Texas Courts Begin to Allow Evictions
Texas courts are indicating that they will not enforce a federal order that would stop evictions during the coronavirus pandemic. While Congress has approved billions of dollars to help people pay their rent to avoid eviction, many of those tenants have yet to receive any of that money. The Texas Supreme Court did not extend its emergency order, and the Texas Justice Court Training Center issued guidance essentially telling judges it’s not their job to enforce the CDC’s order. Legal aid attorneys are gravely concerned about the tens of thousands (and possibly more) who will be left homeless.
Mall Vacancies Set New Record
The vacancy rate for regional malls in the United States hit a record 11.4% in the first quarter of 2021 from 10.5% in the fourth quarter of 2020, according to Moody’s Analytics’ commercial real estate division. Shopping traffic to enclosed malls has been steadily decreasing for years due to Americans spending more online. In it’s latest quarterly report, Moody’s finds that other commercial real estate sectors are showing better progress, retail is still in crisis.
Home Appraisal Gap Causing Trouble For Home Buyers
With the quick turn around in the home market, buyers are entering into bidding wars to secure their dream homes. Homes are selling above appraisal values creating a gap for buyers to make up. Many are tapping into retirement accounts or accepting loans from family in order to purchase their homes. With many sellers waiting in line to purchase one property, buyers must be prepared to come to the table with a substantial amount of money.
Demolition Contract For Portion of Packard Plant to be Awarded This Month
/in Detroit, SE Michigan /by Tracy WillisThe Detroit City Council will consider awarding a demolition contract for a portion of the Packard Plant later this month. Only one bidder responded to a May request for proposals to tear down the building at 6199 Concord St. The city will most likely award the contract to the unnamed bidder in the next week. According to the director of the Detroit Demolition Department, the city is moving quickly to tear down that portion of the plant because of the danger it poses to The Display Group Ltd., who operates its Display Group Creative Collective in the adjacent space. Demolition is expected to begin in late summer.
Long Awaited Demolition on Detroit Building Begins
/in Detroit, SE Michigan /by Tracy WillisThe Gateway Center building, across from the Westin Book Cadillac hotel, is being demolished. Plans for the demolition have been known as far back as 2016. The upper exterior on its western side was removed by Thursday afternoon. The demolition is expected to be finished by August. Owner Richard Karp indicated that he wanted to do a mixed-use development back in 2016. He declined to comment on the recent activity. Entities linked to Karp’s Lansing-based Karp and Associates development firm paid $700,000 for the building in 2013.
Historic Downtown Building Changes Hands in $5.9 Million Deal
/in Detroit, SE Michigan /by Tracy WillisThe historic Merchants Building in downtown Detroit has sold in an off-market deal for $5.9 million. A party linked to Detroit-based Method Development LLC bought the building last month. Method will share full development plans for the project in the near future. Broadway Merchants LLC bought the building in 1996. The building was listed in 2014 for $4 million, but never traded hands. Method has been active in other parts of the city, as well.