Nothing Found
Sorry, no posts matched your criteria
Rising Mortgage Rates Cool Detroit’s Housing Market
/in Detroit, SE Michigan /by Tracy WillisRising mortgage rats have calmed metro Detroit’s housing market this summer. Inventory continues to be tight and is inhibiting a more “normal” market. According to agents, many sellers are still getting multiple offers and selling above asking price, buyers have a bit more leverage can sometimes knock a listing’s price down a bit. There has been a slight increase in the number of listings, but the number is still lower than what is needed. Bidding wars still occur, but are happening at somewhat lower prices than before. Increasing mortgage rates are impacting buyer’s budgets. Last year, a 30-year, fixed mortgage was 2.9%. Last week the average was 5.7%. That adds more than $300 to monthly mortgage payments.
Ross Snags $100 Million for DCI Project
/in Detroit, SE Michigan /by Tracy WillisStephen Ross has acquired a $100 million in the state’s next budget for The Detroit Center for Innovation. The Detroit native is the developer of the project. He previously committed to donating $100 million for the center to be built. With the budget deal being finalized, the center will have $200 million of its predicted $250 million price tag. Ross’ company will construct the center and donate it to the University of Michigan. The 200,000-square-foot building will be part of a three-building campus located on Ilitch-owned land and parking lots west of the Fox Theatre in Detroit.
Rochester’s Royal Park Hotel Sells
/in SE Michigan /by Tracy WillisMemphis-based Fairwood Capital LLC has purchased the Royal Park Hotel in downtown Rochester. The hotel is located at 600 E. University Dr. and will be run by Pivot Hotels & Resorts, the same company that manages the Grand Hotel on Mackinac Island. The hotel has 142 rooms and more that 20,000 spare feet of event and meeting space, as well as the Park 600 restaurant.
Nothing Found
Sorry, no posts matched your criteria
Nothing Found
Sorry, no posts matched your criteria
Nothing Found
Sorry, no posts matched your criteria
Mall Retailer Victoria’s Secret Closing Up To Fifty Stores In 2021
/in National /by Dave NykanenVictoria’s Secret, a brand of L Brands, intends to close up to 50 stores in 2021. This is after the closure of 250 stores in 2020. L Brands continues to look for a solution to its Victoria’s Secret problem, including spinning the brand off to a private equity firm.
Biden Extends Foreclosure Moratorium & Expands Relief Program
/1 Comment/in National /by Tracy WillisUsing a three-pronged approach, President Biden rolled out mortgage protections. He extended the expiration date for the foreclosure moratorium from March 31 to June 30 and extended the enrollment window to request a mortgage payment forbearance. The third protection allows borrowers to defer mortgage payments for an additional six months. Eligible homeowners must have enrolled in a forbearance plan by June 30, 2020.
Homebuyer Mistakes That Can Derail or Delay Closing
/in National /by Tracy WillisSometimes, first time home buyers don’t know what they don’t know. Buyers need to be proactive at the start of the home buying process or common mistakes can stall their efforts. Some proactive steps include paying attention to the paperwork when it’s first received to check for errors, making sure the property assessment matches or is under your offer by doing your market research before submitting your offer and keeping a tight rein on big-ticket spending prior to closing.
Park and Trail Projects Promise Increased Value and Developments
/in Detroit, SE Michigan /by Tracy WillisThe Ralph C. Wilson Jr. Centennial Park on the west Detroit riverfront will feature a bear slide, an otter slide, and a slide in the form of a beaver. The park will include swings, trails, a treehouse, a replica of Fort Wayne and an outdoor classroom. The park broke ground on Tuesday afternoon, a month after ground was broken on the Southwest Greenway, a trail being built to connect southwest Detroit neighborhoods to the riverfront. These amenities that come with these projects will help property values, based on many studies that show that the proximity of a public park increases a home’s value. They should also be a catalyst for development in the area.
Renaissance Center Faces More Loss
/in Detroit, SE Michigan /by Tracy WillisBlue Cross Blue Shield of Michigan is vacating the RenCen and consolidating its Health Plan Business employees from that location into the high-rise it owns at 600 E. Lafayette Blvd. Last month, the complex lost Deloitte LLP, its third-largest tenant. At this time, the exact number of BCBSM employees the move impacts is unknown. BCBSM has stated that the move is a result of reintegrating remote workers back into the office environment. It holds a long-term lease through 2026.
Building Permit Issued For Former Joe Louis Arena Site
/in Detroit /by Tracy WillisA building permit has been issued for the planned apartment tower on the former Joe Louis Arena site. A large office tower is also planned. Crews have been on the property since winter. The apartment building construction is expected to be complete within the next two years. There has been talk of building two hotels with about 750 rooms each. A 20-story office tower of 150,000-300,00 square feet is planned for the northern portion of the property. The construction timelines for the office and hotel buildings is unknown. A building permit was issued Wednesday for the apartment tower planned for the former Joe Louis Arena site in downtown Detroit.