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Detroit Metro Municipalities Flip to Renter Communities
/in SE Michigan /by Tracy WillisInkster, Pontiac and Auburn Hills were once communities where the majority of residents were homeowners. According to U.S. census data, analyzed by the apartment search website RENTCafé, the municipalities have shifted to become majority-renter communities. Port Huron and Hazel Park are close to having more renters than homeowners, too. The changes occurred in each city as foreclosures jumped and home values dropped. The increase in suburban rentals may be because people are delaying home purchases.
Troy Property Sells for $34 Million
/in SE Michigan /by Tracy WillisA Baltimore buyer, the Continental Realty Corp., has purchased Oakland Center and Oakland Square for $34 million. The property at 14 Mile and John R roads is across from Oakland Mall. It totals 392,000 square feet and is 87% leased by tenants that include TJ Maxx, HomeGoods, Kohl’s, Bed Bath & Beyond, DSW, Michaels and Planet Fitness.
Michigan Renters & Landlords Still Wait For Relief
/in Detroit, SE Michigan /by Tracy WillisNearly two-thirds of metro Detroit residents are still behind on their rent or mortgage, despite the millions of dollars in federal funds that have been sent to provide relief. Many face eviction or foreclosure in the next two months. Michigan allocated $425 million through the end of September through the COVID Emergency Rental Assistance program. Thousands of people are still looking for aid. According to a census survey, 64 percent of metro Detroit residents are not current on payments for their homes.
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A $150 Million Asking Price For Detroit Parcels . . . Stunning
/in Detroit /by Tracy WillisThree properties on the Detroit Riverfront have been listed for a total of $150 million, 15 times the price the owner paid in 2015 and 2016 when he purchased them. Owner Michael Shaya arrived at the price based on the properties’ “potential,” stating that “The price is commensurate the scale and size that can be built on these properties, which is in the millions of square feet.” Experts are skeptical that he will get his asking price.
Old Detroit Lions Offices Make Way for Godfrey Hotel
/in Detroit /by Tracy WillisThe old Detroit Lions’ administrative offices, located at in Detroit’s Corktown neighborhood on Michigan Avenue, will be demolished to make way for a Godfrey Hotel. The 227-room, $74 million project will be the 5th Godfrey Hotel in the country. The hotel will contain a restaurant, bar, ballroom, and rooftop café. Construction is expected to take 18 to 20 months and is a joint venture of Oxford Capital Group and Hunter Pasteur Homes.
Wayne County Expands Back Tax Assistance Program
/in Detroit, SE Michigan /by Tracy WillisThe Wayne County Treasurer’s Office has expanded its tax assistance program to now assist commercial property owners and landlords who have up to five occupied rental properties. The program gives eligible landlords and businesses time to pay off the back tax debt but doesn’t lower the 18% yearly interest rate. It allows them to pay 25% down and then pay off the rest of their balance through March of the next year.
One incentive to participate in the plan: The tax foreclosure process will move forward this year for all property classifications; the Wayne County Treasurer does not anticipate extending the foreclosure moratorium through this year, even for residential properties.