Whether you’re looking to relocate to a Detroit neighborhood, get help with eventual housing, or take in the grandeur of the city’s finest architecture, we’ve got you covered.
This list of resources and the latest real estate news in Detroit will be updated throughout the summer. Check back as we add more coverage!
For home buyers
Supported by an investment of $ 2.2 million, a group of six Detroit-based nonprofits came together to create the Detroit Housing Network, an effort to strengthen housing stability and home ownership. affordable property in the city. Residents will be able to request help through an online portal at detroithousingnetwork.org.
First-time home buyers would be allowed to save for their purchase costs by using a tax-exempt savings account under bills passed by the Michigan legislature, a measure designed to keep residents in the city. state workforce.
The demand for homes in the Detroit subway is higher than ever, the inventory supply is very low, and selling prices are at record levels. And those same market conditions essentially existed before COVID-19, only to be amplified during the frantic year since the arrival of the pandemic. So where is the new housing construction to meet this white-hot demand?
Some buyers may have moved in 2020 amid the COVID-19 pandemic. For others, factors beyond their control have delayed their dreams of relocation.
As tempting as it may be to save a few dollars a month now by switching to an adjustable rate mortgage, consumers still have to do their homework in this ultra-low rate environment.
Homeowners, tired of being locked up for months during the pandemic, are eager to renovate. With low mortgage rates, thousands of extra dollars in buyers’ pockets thanks to stimulus checks and increasing demand, why is this market facing a slump?
Home selling prices are rising rapidly in some areas of the city of Detroit, making it easier for ordinary buyers to finally get a mortgage and not rely on cash transactions or risky land contracts.
Historic Real Estate in Detroit
The Michiganders who restore great old houses that were built 100 or more years ago now have another way of seeing their efforts recognized.
Detroit was one of five cities across the country selected by HUD to receive $ 160 million in neighborhood improvement grants to redevelop distressed housing, strengthen social services and improve public spaces in neighborhoods.
Neighborhood restoration in Detroit
Millions of dollars are expected to be distributed across Detroit as of July 1, Mayor Mike Duggan said at a community meeting on where $ 413 million in funds related to the COVID-19 pandemic will be distributed.
Having a home of your own – whether you own or rent it – is not just a point of pride, it helps uplift the whole community, which is why PNC Bank, the City of Detroit and LISC Detroit strive to helping more people in Motor City have access to affordable housing.
Billionaire couple Dan and Jennifer Gilbert pledge to invest $ 500 million over the next decade in Detroit neighborhoods, starting with $ 15 million to eliminate the property tax debt of 20,000 Detroit homeowners .
Michigan Real Estate Plans
The redevelopment of the long-vacant 18-story United Artists Theater building in downtown Detroit into nearly 150 apartments moves forward again after delays and cost increases resulting from the COVID-19 pandemic
Lawmakers are considering a ban on ordinances that stop Airbnbs and similar rentals by zoning. It aroused strong reluctance on the part of local leaders.
A great Detroit sports figure built this Bloomfield Township mansion in 1995, including a basketball half court with an observation room.
Is the pandemic responsible for the woes of Michigan bed and breakfasts? Not completely, but it certainly didn’t help.
The vacation home boom in the North that surprised sellers and potential buyers last summer amid the COVID-19 pandemic has reached the Upper Peninsula, where cottage prices are now on the rise and inventory on hand. are very tight.
Details have emerged of plans to build an upscale apartment tower and possibly a discount supermarket on significant vacant land in Midtown.
The seven-story, $ 74 million Godfrey Hotel would be built at 1401 Michigan Ave., pending demolition of a vacant building that years ago housed the administrative offices of the Detroit Lions and later the City Cab Co .
Contact Minnah Arshad: [email protected] and follow her on Twitter @minnaharshad.
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