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Rising Mortgage Rates Impact The Housing Market
/in National, SE Michigan /by Tracy WillisRising mortgage rates are not dampening buyer demand. However, getting an offer accepted is no small feat. The rising mortgage rates haven’t brought down prices yet. Buyers could be feeling a sense of urgency to find a home before rates increase further.
Ann Arbor Nine-Story Development Breaks Ground
/in SE Michigan /by Tracy Willis
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.
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Overtaxed Detroit Homeowners Wait for Reparations
/in Detroit, SE Michigan /by Tracy WillisOver-assessed Detroit homeowners are waiting for compensation from the city. Between 2010 and 2016, the city of Detroit overtaxed homeowners by at least $600 million. Detroit City Council President and the Coalition for Property Tax Justice have set forth a tentative plan for compensation and restoration of residents’ dignity. The illegal overassessments led to 100,000 Detroiters losing their homes when they should not have. The state constitution states that property can not be assessed at more than 50% of its market value, and yet the city assessed 55%-85% of its property in violation of that law. There are four categories of residents that are eligible for compensation if they owned and occupied a home that was overtaxed between 2009 and 2020. Depending on the category residents fall under, a variety of compensation options are available to fit their individual needs.
Former GM Transmission Plant to be Redeveloped
/in Detroit, SE Michigan /by Tracy WillisNorthPoint Development, the owner of the former General Motors Transmission plant in Warren has a $180 million plan to redevelop the site. The plan is expected to bring 1.4 million-square feet of new industrial space, as well as 600 jobs. According to Warren Mayor James Fouts, the development is a good idea for the city. The company will house multiple tenants on the site. It will make improvements to parking, green space and storm water management. Site jobs will pay at least $15 per hour. This project is just one of many that NorthPoint Development has underway in the Detroit area.
Corned Beef Titan Takes on Eastern Market
/in Detroit /by Tracy WillisE.W. Grobbel Sons Inc. is opening Grobbel’s Gourmet Fresh Neighborhood Market and a Sy Ginsberg-branded Jewish-style deli at the home of the former Eastern Market Seafood Co. The company is a five generation, family-owned business with more than 130 year presence in Detroit. The 4,000-square-foot, mixed-use space spans from Market Street to Riopelle Street. The grocery store entrance will be on Market Street, and the deli access will be on Riopelle. The venture marks a partnership between Grobbel and FIRM Detroit real estate. The project will created between 20-30 full- and part-time positions for local residents.