Detroit real estate - Articles

Detroit's 'Brewster Projects' Yields to Final Demolition

Carlos Osorio/The Associated Press DETROIT -- The final phase of demolition began this week for a well-known vacant Detroit housing project that once was home to boxer Joe Louis and members of the Supremes. Crews started using heavy equipment Monday to take down four 15-story towers that are part of the former Frederick... Continue Reading »

10 U.S. Housing Markets on the Rebound Right Now

Travelin' Librarian/Flickr In a tumultuous summer in the American housing market that saw home prices and mortgage rates rise, the nation's housing recovery was led by cities as diverse as Detroit, Santa Barbara, Calif., and Reno, Nev., according to realtor.com's review of third quarter 2013 housing data. The survey... Continue Reading »

Couple Find Their Dream Detroit Home Before It Goes on Sale

#fivemin-widget-blogsmith-image-964614{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-964614, #postcontentcontainer #fivemin-widget-blogsmith-image-964614{width:570px;height:411px;display:block;} When Craig Bentley and Frank Polito's 500-square-foot New York City apartment started to feel like a... Continue Reading »

City Demolishes Wrong House, Suspects a Scheme by Homeowner Next Door (Video)

#fivemin-widget-blogsmith-image-591432{display:none;} .cke_show_borders #fivemin-widget-blogsmith-image-591432, #postcontentcontainer #fivemin-widget-blogsmith-image-591432{width:570px;height:411px;display:block;} Another city has accidentally demolished the wrong house, but in this case it might be hard to blame... Continue Reading »

Towns Where Housing Markets Are Turning Around

With an average of 1.8 million homes on the market on any given day in the second quarter of 2013, home list prices are rising in major metro markets around the nation as housing inventory continues shrinking, but the city of Detroit, which filed for bankruptcy last month, is that one surprising dark horse among the Top... Continue Reading »

Detroit Realtors See Bankruptcy as Potential 'Turning Point'

By Gabrielle Karol Two Detroit realtors see the city's filing for Chapter 9 bankruptcy protection last week as a potential turning point toward rebirth. "I think a lot of people feel that getting rid of some of the debt will allow the city government to reinvest in the city neighborhoods that haven't seen investments or... Continue Reading »

New Detroit-Area Homes Demolished as Housing Project Goes Awry

The Detroit area remains one of the top 10 metros for foreclosed and vacated homes. Its abandoned residences often become hideouts for drug users and prostitutes, and occasionally scenes of murder. So it's no wonder that government officials want to simply tear down many of these homes. But in the community of Highland... Continue Reading »

Repurposed Schools Offer Lessons in 'Ultimate Form of Recycling'

By Corey Williams DETROIT -- When it was a high school, the auditorium and gymnasium at the Burton International School thrummed with the sounds of students gathering for assemblies or bouncing balls. These days, film dialogue and soundtracks fill the nearly 100-year-old building, which has found new life as a movie... Continue Reading »

Jane Bashara Murder Home: Scene of Notorious Crime Up for Sale

On the market: A cute and spacious 2,800-square-foot Colonial in Grosse Pointe Park, Mich., with four beds and baths, remodeled kitchen, wine cellar and bar -- and one heck of a backstory. This quaint abode can be all yours, if you're OK with the fact that it's the notorious scene of a national-headline-grabbing... Continue Reading »

Listing Fail: Detroit Home Advertised as 'Beautiful and Historic,' and a 'Target for Local Criminals'

We've come across a number of home listings that inadvertently scare off potential buyers (crime scene tape, anyone?), but never have we seen a listing that seems to openly and deliberately do so -- until now. This Detroit home, dubbed by our pals at Curbed as the "angriest listing of all time," lists quite... Continue Reading »

America's Most and Least Affordable Cities to Buy a Home

By Michael B. Sauter After years of weak housing markets, home sellers are hopeful that this spring's homebuying season will finally lift prices. In positive news, RealtyTrac reported in March that national foreclosures fell to their lowest levels in five years. Unfortunately, the number of homes that received... Continue Reading »

101-Year-Old Woman Evicted in Foreclosure

DETROIT -- A 101-year-old woman was evicted from the southwest Detroit home where she lived for nearly six decades, after her 65-year-old son failed to pay the mortgage. Texana Hollis was evicted Monday and her belongings were placed outside the home. Her son, Warren Hollis, said that he didn't pay the bill for several... Continue Reading »

Man Makes Marriage Proposal at Mortgage Lender's Office

Closings and beginnings... Whatever happened to a romantic evening under the stars as the logical setting to pop the question? Chase Bank mortgage officer Greg Valentino was working on the title paperwork with a couple of homebuyers in Columbus, Ohio, when he asked them if he should list the owners as "single man" and... Continue Reading »

House of the Day: Detroit Gem in Need of Polishing

Flipping through the Detroit MLS these days produces some sad-trombone listings, but we keep coming back to a 10,395-square-foot baronial Tudor listed for $759,000. Since not even the Motor City can stay woeful forever (that's our inner Pollyanna speaking), we decided to feature what appears to be a steal. Yes, it is in... Continue Reading »

Prominent Congressman's Home an Eyesore

Add this to the list of "made in Detroit": a longtime congressman who let his house become a neighborhood eyesore. Ah, Detroit -- a city with such promise, at least if Super Bowl car ads and Eminem are to be believed. But there's always a kick in the tires, it seems, for the Motor City. This one comes from Democratic... Continue Reading »

Madonna's Childhood Home Lists for $49K

Before Madonna spoke the Queen's English, back when she use'ta tawk like dis on the mean streets of Detroit, her Madgesty lived in this humble Rochester Hills, Mich., home. And for the rock-bottom price of $48,600, you can own this four-bedroom slice of pop history. Unfortunately, the years have not been kind to the Queen... Continue Reading »

Case Shiller Index Shows Housing Crisis Is Not Over

Home values are having a bad 2011 so far, despite hopes for a spring recovery. The S&P/Case-Shiller index of home values in 20 cities fell 3.3 percent in February 2011 from the same month a year earlier. Washington, D.C., was the only market covered by the index to post a year-over-year increase, 2.7 percent. In a more... Continue Reading »

Home Builder Jailed for Straw Buyer Fraud

A 60-year-old Detroit area home builder who was sentenced this week to six months in prison for mortgage fraud involving straw buyers got off pretty easy considering bank fraud is punishable by 30 years in prison and other penalties. After he has served his term, Giuseppe Cracchiolo, of Romeo, Mich., will also have three... Continue Reading »

$1,000-Down Home Deals: Enough for Detroit Police?

Angela Beauford, a retired Detroit firefighter, says there is not much the mayor there can do to entice her to move back to the city, not even offer sweet home deals. But hoping otherwise is the mayor of Motor City, who on Monday rolled out a project for Detroit police officers and firefighters that will help them qualify... Continue Reading »

Underwater Homes Abandoned By Banks

It's not just homeowners walking away from underwater homes -- so are banks and their mortgage servicers. Unfortunately for some neighborhoods, the mortgage servicers are abandoning the homes after many of the homeowners have been booted out and the home has sat vacant for months on end, according to a new study by... Continue Reading »

Home Auctions: Buy a House for 50 Bucks?

It seems almost impossible -- or horrific (or wonderful?). Homes at a two-day auction this past weekend in Detroit, arranged by the Federal Deposit Insurance Corp. (FDIC) went for as little as $50 -- for a four-bedroom home in perennially depressed inner Detroit -- and as high as $1.7 million -- for a relative bargain in a... Continue Reading »

Detroit's Donald Trump Is Buying Up Small Lots Across the City

It's good to have cash and a shrewd ability to spot a deal in a downturn. Just ask Manuel Moroun, a businessman who has become the Detroit area's biggest private landowner. Moroun owns an estimated 600-plus parcels of real estate scattered across Michigan's Wayne County, which includes the city of Detroit -- much of which... Continue Reading »

Artists Draw Attention to Detroit's Housing Crisis

Though typically in the headlines for its crime rate, its astonishing unemployment, or any number of other depressing stats, not all the news out of Detroit these days is bad. The same pillowy-soft real estate market that makes the Motor City a renter's dream, has opened the door for aspiring artists to turn some of the... Continue Reading »

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