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Ginosko Development Buys Apartments To Modernize and Preserve
/in SE Michigan /by Tracy WillisMichigan-based Ginosko Development has partnered with New York-based L+M Development Partners to purchase nine Michigan rental properties with more than 1,600 affordable apartments. They plan to modernize and preserve the low-cost units. The properties include 1,640 units in 115 buildings in Michigan. More than half are for seniors. Seven of the nine properties have contracts with the U.S. Department of Housing and Urban Development for Section 8 housing. Improvements to the interiors and exteriors of the buildings are planned, including bathroom and kitchen renovations, modernizing amenity areas, upgrading mechanical systems and improving landscaping.
Coyote Golf Club Facing Possible Residential Conversion
/in SE Michigan /by Tracy WillisThe Coyote Gold Club in Lyon Township is under contract to be sold to SE Metro Property Services LLC of Birmingham. The 200-acre property would be converted into 107 townhomes valued at $400,000 and 203 single-family residences valued at $600,000. The three-phase development would begin in the summer of 2024. The townhouses clustered in 26 buildings would be located on the northern edge of the property, and the single-family homes would be on the southern end. The golf course redevelopment would work its way through the municipal process over the next year or so with various planning commission and township board approvals.
MI-HQ Plans New Life Sciences Place in Ypsilanti
/in SE Michigan /by Tracy WillisAnn Arbor’s Michigan Innovation Headquarters (MI-HQ) has announced that it entered into a purchase agreement to acquire Eastern Michigan University’s former College of Business headquarters in downtown Ypsilanti. It plans to purchase the building for $2.6 million, and with an additional $10 million, renovate it to build shared workspace for STEM companies. The deal will put 130,000-square-foot building on the city’s tax rolls, generating more than $1.1 million of net benefits over a 10-year span. It promises to create 300 jobs.
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Home Buyers Face Bidding Wars
/1 Comment/in National /by Tracy WillisDue to a record low supply of homes on the market, 56% of home buyers face bidding wars in their offers. This is an increase of 52% from December of 2020. More than half of the homes listed go under contract in less than two weeks. Lower interest rates are making expensive homes more affordable, but a low market supply forces homebuyers to act quickly.
Mortgage Forebearance Crashes to a Halt
/in National /by Tracy WillisWith 2.7 million Americans still taking advantage of mortgage forebearance programs as late as mid-January 2021, the reality of a housing crisis looms. The CARES Act programs will end at the end of March unless changes are made to the rules. Most of the programs have a 12-month cap. If no intervention occurs, 600,000 Americans will have to begin paying their mortgages again.
Overvalued Housing Markets: A New Nationwide Epidemic
/1 Comment/in National /by Tracy WillisIn a new report, Fitch Ratings estimates that home prices are 5.5% overvalued nationally. However, Michigan is one of the few states where housing is undervalued.
The demand for housing far exceeds the available inventory nationwide. This trend is due, in part, to homeowners’ reluctance to list homes during the pandemic. Metro areas around the United States are overvalued by more than 10%. Las Vegas (28%) and Dallas-Fort Worth (20.24%) are prime examples. Idaho (30-34%) is the highest overvalued state on the list, with Nevada coming in a close second.
Metro Detroit’s Home Prices Highest in Decades
/in Detroit, National, SE Michigan /by Tracy WillisMetro Detroit home prices have increased, up 14.6 percent in February when compared to last year. The increase is the highest they’ve been in decades. The managing director for S&P Dow Jones Indices has gone on record saying they’re in the top decile of growth for Detroit over 30 years of tracking. The country is also showing the highest increases on record, up 19.8 percent. Detroit metro’s median increase is 5.1 percent, higher than the 4.7 percent national median. Read estate brokers agree that home ownership is becoming out of reach for new buyers and people of color.
The Future of Office Space is Changing
/in Detroit, SE Michigan /by Tracy WillisThere has been big movement in office space leasing. The Bank of America building in Troy will no longer house the Bank of America! Deloitte consulting firm confirmed its plans to leave the Renaissance Center. GM’s COVID-era “work appropriately” policy has contributed to the Ren Cen’s quieter-than-usual atmosphere. With Deloitte’s departure, the Renaissance Center will be only 53.5 percent leased. Businesses continue to adapt with post-pandemic in-person work plans.
Packard Plant Owner Misses Demo Permit Deadline
/in Detroit /by Tracy WillisFernando Palazuelo, owner of the Packard Plant, missed a court deadline on Thursday. He needed to apply for a demolition permit to allow the city of Detroit to demo the property and bill him for it. The city is considering its next steps. Wayne County Circuit Judge Brian Sullivan declared the Packard Plant a public nuisance on March 31 and ordered Palazuelo’s company Arte Express Detroit to apply for a demo permit within 21 days. The judge’s order allowed the city to hire contractors to proceed with the demo work at Palazuelo’s expense if deadlines were missed.