The CDC Takes Steps to Extend the Eviction Moratorium
/in National /by Tracy WillisThe CDC is poised to extend and possibly improve the moratorium on evictions. The eviction moratorium will expire in less than two weeks. The expiration could potentially put over 1 million people out of their homes. With nearly 10 million Americans behind on their rent, Congress approved over $50 billion for rental assistance. However, the state and local channels have just now opened up the application process. The vast majority of people who need the assistance will not receive it in time should the eviction moratorium be allowed to expire in March.
To Buy or Not to Buy? That is the Question
/in SE Michigan /by Tracy WillisIn 15 of the 50 largest metro areas across the country, buying is still a better option than renting. The relative price of buying a home hasn’t changed much, even with the historic growth in home prices over the last year. This is due to incredibly low interest rates. Realtor.com looked at the median listing price in each of the 50 largest metro areas, compared it to the monthly cost of renting in those same areas, and then compared those numbers to local incomes. Cities in the South and Midwest offer cheaper homes and a lower cost of living. Southeast Michigan is in the Top 10 of metro areas in which buying makes financial sense vs. renting.
Housing Counselors Prepare for Surge
/in National /by Tracy WillisCalls from homeowners concerned about foreclosure have fallen while interest from homebuyers has surged. The trend points to an uneven economic recovery and the hidden impact of lost jobs and lower income. When federal foreclosure and eviction protection ends, housing counselors aren’t sure what to expect, as they are currently just guessing at the financial state of homeowners who may also be grappling with delinquent utilities, insurance, and car bills.
Hard Rock Affiliated Hotel is Coming to Kalamazoo
/in Western Michigan /by Tracy WillisThe former Gibson Mandolin-Guitar Manufacturing site is being redeveloped under the REVERB by Hard Rock brand. Plaza Corp. Realty Advisors, Inc. and Dora Hotel Co. are partnering to bring the new hotel to the site at 225 Parsons St. in Kalamazoo. With a long history of respecting historical elements during its redevelopments and renovations, Plaza Corp. will maintain some historic parts of the 103-year-old property. The new hotel will include a gym, bar, brewery, restaurant, banquet facility, auditorium and museum. Construction and renovation are expected to be complete in fall 2023.
A $150 Million Asking Price For Detroit Parcels . . . Stunning
/in Detroit /by Tracy WillisThree properties on the Detroit Riverfront have been listed for a total of $150 million, 15 times the price the owner paid in 2015 and 2016 when he purchased them. Owner Michael Shaya arrived at the price based on the properties’ “potential,” stating that “The price is commensurate the scale and size that can be built on these properties, which is in the millions of square feet.” Experts are skeptical that he will get his asking price.
Houghton Rezoning Requests Meet Different Results
/in Northern Michigan /by Tracy WillisThe Houghton City Council considered two rezoning requests along the Houghton Canal Road. The council approved a request from JRG Development to rezone Houghton Canal Road property from single family residential to community business. However, they denied a similar request by Isle Royale Seaplanes. Council members and residents have concerns about noise pollution, and interruption to and accidents with residential recreation vehicles in the canal. Environmental concerns were also cited.