$1.2 million program launched to grow Midtown population

By Sherri Begin | Crain’s Detroit Business

Centurion Place - Qualifying Live Midtown Development

Midtown Detroit’s three anchor employers, the state and a Detroit-based foundation are funding $1.2 million in incentives to encourage employees of the three anchor employers to live in the area.

The Detroit Medical Center, Henry Ford Health System and Wayne State University announced today the “Live Midtown” incentive program for their nearly 30,000 collective employees. The program is designed to entice those living there to stay and those not living in Midtown to move there.

The Michigan State Housing Development Authority and the Hudson-Webber Foundation are matching the anchor employers’ first-year investment, bringing the total to $1.2 million for this year.

In a release, the organizations said the Troy-based Kresge Foundation also plans to provide some investment for the pilot project, with the anchor employers continuing funding in subsequent years.

 

Willys Overland Lofts - Qualifying Live Midtown Development

The University Cultural Center Association will administer the housing incentive program for the three employers.

As rolled out, the incentives include:

• A $2,500 allowance for new renters, to go toward the cost of their apartment in the first year, followed by $1,000 for the second year.

• A $1,000 allowance for existing renters who are renewing a lease in 2011.

• A $20,000 forgivable loan toward the purchase of a primary residence, if taken at one time, or $25,000 at the rate of $5,000 per year if taken over five years.

• $5,000 in exterior home-improvement matching funds to existing home owners for projects costing $10,000 or more.

To qualify for the incentives, housing units must be within the New Center, Midtown, Virginia Park or Woodbridge neighborhoods.

The program is open only to employees of the three anchor companies.

For more information, visit www.livemidtown.org.

Crain’s 2010 Detroit House Party

Crain’s Detroit Business and MSHDA

Are pleased to present:

Detroit House Party

Featuring:

Design in Detroit

The event is being held on September 29, 2010.

House visits and cocktail parties will be from 5:30-7 p.m.

> To preview current homes, click here.

Then please join us for the afterglow reception from 7:30-10 p.m. at the Taubman Center located on the College for Creative Studies Campus.
> For directions to the afterglow, click here.

Join Crain’s in celebrating the 2010 class of 20 in their 20s at Bookies Bar & Grill

On March 29, 2010, Crain’s published a special feature on the local up-and-coming business people who are in their 20s. This fourth annual event honored these remarkable young people and their accomplishments. The recognition program celebrates the best and the brightest under 30 who may not have made their first million but whose creativity and entrepreneurial spirit is already contributing to a new energy in Southeast Michigan. In May, we will celebrate the 2010 honorees, friends, families and past recipients. Prior to the celebration, Detroit Make it Here hosted a Happy Hour to build connections among the creative class, 20s honorees and sponsors.

Click here to see Crain’s 2010 Class of 20 in their 20s.

Thursday, May 6, 2010 | 5 – 9 p.m. | Bookies Bar & Grill, Detroit | Tickets $45 at the door

Foreclosures boost Southeast Michigan residential home sales in July

Crain’s Detroit Business | Dan Duggan

The number of residential real estate sales in Southeast Michigan increased in July compared to the same period in 2008, however most of the growth is in foreclosure sales.

In July, there were 6,452 residential sales, up 18.7 percent compared to 5,436 sales in July, 2008, according to data from the Farmington Hills-based MLS Realcomp II Ltd.

More than half of the sales — 3,275 — were foreclosures; upping the number of foreclosure sales in the region by 75 percent compared to July 2008.

For the month of July, there were 111 non-foreclosure sales in Detroit, a 64.5 percent drop year-over-year; 425 in Macomb for a 6.2 percent drop; 842 in Oakland for a 6 percent drop; and 817 in Wayne for an 18.5 percent drop.

The median price on all sales dropped 38.1 percent from $105,000 in July, 2008 to $65,000 in July, 2009.

One of several bright spots in the numbers was that the non-foreclosure, median sale price for homes in the city of Detroit grew by 100 percent from $11,000 in July, 2008 to $22,000 in July, 2009.

For all of Wayne County, the number increased as well from $96,950 in 2008 to $100,000 in 2009.

In areas like Midtown and the University District, there seems to be more interest in sales right now, said Austin Black II, a Realtor in the Birmingham office of Max Broock Realtors who specializes in Detroit sales.

And those properties seem to be selling at higher prices, he said.

“Last week, I put in an offer for a client on a home in Palmer Woods and there were multiple offers on the house,” he said. “I haven’t seen multiple offers in a while.”

Black also said that some of the homes purchased dirt cheap in foreclosure are now being fixed-up and sold at market rate, perhaps driving the increase.

Also considered a positive indicator, the amount of time required for homes to sell decreased in July.

A home spent an average of 103 days on the market as of July, compared to 118 days as of July 2008. The inventory of unsold homes also reduced to 48,831 marking the lowest inventory number since March, 2006.

Black, however, noted that there are less people listing their homes.

“It appears that a lot of people are guessing that they won’t get what they’re asking for their homes, so they’re just not listing them,” he said.

Crain’s Communications  2009