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Greetings!
Happy New Year!
The New Year brings with it a fresh start, a sense of optimism and promise, and, of course, the inaugural issue of Urban Living Update for 2008.
With the New Year underway, exciting events in Detroit abound. Be sure to mark your calendar for the following happenings:
As a valued client, I welcome any feedback or suggestions you might have to improve future editions of the Urban Living Update. Tell me what information you would find helpful about the Detroit real estate market, and other area happenings, and I will do my best to incorporate it into future editions. |
| Breaking News! $150-million Campus Martius Development |
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Detroit Gets New Era in Downtown Living With Iconic $150 Million Cadillac Centre on Campus Martius Park
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DETROIT, Jan. 6 /PRNewswire/ -- Detroit gets a strong new start on the New Year with the expected announcement of an iconic $150 million living, dining, shopping and entertainment complex called "Cadillac Centre" on Campus Martius Park occupying the entire Monroe Block with a connection to the existing Cadillac Tower.
The announcement is expected to be made by Detroit Mayor Kwame M. Kilpatrick and owner-developer Alex Dembitzer, principal and managing partner of the Northern Group, Inc., a privately held New York City-based real estate investment firm with strong ties to Detroit, at 11 a.m., Wednesday, Jan. 9 in the Mayor's conference room. Joining Mayor Kilpatrick and Dembitzer for the announcement will be internationally renowned architect Anthony Caradonna of New York and Rome.
What: Two 24-story apartment towers (84 units) with 100,00 square feet of major retail space, a 30,000 square foot market, a 14,400 square foot health club and spa, a 40,000 square foot public park, more than 25,000 feet of boutiques and specialty shops, 800 parking spaces and a 22,000 square foot "living roof", which will collect and filter rain water and help control energy consumption.
When: Groundbreaking - 2009, completion - 2011
Developer: Northern Group, Inc.
Financing: All financingis in place using its private funding sources.
Source: North Group, Inc. and PRNewswire |
| Downtown rentals fare better than condos |
| Crain's Detroit Business - January 7, 2008
by Daniel Duggan and Robert Ankeny |
Austin Black II, Realtor and Detroit residential sales specialist with the Max Broock Birmingham office is quoted in this week's Crain's Detroit Business.
Click here to view the full article.
What does this mean for potential buyers? You now have the opportunity to buy a new home at a great price.
See the Top 10 Reasons Why Its A Great Time To Buy Real Estate at the end of this newsletter. |
| Detroit Studies Mass Transit Options |
| by Detroit Transit Options for Growth Study |
As the revitalization of the Detroit area progresses, the need for a viable rapid transit system that connects neighborhoods, businesses, major destinations and new development is becoming more and more evident.
The transportation study - known as the Detroit Transit Options for Growth (DTOG) Study - will identify and evaluate rapid transit options to improve access and mobility in the Detroit area.
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| 2008 Listing Update - Detroit Homes for Sale |
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Listed by: Austin Black II - Max Broock Realtors
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 The Lofts at Rivertown - Just Reduced $119,900
This true-loft, is within walking distance to Belle Isle, the soon to be completed River Walk, and less than a 5 minute drive from downtown and major expressways. This loft features high ceilings with wood beams, exposed brick, stainless steel appliances, granite countertops, quartz concrete floors, jetted tub and a balcony.
 Riverfront Condominiums - $165,000
Enjoy stunning riverfront and Canadian skyline views in downtown's premiere waterfront community. Condominium features maple cabinets, granite countertops and hardwood floors. Located in a private, gated community, enjoy on-site fitness center, grocery store, restaurant, tennis courts, marina, and direct access to the People Mover.
Green Acres Colonial - $184,900
Spectacular brick colonial in the prestigious Green Acres subdivision. This home features hardwood floors throughout, two fireplaces, updated kitchen, spacious living room and dining room, and cozy study off living room. Home has tons of character and ready for you to move in.
Garden Lofts - $299,900
Live in this brand new loft within walking distance of the downtown entertainment district. 2 bedroom, 2 bath condo features hardwood floors, 10' ceilings, all appliances, walk-in closet, balcony, grand foyer entrance and great views of the downtown skyline. Home also includes two assigned indoor parking spaces.
 200 River Place - $395,000
This luxury loft, steps away from the Detroit River, features: hardwood and slate floors, stainless steel appliances, granite countertops, gas fireplace, lots of storage, indoor parking on the first floor, 15' beamed ceilings and brick walls. Enjoy the serenity of the Detroit River and be minutes from the bustling downtown entertainment district.
200 River Place - $449,900
Loft features granite countertops, glass tile backsplash, Fisher & Paykel stainless steel appliances, custom built-ins, hardwood and slate floors, and a fireplace. Custom bathrooms features jetted tub and walk-in shower. Loft also has a private rooftop deck. Great views of the Detroit River.
Search homes for sale in Metro Detroit by visiting the property search section on my website. |
| Top Ten Reasons It's A Great Time to Buy Real Estate! |
| Let me help you search for your next home.
by Paul Pastore |
1. Selection, selection, selection. Regardless of the price range a buyer desires, there are plenty of houses from which to choose. Just a few years ago the resale inventory buyers were forced to make compromises if they were going to locate the home of their dreams. There is a great selection of attached homes, condos, and townhouses. There are lots of options in this market.
2. No Bidding Wars. In 2005 we had one client that made an offer on ten homes. They lost the first nine to the 'feeding frenzy' that existed. Other buyers bid the properties up substantially from the original listing price. There were escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There is no competitive bidding in this buyer's market.
3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price could the buyer reach in hopes of being the best offer on the table. Today the sell price list vs. price ration is about 96%. A seller will not be insulted if you 'make them an offer they can't refuse'.
4. Patience is tolerated. In the hot seller's market that existed everything was rushed. Find a house before other buyers did. Hurry up and make the offer. Today a buyer can take their time. Look at several homes and think about your decision for a few hours.
5. Due diligence is welcomed. In this market a buyer is encouraged to obtain a home inspection, termite inspection, and appraisal. In 2005 many buyers waived these contingencies in order gain an advantage with multiple offers.
6. There are plenty of specs. In the not too distant past buyer had to 'play games' if they wanted a new home. There were lotteries and waiting lists in order to obtain new construction. Some buyers slept in their cars in order to get to the head of the lines. R.L. Brown estimates that builders have thousands of specs ready for immediate occupancy.
7. Repair requests are welcomed. After a buyer completes a home inspection, they are allowed to submit a repair request to the seller. In the past a seller might insist the home was sold 'as is'. Many times, there were back-up buyers waiting for a primary buyer to upset the seller whose home was increasing in value almost daily.
8. Few, if any investors. It is estimated that one third of all sales in 2005 were to investors. These non-owner occupied buyer caused the market to inflate and affordability to decline. Mortgage fraud became commonplace. It's a great time to buy without having to compete with hundreds of prospective landlords.
9. Location, location, location. Today's buyers can find homes in their desired neighborhoods.
10. Real Financing is available. The 'wink, wink' zero down, no doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first time homeowner bond programs, special loans for teachers and police officers are back in business. It's a great time to buy real estate!
To get a free report on available homes, lofts and condos throughout Metro Detroit email me at austin@austinb2.com. |
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| Detroit on list of places to visit |
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by Free Press staff / Detroit Free Press |
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If you're a world traveler looking for somewhere special for next year's vacation, then the New York Times suggests a place that won't take long to get to.
On Saturday (December 8, 2007), the Times listed its top 53 destinations in 2008, and Detroit came in at No. 40, beating out London, New York and Las Vegas. Only six U.S. cities made the cut.
So what makes Detroit such a delight? New hotels and the Detroit Institute of Arts, the Times says.
The paper's top spots? Laos; Lisbon, Portugal, and Tunisia. |
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