Long-Term Solutions Address Needs of Detroit’s Homeless
/in Detroit, National /by Tracy WillisThe Pope Francis Center broke ground on a Bridge Housing Campus that will provide 40 studio apartments as temporary shelter to people for 90-120 days. During that time, the project will offer social and job-preparation services and comprehensive medical care that addresses physical, psychological and addiction needs. The project is part of a long-term plan to solve the root causes of chronic homelessness in Detroit by 2030. People who stay in the studio apartments will transition to permanent supportive housing. The facility is scheduled to open mid-2023. Construction will begin in early 2022. Mayor Duggan sees this project as a potential national model.
Expiring Covid Mortgage Bailouts Problematic for Thousands
/in National /by Tracy WillisAs Covid-related mortgage bailout programs expire, hundreds of thousands of homeowners may lose or sell their homes. Out of options, borrowers who lost too much income or their businesses during the pandemic could take advantage of high equity in their homes and sell. However, data shows that has not been the trend. About a third of borrowers with at least 40% equity in their homes still go into foreclosure. Over 7 million bailed out borrowers are current on their mortgage payments. Some sold their homes or refinanced them to afford the mortgages. About half a million are in loss litigation with lenders.
Real Estate One Academy Wants More Required Training Hours
/in SE Michigan /by Tracy WillisAccording to Bonnie Richter, the director of the Real Estate One Academty, real estate education needs to change to keep up with the needs of consumers. Real Estate One is pairing new agents with experience Realtors in an effort to keep more people in the field. Richter says there’s an enormous interest in real estate careers. Classes are full and in high demand, but the longevity is not there. People don’t expect the career to be as demanding as it is. Richter believes that license instruction should require more hours (60 at a minimum), as there isn’t enough time to get all of the information in with the existing instruction requirements. In addition, beefing up the instruction time would better protect consumers so that licensed real estate professionals would have the needed expertise.
Livingston County is Commercial Building Dead Zone
/in SE Michigan /by Tracy WillisMore than 7.5 million square feet is under construction in the Southeast Michigan region to fulfill the need for industrial, warehouse and distribution center buildings. But in Livingston County? Not so much, although it appears to be perfect for new construction. It has low vacancy, outdated inventory and rising rents. Only one new 40,000-square-foot industrial building has been constructed within the county’s 585 square miles in the last four years. Effectively, the market is full. Available workforce and infrastructure also contribute to new industrial space not coming into the county.
Downtown Birmingham Bright Spot for Retailers
/in SE Michigan /by Tracy WillisDowntown Birmingham is bustling with at least 8 retailers and 4 new food establishments that have opened, expanded or made plans to open in recent months. Retailers are rebounding in sales numbers and downtown Birmingham office space is at pre-pandemic levels of demand. According to real estate insiders, a popular retailer may be opening a new store at Maple and Old Woodward. In addition, downtown Birmingham opened its second luxury hotel. The 151-room Daxton hotel opened in April.
Michigan Township Vetoes Solar Farms
/in SE Michigan /by Tracy WillisInvenergy, a multinational energy company, has offered Washtenaw County farmers $1,100 a year for each acre of land utilized for solar panels. Landowners agreed to the deal, but the township didn’t. Some residents fear electromagnetic radiation. Township officials are disenchanted with the company’s sign up efforts before consulting local government. They’re also skeptical about Invenergy’s promises of boosted tax revenue. Others worry about the aesthetics of the panels and their infringement on hunting land. Bridgewater landowners feel that the deal was turned down based on assumptions and misinformation.