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.
Rehabbed & Ready Program Restores and Refurbishes Detroit Properties
/in Detroit, SE Michigan /by Tracy WillisDetroit Land Bank Authority’s Rehabbed & Ready program has refurbished residential properties across Detroit neighborhoods. They typically gut the homes, put thousands of dollars worth of work into them (including new electrical, plumbing, windows and landscaping) and sell them to new buyers. The Land Bank took a loss on some of the homes that had fire damage or asbestos issues, but the home sales lifted the neighborhoods’ home prices. The Land Bank’s goal is to restore existing value into homes. The program has sold nearly 100 homes since 2015 and is expanding over the next three years to restore an additional 200 houses. The goal will continue to be adding residences and raising property values.
Ann Arbor Rezones Briarwood Mall Area
/in SE Michigan /by Tracy WillisThe Ann Arbor City Council recently voted to permit reclassifying over 200 acres around Briarwood Mall under the city’s new TC1 transit-corridor zoning category. The rezoning of 68 properties in the State Street and Eisenhower Parkway commercial area makes way for downtown-style development on the city’s south side. According to the mayor, the council’s steps will create a substantial amount of housing units in the city. The goal is to encourage high-density, mixed-use development. Building height limits range from 550-300 feet and depend on how close sites are to residential areas.
Bedrock LLC Snags The Largest CMBS Loan In Detroit’s History
/in Detroit /by Tracy WillisBedrock LLC has refinanced 14 properties with a $430 million CMBS loan. It is the largest-ever commercial mortgage securities loan in Detroit’s history. The new seven-year loan will mature in January 2029. The portfolio has seven office buildings totaling 2.5 million square feet, five parking decks with over 5,000 spaces and two multifamily properties. The fact that the loan was issued during a global pandemic when workers are continuing to work from home speaks to the confidence of the lenders. The portfolio’s office stock and parking deck revenue are both impacted by the work-from-home trend.
Dearborn Mayor Has High Hopes For Fairlane Town Center
/in SE Michigan /by Tracy WillisThe Dearborn Mayor hopes to turn the Fairlane Town Center site into the “heartbeat of our city.” Affordable housing and green space are only two of the many possibilities that could reinvigorate the mall. He wants to brainstorm with business leaders to improve the space. Mayor Hammoud envisions an affordable housing project, a public health project, an environmental sustainability project, and a flood mitigation project. He wants to pitch ideas to area developers to formulate a plan that will utilize the available city, county and state resources.
Detroit To Spend Pandemic Relief On Commercial Demolition
/in Detroit /by Tracy WillisDetroit plans to spend $95 million over the next four years to get rid of or improve vacant business structures across the city. The efforts will use more than 10% of its federal COVID-19 pandemic recovery monies on commercial blight remediation. Previously, the city’s blight removal focus has been more on residential than commercial. The American Rescue Plan Act dollars is changing that. The effort isn’t just about removal, but about preparing for opportunities that will come after demolition.