Detroiters Tangled Up In Title Transfers
/in Detroit /by Tracy WillisMany Detroiters are dealing with “tangled titles.” They’re in living situations, like inherited homes, where home titles haven’t been transferred from deceased family members. Foreclosure prevention experts often come across title problems where heirs need more education on how to navigate the title transfer problems. Title issues prohibit people from gaining access to assistance programs that help with home repairs or back property taxes. When a home title doesn’t transfer within a family, it cripples families’ abilities to build generational wealth. Title issues occur when there isn’t a will or trust in place. Transferring ownership then has to occur through probate, and that process is out-of-reach for many who can’t afford a lawyer. The stakes grow higher when people are facing tax foreclosure. Michigan Legal Services, a nonprofit legal services organization, has helped over a thousand in Wayne County administer probate cases to transfer title to the heir occupying the home. The need for these services far outweighs the available legal resources.
Northville Downs Project Moves Forward
/in SE Michigan /by Tracy WillisNorthville’s City Council members voted unanimously to advance a preliminary planned unit development plan for the old Northville Downs site. The council place conditions on its approving vote. The City Council will meet one more time before developer Hunter Pasteur can break ground. The discussion between city officials and vocal residents has been contentious at times, but most agree that horseracing track should be repurposed. The developer plans to put about 450 dwellings on the property. Some residents feel that they city has compromised too much, and a lot of their concerns have gone addressed.
Home Builders Buy Down Rates to Keep Prospective Buyers
/in SE Michigan /by Tracy WillisBuilders are taking matters into their own hands, and the high interest rates and falling demand are forcing the issue. Rate buydown programs and other interest rate specials are on the rise in the new-construction market. Builders are making concessions to their bottom line in order to keep prospective buyers in the game. Builders are offering programs to lock down interest rates, guaranteeing rates or offering a few years of discounted interest rates so buyers can later refinance at a better rate. The saying “marry the home and date the rate” describes the thinking behind the move. According to the vice president of operations for M/I Homes Detroit, the company has spent millions to secure enough funds to provide several dozen loans. They’ve done this three times since this summer. The company takes a 4 to 5 percent hit on the purchase of a home. Robertson Homes has taken between 1 1/2 and 2 points off a fixed-rate mortgage by contributing funds to the lender up front.
New Apartment Building Proposed for Detroit’s Midtown
/in Detroit /by Tracy WillisGreatwater Opportunity Capital has proposed a new four-story, 57-unit apartment building next to the existing fire-damaged Brainard Apartments. After a February 2020 fire, Greatwater acquired the Brainard Apartments and the site next to it that is home to two unused solar panel arrays. The panels once supplied some electricity to the Brainard Apartments, but since the fire, the panels have stayed off. The developer is almost finished with the Brainard Apartments’ rehabilitation. Greatwater plans to remove the solar panels to make way for the new building that will include studio and one-bedroom apartments as well as ground-floor commercial space.
Switch Expands Former Steelcase Pyramid Site
/in Grand Rapids /by Tracy WillisThe former Steelcase Pyramid site south of Grand Rapids is facing a major expansion. Switch, the Las Vegas-based data storage company, is excavating at the Steelcase Pyramid campus in Gaines Township. It’s building a 312,000-square-foot building separate from the Pyramid. The project includes a 1,000-square-foot pump house. Work on the expansion site began in the spring, with the concrete foundations expected to be poured before the snow flies. The cost of the project, its contractor and completion date have yet to be disclosed. According to Switch’s second-quarter earnings report, it allocated $800,000 toward site preparation.
New Amazon Fulfillment Center Opening is Delayed
/in Detroit /by Tracy WillisDetroit’s new fulfillment center opening will be delayed until next year. The 3.8 million-square-foot fulfillment center was originally scheduled to be open by spring of 2022. It’s being built on the city’s old Michigan State Fairgrounds on Woodward near Eight Mile. Developers faced backlash from community members who expressed concerns about hiring locally and environmental protections at the site. Amazon promised the city to recruit Detroit residents through the Detroit at Work employment program, beginning 5 months ahead of the facility’s opening. According to the city, 100 Detroit residents currently work at the fulfillment center. Recruitment efforts to fill those positions began earlier in 2022. Michigan currently has five Amazon fulfillment centers, one tech hub and seven Whole Foods Market locations.