Michigan Real Estate News

Investors Add to Competitive Housing Market

June 28, 2021/in Detroit, National, SE Michigan /by Tracy Willis

With limited housing inventory, homebuyers are already over a barrel when shopping for a new home. But add investors into the mix and the market becomes even tougher. Nationally, Metro Detroit has experienced the second-highest increase in the number of investor-purchased homes year over year. Investors are cash buyers who can close more quickly which makes it even harder for buyers getting a mortgage. But for the seller, cash is king and a cash sale allows a seller to move on with their future.

U of D to Redevelop City of Detroit Rec Center

June 28, 2021/in Detroit /by Tracy Willis

The University of Detroit Jesuit High School and Academy has purchased the former city of Detroit recreation center and park in northwest Detroit. The 12.5-acre property was purchased in February 2020 for $625,000. As part of the sale agreement, the school will open the renovated center for community meetings and classes, as well as kids’ camps. The all-boys Catholic high school has raised $6.2 million toward the $7.5 million needed for redevelopment. The project will more than double the size of the school’s campus. Renovations on the rec center are expected to be completed by this fall