuals. State law prohibits direct support from the general fund for private purposes.
Detroit Home Buyers More Practical As Home Prices Increase
/in Detroit, SE Michigan /by Tracy WillisAccording to Jeanette Schneider, RE/MAX of Southeastern Michigan president, homebuyers are becoming realistic. They’re less likely to waste time looking at homes that do not address their needs. This shift is in contrast to last year when buyers were willing to take what was available out of fear of not getting a house. Inventory is still limited and prices continue to rise. March’s median sales price was up 10.7 percent from last year. However, the increase is lower than the previous year. The number of sales fell in March by 8.7 percent, but pending sales were up 2.3 percent.