Rocket Promises a “Fast 15 Guarantee”
/in SE Michigan /by Tracy WillisRocket Pro TPO launched a program that guarantees financing to close in 15 days. The move is meant to convince brokers to choose them over the rival United Wholesale Mortgage. Called the “Fast 15 Guarantee,” Rocket Pro TPO plans to run the promotion until the end of the month and promises to award a $2,500 lender credit to borrowers whose loan does not close on its promised due date. Government, FHA and VA loads do not apply, and the program isn’t available in 16 states, including New York, Massachusetts and Rhode Island.
U.S. Pending Home Sales Decline
/in National, SE Michigan /by Tracy WillisLimited home inventory is restricting the real estate market, causing U.S. pending home sales to fall 4.1 percent in February for a fourth straight month. With a limited number of properties for sale, home price tags remain elevated. When combined with 30-year fixed mortgage rates at a three-year high, homes are less affordable. The increase in home prices and rising mortgage rates can add up to another $200 to $300 in mortgage payments per month. According to the NAR, these factors have pushed up mortgage payments by 28 percent from February of last year.
Skilled Labor Shortage Complicates Construction Projects
/in Detroit, SE Michigan /by Tracy WillisPrior to the COVID-19 pandemic, there was not enough skilled labor to meet construction demands. That’s even more true now that development has almost returned to pre-pandemic levels in metro Detroit. According to metro Detroit’s largest general contractors, that means less skill on job sites. That, along with continuing supply chain and inflation issues, is causing project managers to scramble to meet demands. The number of Michigan construction workers has rebounded to pre-pandemic levels, but it’s still down almost 20% from 20 years ago. The number is not growing fast enough to meet the increasing demand. It’s anticipated that skill trades will account for 47,000 annual job openings through 2026.
Popular FM Radio Stations Find New Home in Eastern Market
/in Detroit, SE Michigan /by Tracy WillisThe building at 2529 Orleans St. in the Eastern Market will soon be the new home for the studios and offices of iHeartMedia Inc. The $24 million redevelopment will house radio stations Channel 95.5, 97.9 WJLB,100.3 WNIC, 106.7 WLLZ, Mix 92.3 FM and the Black Information Network on 1130 AM. Mojo in the Morning, Jay Towers, Bush Man, Dr. Darrius, Ya Girl and Doug Podell and Trudi Daniels will all work and broadcast from the Orleans St. location. Production and other staff will also be housed in the building. The build-out is expected to be finished in May. iHeartMedia studios and local space are currently located in Farmington Hills at 27675 Halsted Road.
Detroit’s Commercial Property Transactions Lower Than National Average
/in Detroit, SE Michigan /by Tracy WillisNationally, commercial property transaction volume broke records last year. But in metro Detroit, that was not the case. Last year wasn’t a bad year for property deals in Detroit; there were $1.9 billion in sales across 3,678 deals. 2021 was the fourth-highest year since 2006. Low cap rates, inflation hedging helped to fuel the surge in commercial acquisitions. Property buyers are expecting appreciation in the next few years. Rent growth in multifamily apartments and the industrial, warehouse and distribution sectors are also adding to value growth.
Northville Downs Property Sparks Heated Exchange
/in SE Michigan /by Tracy WillisThe Northville Planning Commission met for 3 1/2 hours to discuss The Downs planned development’s preliminary site plan. The meeting ended with a motion to table the discussion until the commission’s next meeting on February 15. The commission’s contract with the Northville Community Center, where the meeting was held, expired at 10:30 p.m. The meeting included a 23-minute presentation by city planner Sally Elmiger, an approximately 70-minute site plan presentation by Hunter Pasteur, a 32-minute period when commissioners asked clarifying questions to the developers and roughly 48 minutes of public comment regarding the site plan. Hunter Pasteur CEO Randy Wertheimer addressed the commission and stated that ending the meeting without a vote was unacceptable. Commissioners countered that more time was needed for further discussion.