Michigan Real Estate News

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Book Mansion Hits Market Soon

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The James Burgess Book Jr. mansion on East Jefferson Avenue will most likely hit the market for sale in the very near future. The property has been taken back by a foreclosing lender. The 1911, 12,000-square-foot building had been owned by Historic Book House LLC. The approximate $1.245 million mortgage is from December 2016. Soaring Pine Capital Real Estate and Debt Fund II are the lenders. The deadline to redeem the property by paying $937,006 plus interest is January 29. According to a Soaring Pine representative, that is unlikely to happen. The occupants had planned to hold orchestral concerts for the Ars Poetica Chamber Orchestra and give music lessons to pay back the loan. Unfortunately, those plans went by the wayside with the COVID-19 pandemic.

 

Landmark Trees To Be Cut For Ann Arbor Subdivision

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In an 8-3 vote, Ann Arbor City Council has agreed to the controversial Concord Pines development. National homebuilder, Toll Brothers, will cut down hundreds of landmark trees to develop a 57-home luxury subdivision. Some argue that the development is not in keeping with Ann Arbor’s sustainability goals. The 30+ acre site includes land owned by Concordia University. Out of 447 landmark trees, 311 will be cut down, as well as 450 of the 741 low-level woodland trees.

Inadequate Housing Plagues Detroiters

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A new report from the University of Michigan estimates that 90,000 Detroiters live in inadequate housing. The study found that residents of color, rental tenants, people with children and those who earn less than $60,000 annually are impacted the most. The study considers housing inadequate if it has major problems with electrical needs, furnace or heating problems, or a lack of hot or running water. 81% of survey respondents had at least one problem with their home condition.  The greatest complaints included concerns about plumbing, pests, and crumbling porches.