Detroit, MI Real Estate News

By Dylan Tanaka, The Hybrid Mastermind For Agent Investors
(Michigans #1 Real Estate Investor Club)
Good news from Detroit proper... Detroit business and civic leader Dave Bing has lined up an all-star roster of sports and business leaders to invest in Watermark Detroit, a $60-million luxury residential development planned for the city's east riverfront.Those investors include Detroit Super Bowl Chairman Roger Penske, NBA veteran Derrick Coleman, Detroit Pistons President of Basketball Operations Joe Dumars, and DTE Energy Chairman and CEO Tony Earley Jr.Other investors in Bing's project include Gregory Jackson, founder and president of Detroit-based Prestige Automotive Group, the largest group of African-American-owned dealerships in the country, and Tyrone Davenport, chief operating officer of the Dr. Charles H. Wright Museum of African American History. Bing is to introduce his inv...
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By Matthew Meli
(M and T property management LLC)
HISTORIC DETROIT NEIGHBORHOODS Detroit is composed of many neighborhoods, each with a unique history and features. Not many people are aware of them all or where they are located. Cityscape Detroit has created this map. "Mouse-over" a neighborhood to have its name appear (with MS Internet Explorer).  Number on map and neighborhood name1 Brush Park28 Green Acres55 Riverdale82 Grandmont #12 Downtown29 Palmer Woods56 The Eye83 Westwood Park3 Midtown30 Sherwood Forest57 Franklin Park84 Minock Park4 Wayne State31 Rosedale Park58 Berg-Lasher85 Littlefield5 Cultural Center32 North Rosedale Park59 Core City86 Barton-McFarland6 Art Center33 Gold Coast60 East English Village87 Petosky-Otsego7 Medical Center34 Woodbridge61 Eight Mile Wyoming88 Fishkorn8 Rivertown35 Briggs62 English Village89 Grand...
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 1. Counter-Trend Success: Despite challenging economic conditions in the city and the region, the greater downtown residential market (New Center, Midtown, Central Business District, East Riverfront, West Riverfront) is doing well. More than 2,400 residential units have been developed in the greater downtown since 2000. 1,400 of those units have been developed in the last three years. Generally, these units are purchased or rented as they are developed. Several developers reported that, with the chance to do the project over again, they would not change their approach because the project performed well. 2. Several Districts, One Market: The districts studied (New Center, Midtown, Central Business District, East Riverfront, West Riverfront) function together as a residential market. Peo...
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By Matthew Meli
(M and T property management LLC)
Public Act 328 of 1998 allows a limited number of communities to abate all new personal property taxes of a business in certain geographic areas to spur economic development.ELIGIBILITYAbatements include all state and local millage.  The State Tax Commission (STC) also must approve the local resolution within 60 days.  The State Treasurer, with the written consent of the Michigan Economic Development Corporation, is required to provide advice to the STC as to whether the exemption is necessary to "reduce unemployment, promote economic growth, and increase capital investment."Eligible projects include manufacturing, mining, research and development, wholesale trade, and office operations.   Retail business, hotels, restaurants and casinos are not eligible.New personal property is propert...
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By Matthew Meli
(M and T property management LLC)
This is a city-wide program for fixed-asset financing which is administered by the Detroit Economic Growth Corporation.  Applicants for loans from the fund will be evaluated by the DEGC based upon the proposed borrower's ability to repay and the potential impact of the proposed project on Detroit's economy.DRLF funds may be used for up to 40 percent of the costs of an eligible project, to a maximum of $200,000.  The remaining 60 percent may be provided by a private lender, the borrower or both.  The borrower may be required to pledge certain assets not connected with the project and/or personal assets.  INTEREST RATE AND TERMSThe loan term in most cases will be consistent with other loans made on behalf of the project, but in no event shall the term exceed the useful life of the finance...
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By Matthew Meli
(M and T property management LLC)
The first phase of infrastructure construction will begin this month, which will involve the installation of lighting, the water and sewerage system, as well as new streets and sidewalks. "We are focusing on neighborhoods this term," said Mayor Kilpatrick. "Our goal is to improve the quality of life for residents with the implementation of the Next Detroit Neighborhood Initiative. The Gardenview Estates will be a great addition to this west side community and it will help revive the Joy Road corridor."The first phase of housing construction is slated to begin this summer. The overall plan calls for approximately 920 single-family homes, condos, lofts and townhouses. Gardenview Estates will be a mixed income community. Its units will be available for purchase or rent at affordable and ma...
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By Matthew Meli
(M and T property management LLC)
I have a lot of investment homes that can make you money. I have many ways to make you money. For more information please email me and I will be happy to send you a 3 step way to make money in Detroit. Yes our market is down right now but, as any investor knows, thats the time to move. Be sure to have what you need before you get in over your head. Make sure to listen to it all, and take notes. I will say that I have seen people get in over their heads and that is never good. I will be able to help with any end of your investment. I will make sure you have what you need to invest here in Detroit.Our city has a lot to offer. -Matt
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By Matthew Meli
(M and T property management LLC)
Looking to work with in and out of state investors who are looking to invest in the Metro Detroit area. We have a full staff team willing and able to help with any of your investment needs. We are highly knowledgeable of the areas and extremely dedicated. If you are interested get back with me and if you want to be included in our investor database please send me your e-mail. Go to my new group it is DETROIT. Do a search on groups. In the key word write Detroit. Join it and follow along on whats going on in Detroit. Matt the MARINE says sound off, and let me know what you are thinking. Thank you,Matthew Meli
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By Matthew Meli
(M and T property management LLC)
I could not believe that when I joined the active rain site that a group on Detroit was not on the site. So I started one. I have often thought of what the world thought of Detroit as a city. I know that most think of us as the motor city or Motown. Have you ever thought of what it is today?If you know nothing about Detroit, I am sure you can find a lot about the bad, and what may seam to be very little good. People have made fun of it, and even wrote it off as a loss. I have been motivated to tell my story of Detroit and talk about the good. I am willing to teach and explore with you about your questions and give and get feed back from anyone that may be interested. I hope to start a trend on Detroit. I was born and raised here, and have faith in God that I can touch someones heart. In...
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By Matthew Meli
(M and T property management LLC)
Believe it or not there are many lofts in Detroit that are making people look twice. I have been a big fan of lofts. I lived in the Brooklyn lofts off Michigan ave in Detroit 4 years ago. I loved the open concept and old school feel of Detroit. Today, Detroit has many lofts to pick from with open concepts for any taste. Some even have a tax break included. This concept is new to Detroit and is being received with open arms by some. I went on an open house with other Realtors in the fall. I could not believe what I saw. Places that use to vacant, and homeless people living in, now,  is beautiful. It was amazing to me and most on the tour. We later met with builders, owners and renters that live in the lofts we saw. The people we meet talked of a new Detroit some of us at the time did not...
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By Matthew Meli
(M and T property management LLC)
All of my life I have been told of how bad Detroit Michigan was. I have a love that comes from my father for Detroit. When I was a kid we would drive around and he would tell stories of what it use to be like and how it got to what it is today. I know that those stories changed the way I see Detroit. Today, I am a Realtor here and I see what is going on each day. I love what is going on now with a lot of Detroit. I have joined this site for networking to find more people like myself to pass the word. We all know all the bad things about Detroit. I would like to hear about the good. I believe that Detroit has a great future ahead. I what to hear what you think. Please tell me about what you hear or have done in Detroit.I will be happy to network with you and help to change the way people...
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By Matthew Meli
(M and T property management LLC)
I have always thought of auctions as a great way to buy Homes, cars, and many other things. I want to ask people what they think about them? It seems to me that the people holding the auctions make money, The agents in the industry make money. The lenders make money. I just wonder if people that go to the auctions realise that they are a part of all them making money. They are footing the bills?  Now I know some will say, "I do that now with out the auctions." I want to ask "do you?" Could be be possible to get the same deal with a buyer agent from the MLS? I think people with hopes of getting great deals from auctions are looking for that big fish story that someone told them about. Are they wasting time by going to competing auctions where so many people have no clue what to do at the...
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By Matthew Meli
(M and T property management LLC)
DETROIT -- The city has identified five corridors for a rapid transit system that would tie downtown and some neighborhoods to a proposed commuter rail line to Ann Arbor, city officials announced Thursday.The next step is winnowing the corridors -- Woodward, Michigan, Gratiot, Grand River and Eight Mile -- to one and selecting a system. Options include light rail, streetcars, express buses with dedicated lanes and an extension of the downtown People Mover.The Detroit Department of Transportation will hold open houses next week to gather public input.The process is part of a $3 million, federally funded study that aims to convince Bush administration officials to pony up potentially tens of millions of dollars for a transit system.It won't be easy. Metro Detroit has failed for 50 years t...
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By Matthew Meli
(M and T property management LLC)
DETROIT -- Mike Ilitch believes the city's downtown is finally ready for prime time and he's putting his money where his mouth is. Ilitch, the mogul who owns the Detroit Red Wings and Detroit Tigers, is spending more than than $1 million to renovate the Hockeytown Cafe and Comerica Park. "Ten years ago you didn't see the traffic downtown to support restaurants and entertainment because everyone went home after 5 p.m.," Ilitch said in a recent interview. "But now that we have two downtown stadiums, the corporations, the residential lofts and other entertainment, the city is really alive." The co-founder of Little Caesar Enterprises Inc. with his wife, Marian, Mike Ilitch last year asked a core group of executives to travel the country to glean ideas for improving Hockeytown Cafe. Ilitch ...
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By Matthew Meli
(M and T property management LLC)
Countrywide Mortgage - Multiple layoffs. In talks with Bank of America about possible merger (CNN). Countrywide has also filed suit against 15 parties alleging that the company may have been tricked into lending as much as $40 million dollars (figures elsewhere say $80 million.) The defendants include eight individuals an appraiser, a property management company, and several mortgage and lending companies. According to The Wall Street Journal, another large lender, Argent Mortgage Company may also have been caught up in the scam. Some of the bad loans also appear to have been acquired by Fannie Mae.  Washington Mutual - Continued layoffs. Wholesale reps offer 1 pt to realtors for referral of loans. (Cutting the throats of their Broker base! Not good for biz!)Not to mention a blatant res...
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By Matthew Meli
(M and T property management LLC)
I have a lot of investment homes that can make you money. I have many ways to make you money. For more information please email me and I will be happy to send you a 3 step way to make money in Detroit. Looking to work with in and out of state investors who are looking to invest in the Metro Detroit area. We have a full staff team willing and able to help with any of your investment needs. We are highly knowledgeable of the areas and extremely dedicated. If you are interested get back with me and if you want to be included in our investor database please send me your e-mail.Matt the MARINE says sound off!!Thank you,Matthew Melimatthewmeli@remax.net
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By Dylan Tanaka, The Hybrid Mastermind For Agent Investors
(Michigans #1 Real Estate Investor Club)
FEATURE: 2007 Economic OutlookOn the Road to RecoveryBY ROBERT FREEDMANIf the second half of 2006 proved to be a tough period for residential real estate practitioners, "the good news is, the bad news is mostly behind us," says NATIONAL ASSOCIATION OF REALTORS® Chief Economist David Lereah. Lereah predicts that sales in many markets throughout the country are poised to pick up in 2007 and get on track for a full turnaround in 2008. He points to steadying mortgage interest rates, the top-out of home inventories, and declining new-home production as indicators that many markets are reaching a sustainable sales pace. Look for good prospects in commercial real estate, too. "The U.S. economy is proving very resilient, and that favors commercial real estate," says Kenneth Riggs, CRE, presiden...
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Olympia Development has been selected to refurbish and renovate the long-mothballed Grand Army of the Republic building in downtown Detroit. In 1866 Benjamin Franklin Stephenson and The Rev. W.J. Rutledge founded the first chapter of the Grand Army of the Republic in Decatur, Ill., with 13 fellow soldiers. At its height in the 1890s the organization boasted more than 400,000 members. Detroit was home to several flourishing and colorful Posts of the GAR.  The GAR was a wonderful organization where Union Veterans of the Civil War could not only socialize with their fellow veterans, but also could perpetuate the memory of their fallen comrades, aid fellow soldiers who had fallen on hard times, and extend help to widows and orphans of the war, similar to the modern VFW or the American Legio...
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Well it's that time of year again and if you grew up in the Motor City, then you should already know what I'm talking about.  Saturday marked the public opening of the 2007 North American International Auto Show at Cobo Hall in downtown Detroit, Michigan. The auto show is the premier annual event for the city. This is a post I really wanted to get out earlier considering I have been lucky enough to have a sneak peak at the 2007 NAIAS for the past 2 weeks but I have been so busy it just didn't happen until today.  Some of my best friends in the world own and operate Viviano Flower Shop Inc, in St. Clair Shores, Michigan.  Viviano Flower Shop is one of the largest florists in the country and their reputation as one of the best florists has helped them work with corporate accounts all over...
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By Suzanne Marriott, Associate Broker, CLHMS, e-PRO
(Keller Williams Arizona Realty)
Tony's parents sold a home in the city of Detroit last year - one they purchased after the riots of the late 1960's for about 30K.  They were fortunate to sell it for $215K - in the Palmer Park University District - one of the Detroit "enclaves" next to the Detroit Golf Club.  In Phoenix - it would sell for triple that price or more.  In California - double that again.An article on MSN Real Estate calls Detroit "The foreclosure capital of the U.S." and claims:"One in every 80 houses in Detroit began the process of returning to the bank in that time (3rd quarter 2006) -- a rate that is almost five times the national average."With the woes of the automakers seemingly never ending, what will it take to restore the city?Mike Ilitch, a self-made local billionaire of Little Caesar's pizza fam...
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