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Median Home Prices Reach New Heights in Detroit
/in Detroit, SE Michigan /by Tracy WillisDetroit’s median sales price for a home topped $100,000 in June. According to the CEO of Realcomp, it’s the first time values have been that high, and it’s an important benchmark. The median sales price of $100,250 in Detroit is based on June sales figures. Wayne, Macomb and Oakland county values have also reached new heights with increases ranging from 10.1 to 17.6 percent increases. While the increases benefit homeowners, it leaves many first-time buyers grasping at straws. Inflation, high demand for housing, and the scarcity of new construction have contributed to the issue.
Birmingham Couple Files Race Discrimination Lawsuit in Federal Court
/in SE Michigan /by Tracy WillisBirmingham couple, Jeffrey Hall and Deann Nash have filed a federal lawsuit alleging housing discrimination. They purchased property in Paint Creek Estates in Oakland Township and submitted plans for a stone house to the neighborhood’s architectural review committee. The committee rejected the plans. The HOA insists the rejection is about design and not race. Hall is Black and Nash is white. They are claiming violations of the Fair Housing Act. Their plans follow the community’s bylaws, while a white-owned home that did not follow the bylaws in square footage and brick color was approved.
Harper Woods Developer Buys Cleveland Apartment Project.
/in Outstate, SE Michigan /by Tracy WillisHarper Woods-based developer American Community Developers Inc. purchased and has renovation plans for a 484-unit apartment project in Cleveland. The company specializes in the buying and rehabilitating affordable housing. Cleveland’s Rainbow Terrace was built in the 1950s and sits on 31 acres. The units are a mix of garden-style apartments and townhouses for low-income families. The company paid $8.55 million and expects to spend about $18 million on upgrades and deferred maintenance.
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Times are Changing for U.S. Malls
/in National /by Tracy WillisU.S. malls are reeling as restaurant and retail tenants struggle to stay open for business. Coresight Research data predicts that a quarter of U.S. malls could close over the next 3 to 5 years. Simon Property Group, America’s biggest mall owner, said that its 2020 fourth-quarter revenue dropped by 24%. However, experts think the Simon Property Group does not stand to be the biggest loser as its more distressed competitors will close their doors. Simon expects to see gains from its new additions of hotels and luxury residences.
The CDC Takes Steps to Extend the Eviction Moratorium
/in National /by Tracy WillisThe CDC is poised to extend and possibly improve the moratorium on evictions. The eviction moratorium will expire in less than two weeks. The expiration could potentially put over 1 million people out of their homes. With nearly 10 million Americans behind on their rent, Congress approved over $50 billion for rental assistance. However, the state and local channels have just now opened up the application process. The vast majority of people who need the assistance will not receive it in time should the eviction moratorium be allowed to expire in March.
16% Jump in Foreclosures for February 2021
/in National /by Tracy WillisDespite foreclosure and Covid-19 relief measures for homeowners, foreclosures are actually on the rise. A report from ATTOM Data Solutions shows a 16% jump in foreclosures from January to February and notes an upward trend in 29 states. The government’s moratorium bans foreclosures on federally backed loans for homeowners and protects borrowers in the forbearance program. Loans on commercial and investment properties, and properties that are vacant and abandoned don’t garner the same protections, accounting for the slight increase. The yearly data still shows a significant decrease in foreclosures over the same period in 2020.
Gilbert Family Foundation Pledges Money For Eviction Defense
/in Detroit /by Tracy WillisThe Gilbert Family Foundation has pledged up to $13 million over three years to help renters avoid eviction in Detroit. This comes weeks after the city of Detroit passed an ordinance giving renters at risk of eviction the right to have an attorney represent them in their defense. The United Community Housing Coalition, Lakeshore Legal Aid and Michigan Legal Services will split the money evenly. The Detroit Eviction Defense Fund was created after the city committed $6 million in American Rescue Plan dollars to fund eviction defense. It is thought that Detroit’s population decline is occurring, in part, to the 30,000 Detroit households that face eviction each year.
Ilitch And Ross Release Detroit Center Renderings
/in Detroit, SE Michigan, Uncategorized /by Tracy WillisStephen Ross and the Ilitch organization have released conceptual renderings showing new retail, housing and office developments in Detroit’s sports venue district. The projects include new construction, as well as reuse of existing buildings. The renderings show a future hotel on Henry Street, an office tower with ground-floor retail space along Woodward Avenue next to Comerica Park, a residential, retail and office development on Park Street, and office, retail and residential development along Columbia Street. Ross and Ilitch are collaborating on the University of Michigan’s planned Detroit Center for Innovation. They expect to break ground on the project in 2023.
David Whitney Building Hotel Builds On And Rebrands
/in Detroit, SE Michigan /by Tracy WillisThe David Whitney Building will soon be renovated and rebranded. It will become an Autograph Collection hotel and expand to 160 rooms. According The Roxbury Group, the building will lose 24 of the apartments but leave 80 residences on the top seven floors. The hotel rooms will be renovated, along with the lobby bar, atrium lounge and outdoor seating. The building’s event space will become restaurant space. Renovations will being this summer. The project’s budget is undisclosed.