Relevant news on the real estate sector in Spain – December 2018


Relevant news on the real estate sector in Detroit

We are pleased to provide you with information about news published in different media on real estate investments in Detroit. Hope you find this information interesting. We are here to help you analyze how this information can generate opportunities for your next investment.

Report: Detroit ranks first in cities with largest rent increases

A new report from SmartAsset compares rent prices from 2014 to 2017, along with household incomes, and finds that the amount Detroiters have to spend on rent has increased the most in that time frame. The amount of income spent on rent has gone up 9.8 percent from 2014 to 2017 in Detroit.

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Detroit: a mecca for real estate investors

Detroit was the capital city of the automotive industry until the huge crisis faced by the sector caused its decay. Today, it is shown as the new “real estate mecca in USA”. Today the market has a wide offer of residential and commercial assets to be refurbished and, it is possible to acquire portfolios from banks and auctions with important discounts under the market value. Real property has started to recover its value at a 10% rate annually but there is still a long way to go.

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Detroit’s Economy Becoming More Diverse

Experts believe Detroit’s economy is shifting away from manufacturing in favor of the medical and technology industries. It’s also important to note that while Detroit’s economy is becoming more diverse, new manufacturing jobs are still a major positive for the Motor City. As GM was announcing layoffs, Fiat-Chrysler announced it would be reopening a former engine plant on the city’s east side. The company plans on building new models of the popular Jeep Grand Cherokee SUV. The reopening the plant is projected to create 400 new jobs.

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UM economists: Michigan job growth enters longest period since WWII

After racking up nine years of uninterrupted job growth in the third quarter of 2018, the annual state forecast released Friday is positive for the next two years, even as the labor force tightens and job growth slows. The researchers predicted the state’s annual unemployment rate in 2018 will drop from 4.4 percent with 55,200 jobs added to 3.9 percent with 35,800 more jobs in 2019. In 2020, they forecast an unemployment rate of 3.8 percent with 39,300 new jobs. Although that marks the lowest unemployment rate since 2000, that job growth is slower than the 1.9 percent rate the state had from 2011 to 2016.

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Fouts details $170M Warren Town Center development

Mayor James Fouts released details Wednesday of a $170 million public-private development project in his city. The town center is described as a mixed-use development that will feature 500 market-rate apartments and lofts, a 200-room, boutique hotel, more than 20,000 square feet of retail and dining, and space for a 300,000-square-foot full-service grocery, like a Whole Foods or Papa Joe’s, Fouts said.

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The Metropolitan Building set to open after nearly 40 year vacancy

The $33 million renovation has been led by the Roxbury Group, the Means Group, and other project partners. The Roxbury Group also led the renovation of the David Whitney Building, which is now residences and the Aloft hotel.

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Strategic Neighborhoods Fund gets $35M corporate boost

The Detroit program which aims to invest in development in specific neighborhoods around the city snagged a huge corporate boost today. Seven companies are committing $5 million each to the city’s Strategic Neighborhoods Fund. The city expects the funding to improve the neighborhoods in the following ways: Park improvements, Commercial development to fill vacant storefronts and lots, Streetscape improvements, Single-family home stabilization to renovate and preserve existing vacant houses, and Affordable housing development.

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Which Detroit developments were the most exciting in 2018?

In 2018, Detroit development news has largely been about planning for the future and how we get around the city. How we get around Detroit also changed this year, as scooters took over the city. More bike lanes made their way on major roads, and MoGo announced an expansion. Basically, it was a year where shorter-distance solutions became available in the city. Brush Park continued to add more residential development plans in the mix, while more neighborhood developments started taking shape around the city.

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10 Detroit neighborhood developments to watch

Most of Detroit’s development over the last five years has occurred in downtown or Midtown but now, development is slowly making its way into the neighborhoods. The map includes notable developments either underway or in the works outside of downtown and Midtown.

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Most Detroiters in a decade worked in September

Preliminary figures from the U.S. Bureau of Labor Statistics showed unemployment in Detroit at 7.9 percent and that more than 228,700 people were working. That’s an increase of nearly 2,457 over August when the jobless rate was 9.2 percent. Detroit’s unemployment rate was 28.9 percent in June 2009.

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Detroit’s West Riverfront Park on track for 2022 completion

Projected to cost well over $100 million, the makeover of the West Riverfront Park area is going to transform a dying area into a thriving outdoor space that people will know and love for generations to come. Thankfully, it was recently announced that the Ralph C Wilson Jr. Foundation will be investing $200 million dollars into the project, ensuring that it will be completed on time by 2022. It’s going to have to a cove right off the river, sandy beach, kayak launch, jetty for fishing and so much more.

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Ford’s New Detroit Campus to Cost $740 Mil, Create 2k Jobs

Ford sent shockwaves through the city when it announced it would be purchasing the iconic Michigan Central Station in Detroit’s Corktown neighborhood. The company announced that all 2,000 workers hired to complete the project would be unionized. Ford estimates that it will take 2.5 million man hours, 51% of these hours must be completed by city of Detroit residents.

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Opportunity abounds in Detroit — if you know where to invest

As city, state and federal governments sink funds into Detroit, people are looking for investment opportunities — single-family, multi-family and small apartment buildings. The city’s recent announcement to ticket landlords for neglecting properties shows a major turnaround in the way we view Detroit’s real estate potential. The opportunities are ripe for the picking, the possibilities for strong, cap-rate income with massive appreciation potential only exists in neighborhoods; that’s where undervalued deals reside.

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Investing In Detroit Real Estate – Brent Maxwell inspires Israelis to build up the Motor City

The managing director of IPS Realty, a real estate investment firm focused on Detroit neighborhoods, persevered even through the recent recession. Today, his company buys single-family homes, multi-family apartment buildings and whole residential blocks in need of rebirth, thanks to the support and resources of investors from around the world, including five different groups of investors from Israel. He corrals a group of investors to pony up to support a purchase of properties. Once they are acquired, Maxwell’s company rehabs those in need of it and either finds tenants and handles management or sells the appreciated properties for a profit. IPS investors typically see returns between 10 percent and 20 percent.

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JP Morgan Chase: Investment In Detroit Was a Massive Success

In the wake of Detroit’s bankruptcy 5 years ago, JP Morgan CEO Jamie Dimon took a big gamble on Detroit. The head of the nation’s largest bank decided to invest more than $100Mil in the city which was ravaged by the global financial crisis as well as years of mismanagement at the city and state level. Fast forward to 2018, where the investment was so successful Chase has decided to invest another $500Mil as part of its AdvancingCities Initiative.

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