Detroit’s Future Landscape
There’s a lot of talk about the reshaping of the city of Detroit. Mayor Bing has mentioned several times the city needs to be shrunk and so have many other community leaders and experts. Urban farms are all the buzz and starting to take shape. There’s some serious talk going on about copying Flint, Michigan’s land bank concept to expedite the re-landscaping of the city. What will the city of Detroit look like in the future? There will be a strong vibrant downtown core surrounded by 5-7 “pod” areas with a inter-dispersion of urban ...
Should Detroit Legalize Marijuana?
Recently Michigan became one of the 11 states that allow the growing and sale of marijuana for medical use. And recently many people are urging that part of Detroit’s abandoned real estate be turned into productive cropland. There is no more productive crop per acre than marijuana. Let’s take some of Detroit’s 70 square miles of unused land and grow a crop that will dramatically boost the economy. Before you dismiss that as wild and fanciful, consider California. California is the number one state for the production of agricultural products and marijuana is now their most profitable crop. Agriculture ...
Foreclosures rock some near-by Detroit suburbs Hard
While Detroit is known nationally for its high foreclosure rate, the problem is worse in three suburbs. Hazel Park, Eastpointe and Pontiac all had higher rates than Detroit, according to a Free Press analysis of metro area foreclosures over the past 3 1/2 years. "The industrial base of Detroit is supported by the areas around it, so therefore it is not just Detroit that is suffering," said Marshall Mandell, a foreclosure specialist for Re/Max Classic in Farmington Hills. Among metro area ZIP codes, Detroit's 48205 had the highest foreclosure rate, at one out of every 5.2 households, according to data compiled by RealtyTrac ...
Find The Right Real Estate Agent When Buying A Home
The largest asset the majority of individual citizens ever own is their home. The recent housing bubble in the United States and globally saw $30 trillion created and destroyed in a matter of years. Michigan and other popular locations suffered greatly. Michigan home mortgage companies participated in the boom and witnessed the bust. Despite this lesson, many people still do not give enough thought to their choice of realtor. The number of realtors in the United States peaked in 2006 and has been declining ever since. That said, there are still competent realtors active in the housing market. Finding a good ...
Detroit area’s home prices stay below 2000 levels
Home prices in the metro area are 28% below what they were in 2000, according to the S&P/Case-Shiller Home Price Indices. The two markets that have held up the best since the housing crisis began? Washington, D.C., and New York. These markets are still 70% above their January 2000 levels. read more here ..
Detroit homes sell for $1
Detroit has been in decline for decades; its falling population is now well below a million – half of its 1950 peak. But the recent mortgage crisis and the fall of the big car makers into bankruptcy has pushed the town into a realm unique among big cities in America. One in five houses left empty as foreclosures mount and property prices drop by 80% Houses on sale for a few dollars are something of an urban legend in some parts of the US on the back of the mortgage crisis that drove millions of people from their homes, but in Detroit ...
90% of Last Year’s Distressed Commercial Real Estate Still Unresolved
According to data released this week by Real Capital Analytics (RCA), $36.9 billion dollars worth of last year’s distressed commercial real estate is still in an unresolved status or being held by the lender. These numbers do not include new commercial real estate that could be considered distressed, but only commercial properties “for which sufficient time has passed for lenders and borrowers to facilitate workouts,” said RCA. These “seasoned distressed” properties are mostly being held due to distressed commercial real estate loans, and they are held by commercial mortgage backed securities (CMBS) trusts and domestic lenders for the most part. Since ...
Facing Foreclosure? Don’t Leave. Squat!
In an interview earlier this year, Ohio Rep. Marcy Kaptur told Americans: 'Be squatters in your own homes. Don't you leave.' Marcy Kaptur of Ohio is the longest-serving Democratic congresswoman in U.S. history. Her district, stretching along the shore of Lake Erie from west of Cleveland to Toledo, faces an epidemic of home foreclosures and 11.5 percent unemployment. That heartland region, the Rust Belt, had its heart torn out by the North American Free Trade Agreement, with shuttered factories and struggling family farms. Kaptur led the fight in Congress against NAFTA. Now, she is recommending a radical foreclosure solution from the ...
Could it be so…Detroit – The Sam’s Club of cities?
In a fine example of turning lemons into lemonade, Detroit -- once the poster city for high labor, tax and operating costs -- is getting noticed as a low-cost place to do business. "Detroit is now competitive with many of the offshore locations," says Timothy Bryan, chairman of Galaxe Solutions, a New Jersey software firm that plans to bring 500 jobs to the 1001 Woodward Building over five years. "Companies are looking to bring back jobs from overseas, and Detroit is in the best position of any city in the United States to compete for that investment." It's about supply and demand. ...
Benefits To Buying vs Renting
Find The Right Real Estate Agent When Buying A Home
The largest asset the majority of individual citizens ever own is their home. The recent housing bubble in the United States and globally saw $30 trillion created and destroyed in a matter of years. Michigan and other popular locations suffered greatly. Michigan home mortgage companies participated in the boom and witnessed the bust. Despite this lesson, many people still do not give enough thought... [Continue reading here]
12 Steps to Wholesaling Houses without Cash or Credit
Have you ever wanted to know the steps to wholesaling or flipping houses without cash or credit? 12 Steps: How to Flip Houses and Wholesale Houses? Wholesaling or Flipping Houses is simply understanding how to control a property with a contract long enough to sell your interest via an assignment fee to a real estate investor/buyer who wants the property because of the deep discount that you have... [Continue reading here]
Think Logically Before Buying That First Apartment Building:
When any particular multi-family building is under consideration for purchase, there are a number of factors that should be considered. Here are some of the more important points: ~ Location is always at the top of every list of considerations in real estate. Always check not only the building itself but the entire neighborhood. How does this building compare with others in the area? How do rents... [Continue reading here]
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