Only by leveraging new technologies like mobile apps, cloud storage and automated reporting can inspections deliver real value to buyers, sellers and lenders.
Real estate purchases should never be made lightly. The more substantial the investment, the more critical it is to make sure that everything is as advertised. Nobody wants to discover post-purchase that their newly acquired property needs significant work they hadn’t planned for, with associated costs that should have been calculated prior to making a deal. For this reason, due diligence walks—thorough physical inspections performed before the final paperwork is signed—are a standard component of just about every real estate transaction.
The city of Detroit and Detroit Housing Commission are again embarking on an effort to secure up to $30 million in U.S. Housing and Urban Development grant funding to redevelop the former site of the Brewster-Douglass housing projects.
The Choice Neighborhoods grant would be a key financing piece in the city’s effort to redevelop the 22 acre site, one of the largest residentially-zoned plots of land in an area that has attracted attention from many developers in recent years.
As communities across the south focus on immediate concerns such as saving and protecting lives and property and bringing badly-needed resources to the area, the costs inflicted by the recent hurricanes will be felt for months and years to come. NMHC/ NAA will closely monitor the aftermath of Hurricanes Harvey and Irma with our members and will work with state, local and federal officials to ensure the disaster recovery and housing needs of those affected are met.
The past few years have been extremely favorable to the multifamily market. Developers are building apartments to catch up on a lull of construction over previous years in a race to complete projects and capitalize on continuously rising rents. Investors are aggressively seeking opportunities to purchase multifamily properties, specifically core and value-add assets in top-tier markets, pushing cap rates as low as 4%.
A new report by Detroit Future City called 139 Square Miles, funded through the Knight Foundation, compiles a slew of Detroit data points to help understand where Detroit has been and where we might be headed. The report has data in four areas: population, economy, people, and place. This includes population trends in terms of age and race, where jobs are located and how much they pay, how people get to work, and how housing stock has changed.
The third Greater Downtown Residential Market Study has just been released by the Downtown Detroit Partnership (DDP), in collaboration with Invest Detroit and Zimmerman/Volk Associates, Inc. How is the greater downtown area doing in terms of demand and need for housing? With increased units available over the past few years, we’ll need more to meet demand in the coming years.
If you own or manage multifamily properties, explore some of the latest multifamily apartment trends in 2017. While some might seem over-the-top, it might be time to put yourself in your renters’ shoes, and put your properties more in line with their expectations.
Up 100 to 200 houses will be boarded up every week. Mayor Mike Duggan announced a brand new initiative this Thursday, called “Board Up Brigades.” This new plan calls for boarding up 11,000 blighted homes over the next two years.
Welcome to this week’s installment of Curbed Comparisons, where we explore what you can rent for a certain dollar amount in various Detroit neighborhoods. This week we’re looking at rentals within $100 of today’s price: $2,000.
Before leaving for August recess, the Senate Appropriations Committee approved a 2018 funding bill for the Departments of Transportation and of Housing and Urban Development (HUD) that includes a substantial increase for rental assistance for low-income households. Yet the increase may not be enough to keep pace with rising rents in the largest rental assistance program — Housing Choice Vouchers — and tens of thousands fewer families could have stable homes as a result.