Michigan Real Estate News

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Coalition Suggests Ways For Overtax Paybacks

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The Coalition for Property Tax Justice released a report outlining a series of ideas for ways the city could compensate overtaxed homeowners. It included survey results from more than 200 Detroiters. Ideas included property tax credits, Section 8 rental vouchers, home repair grants, Detroit Land Bank Authority’s rehabbed homes, and as-is Land Bank homes paired with home repair grants or cash payments. Although cash payments to overtaxed homeowners was a main focus, Detroit’s top attorney has indicated that the city cannot use general fund monies to compensate individuals. State law prohibits direct support from the general fund for private purposes.

 

 

Fairlane Town Center Has Sold to Redeveloper

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Sources have identified the Dallas-based Centennial Real Estate company as the new owner of the Fairlane Town Center. The company specializes in mall and open-air shopping center redevelopment. The purchase also includes the Shops at Willow Bend in Plano, Texas. Both properties are currently owned by Florida-based Starwood Capital Group, which is delinquent on its commercial mortgage-backed securities debt on the properties. Centennial took over another Starwood mall mortgage earlier this year.

 

 

Rising Mortgage Rates Impact The Housing Market

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Rising 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.