Posts

City of Novi Purchases Land for Conservation Efforts

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The city of Novi is purchasing 8 acres of vacant property with the aim to preserve woodlands and make improvements on Beck Road. According to City Manager Pete Auger, the city will continue to purchase property to maintain wetlands and woodlands using tree fund dollars. However, the $249,000 purchase of the two parcels on Edinborough Lane will come from the general fund. A public meeting regarding Beck Road is expected to take place in January. The road has capacity issues, and improvements have been discussed for years.

 

Adrian Mall Proposal Includes Mixed-Use Redevelopment

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An Adrian Mall proposal aims to redesign the mall into a mixed-use facility that will include multifamily residential housing, anchor business tenants, and different options for retail and dining establishments. A church and self-storage units are also planned. The Adrian Planning Commission hasn’t voted on the proposal yet, but they’ve entered into discussion about the pre-application presentation. Some commissioners expressed optimism toward the presented ideas. An important part of the project is to demolish the water-damaged and mold-laden portion of the mall. Both conditions caused the mall to be condemned two years ago.

 

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Ann Arbor’s Plans for Blighted Site Take Shape

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Ann Arbor’s plans for the transformation of a blighted site across from the YMCA are in the works. The SmithGroup presented new drawings to the Planning Commission that show how the Treeline urban trail for pedestrians and cyclists could run through the east side of the site along the railroad tracks. They include a new housing building and courtyard on the west side of the site that would provide a mix of affordable and market-rate housing. The city is trying address many different public interests with this site. The site plans have been changed multiple times. The newest drawings are still not the plan’s final draft.

 

 

The Mid Project Faces Another Delay

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The Mid project, a four-acre development in Midtown, was scheduled to begin in the third quarter this year. The project is now expected to begin in the second quarter of 2022. A spokesperson for the project said that the delays are due to the impact of the pandemic on the industries and components that support the project. The proposal aims to bring two high-rise buildings and other mixed-use development to the north of Detroit’s Whole Foods Inc. store. The project’s two planned phases will both begin in the second quarter. They will include about 300 co-living units, multifamily residential housing, retail space, and a hotel.

 

The Housing Market May Be Calming Down

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Experts say the housing market is may be approaching normalcy for 2022. Home prices should continue to rise, but the pace of the increase will be slower than the last two years. Buyers will continue to outnumber sellers which means home inventory will remain low.  Jeannette Schneider, president of RE/MAX of Southeastern Michigan predicts that home values will increase 8-10 percent in 2022. Other experts say models suggest that in October 2022, prices will be 12.8 percent higher than the the year before. The going will continue to be rough for first time home owners.

Long-Term Solutions Address Needs of Detroit’s Homeless

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The 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

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As 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

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According 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.

 

 

Farmington Hills Council Considers Hotel Conversion Project

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In June, Farmington Hills Council members approved a Planned Unit Development to convert a hotel on 12 Mile Road into a senior housing complex. This week, city officials will look at the agreement that finalizes the project details. Manor Senior Living wants to convert the Radisson hotel’s rooms into 217 memory care units, 51 assisted living, and  56 independent living units. When the PUD was approved, five senior housing projects were in the works. Since then, St. Vincent and Sarah Fisher property proposals have stalled.

 

Corktown Apartment Tenants Have Water and Heat Restored

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Tenants of Corktown’s Victor Attar Court apartments have had their water and heat restored over the weekend. They were previously told they would have to relocate because of health and safety concerns. The building’s owner received 22 tickets amounting to $13,142, according to the city’s Buildings, Safety, Engineering and Environmental Department. The apartment residents were notified last week that if the landlord did not restore heat and water and bring the building up to code, they would have to vacate the building. Real Estate developer Emre Uralli is listed as the trustee of 1324 Porter Street Trust, the entity that bought the property when it was in foreclosure. Uralli claims he was unaware of the heating issues and the tickets. They’ve since met with inspectors and cooperating with them.