From the Ashes of the Detroit Housing Market
2008-03-03 11:33:00
Detroit, MI – In the Detroit market is now possible to stop making house payment and/or stop paying rent and yet enjoy the pride of home ownership independent of credit score. The depressed Michigan housing market allows investors to buy bank owned properties for les than 20 cents on the dollar. These properties can be re-habbed, HUD-appraised and purchased by a senior, who is 62 or older and approved for a reversed mortgage. This senior can now be a proud home owner without ever having to make house payments again! The investors are willing to help the seniors by providing a private mortgage or land contract on the home while the reverse mortgage is obtained.What is a reverse mortgage? A reverse mortgage lets an owner convert home equity into cash. However, unlike a traditional home equ
Read more: Market
, Housing
, Detroit
Michigan’s Largest Real Estate Broker Reports $5.4 Billion in Sales
2008-02-25 05:36:00
Morris works with John Adams Mortgage Company offering quick approval, equity and bridge loans and a variety of mortgage products designed to meet specific needs. Capital Title Insurance assists sales associates and customers by coordinating the details of the transaction. Insurance One provides complete insurance coverage for associates and customers. Home Services One helps customers coordinate the many details connected with a move, from hiring a moving company to cleaning carpets. The full time professional staff is experienced in real estate and very knowledgeable in all aspects of relocations assisting more than 3,000 families moving to and from the metro Detroit area each year. First American Home Buyers plan offers a one year residential service contract that provides repair and re
Read more: Estate
, Sales
, Michigan
, Largest
, Broker
The Real (Estate) Deal
2008-02-20 03:52:00
The Detroit Investment Fund's Dave Blaskewicz presented an overview of the last six years of development in Greater Downtown – new housing, retail and dining and entertainment venues, not to mention cornerstone changes such as Compuware, Campus Martius and the Detroit RiverWalk.
Read more: Estate
Detroit registered the highest foreclosure rate among the nation's 100 largest metro areas
2008-02-16 12:10:00
Detroit registered the highest
foreclosure rate among the nation
's 100 largest metro
areas
, with close to 5 percent of its households entering some stage of foreclosure during the year -- 4.8 times the national average and up from about 3 percent in 2006. A total of 72,616 foreclosure filings on 41,273 properties were reported in the Detroit metro area in 2007, up 68 percent from 2006. The other Michigan metro area with a foreclosure rate in the top 20 was Warren-Farmington Hills-Troy at No. 17.With 4.866 percent of its households entering some stage of foreclosure during the year, Stockton, Calif., documented the second highest metro foreclosure rate.
Read more: Detroit
Campaign helps developers market inexpensive Detroit properties
2008-02-11 16:55:00
he D Brand is about promoting the city's strengths while acknowledging its challenges. Developers and business owners say an application of the brand for urban revitalization works too.Resurrecting a dead property has been a fascination for Avinash Rachmale, CEO of Lakeshore Engineering Services. Rachmale first renovated a warehouse in Highland Park with his own money. He recruited investors and landed government contracts, which enabled him to restore an eight-story, 245,000-square-foot building once owned by Henry Ford's prototype team.
Read more: Detroit
, Campaign
Residential real estate market in Detroit
2008-02-05 16:59:00
Dave Blaszkiewicz, president of the Detroit
Investment Fund, will give a presentation on who's moving to Detroit and what are the residential real estate opportunities. The $52 million Detroit Investment Fund is a private-capital fund that offers financing for businesses and real estate projects that can stimulate economic development in Detroit.Afterward, a panel of Realtors who sell in Detroit will discuss their experiences and take questions from the audience.
Outside investors hot on Detroit commercial real estate
2008-02-02 03:11:00
Metro Detroit
's inventory of commercial real estate continues to provide hot prospects for out-of-town investors.Seven of 2007's 10 biggest sales were purchased by companies or investors outside metro Detroit. The area's reputation as a risky place for investment has been both good and bad.
Read more: Outside
People making news
2008-01-28 00:34:00
Jerry Moyer of Livonia, a property manager at Broder & Sachse Real Estate Services Inc. in Birmingham, has been elected president of the Institute of Real Estate Management's (IREM) metropolitan Detroit chapter. Moyer has had a 15-year property management career.
Read more: making
2008 may be brutal again for Michigan real estate
2008-01-22 15:15:00
Metro Detroit's real estate market was socked hard last year, marked by the largest drop in home prices since the Reagan administration, the third-consecutive drop in annual home sales, the lowest number of new home permits since at least 1969, and a massive wave of foreclosures that drove thousands from their homes.It likely will be another tough year in 2008. While the downturn in the region's housing market may slow down, there isn't likely to be any noticeable rebound until the second half of the year, at the earliest, analysts say.
Read more: Michigan
, brutal
Conference speakers: Detroit real estate market has hit bottom
2008-01-21 09:33:00
The Detroit
real estate market has hit bottom and is expected to improve during the next couple of years.That was the message from speakers
at a Thursday forecast conference in Southfield.“The bottom line — we have bottomed out,” said Larry Emmons, regional director in the Southfield office of First Industrial Realty Trust. “In 2008, 2009 and on to 2012, we’ll return to growth, but slow growth.”
Profiting from problems of others
2008-03-10 04:14:00
Last year, Detroit led the United States in foreclosures, with close to 5 percent of its households entering some stage of foreclosure, according to RealtyTrac, an online marketplace for foreclosure listings.That number was nearly five times the national average, and almost double the number of foreclosures in Detroit in 2006.But every cloud has a silver lining. Just ask Ralph R. Roberts, a top real estate agent in Detroit who says he has personally bought and sold more than 2,000 foreclosed properties during his career."This could be a great time to buy a home - if you have the resources," he said.Roberts, who is the author of Foreclosure Investing for Dummies and Flipping Houses for Dummies, said in a recent interview that he believes that more than 6 million families are in distress nat
Read more: problems
Now is the opportunity to buy a home
2008-03-17 05:52:00
As a real estate agent in the lakes country area, which includes the communities of Detroit Lakes, Lake Park, Audubon, Pelican Rapids, Hawley, Mahnomen, Park Rapids and points in between, I’m struck by the apprehension about buying a home in today’s market.The truth of the matter is that there has never been a better time to buy when we consider the unique forces at play. Interest rates are near 40 year lows, prices have moderated, and the number of homes on the market is greater than it has been in years.
Michigan Millionaire Makers Market Available To Real Estate Investors Through Michigan Income Properties
2008-03-25 03:54:00
Mt. Clemens, MI--Michigan
's Premier Investment Property Buyers ( are delivering real estate investors homes with mega equity. Due to strong relationships with local banks, Michigan Income
Properties
is able to offer Michigan real estate investors homes at less than 50 cents on the dollar."I can buy houses from Michigan Income Properties for thousands of dollars less than what the banks are letting them go for" says Robert Eloot, a Michigan real estate investor and current client of the company.
Read more: Estate
, Market
, Millionaire
, Makers
, Investors
America's Riskiest Real Estate Markets
2008-04-05 17:52:00
There's roulette and there's skydiving. Then there's investing in Detroit and Cleveland real estate.That's especially risky because those markets are in freefall. Lenders have fled, foreclosures are on the rise, homes aren't selling and local economies have stalled.The riskiest were those that had the highest foreclosure rates, slow job growth (or job loss) and a rash of listed homes.
Read more: America
, Estate
, Markets
Investors snap up big deals in Detroit
2008-04-18 11:28:00
Overall, metro Detroit
home sales rose 2.5% in March compared with March 2007, according to figures released Monday by Realcomp Inc., a Farmington Hills-based multiple-listing service.Sales for the month were down in Macomb, Oakland and Livingston counties, however. Sales fell by 12.6% in Livingston, 4.6% in Macomb, 4% in Oakland and 5.4% in the St. Clair area, which includes areas in the Thumb. Wayne County sales rose 17%."There are a lot of out-of-state investors coming in to town to buy homes. They seem to be aware of the fact that there are good deals in the city of Detroit," said Bryant Harris, an agent with 20th Century Real Estate in Detroit. "The market affords people the opportunity to own a home for as little as a couple thousand dollars."
Read more: Investors
Michigan commercial real estate houses
2008-05-06 04:04:00
The Commercial Board of Realtors' listing information exchange will get a serious boost when two major commercial real estate houses
begin this month to share all their historical data and proprietary listings.Signature Associates, based in Detroit and with offices in Grand Rapids and Kalamazoo, announced it would hand over its 2,400 listings to CPIX, the information exchange used by CBOR members and the Michigan
Economic Development Corp.Colliers Inc., based in Southfield, also will share its information, including some 1,000 listings, Signature Vice President and managing director Mark Woods said.
GM buys its Detroit headquarters for $626 million
2008-05-14 04:57:00
DETROIT (AP) — General Motors Corp. said Thursday that the shaky real estate market convinced the automaker that it was a good time to buy its previously leased headquarters
in downtown Detroit
's towering Renaissance Center for $626 million
.GM revealed the May 1 purchase in a filing Thursday with the Securities and Exchange Commission. GM said it paid $626 million cash for the headquarters and $
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