The Penobscot building in Detroit’s downtown financial district is one of the city’s most iconic skyscrapers. Built originally in the 1920, it is actually three buildings that are interconnected. It was the tallest building in Detroit for about 50 years. The purchase by a Canadian real estate firm is seen
This Mother’s Day, Michigan residents should consider a rather unorthodox, yet very important gift and that is the peace of mind that comes when you and your mother know the family will be taken care of when the inevitable occurs. Estate planning can be one of the most important gifts
Many major cities have a tradition of spring home tours of notable area residences. Being a part of a home tour can help homes that are for sale get better visibility and can help bring notoriety to the neighborhood. In Detroit this spring, homeowners associations from all around the city
Even in the tough economy, Michigan families looking for a new home can still be quite choosey. One of the important features for many home buyers is how environmentally friendly a home is. Energy efficiency can save families large amounts of money over the course of owning a home. Investing
Since many couples delay marriage, or simply do not marry at all, Massachusetts residents may wonder what happens when you own a home with another in a joint tenancy and one person listed on the title dies. One reader wanted to know if there was an inheritance tax in just
While the economy is certainly not totally recovered, this might still be a good time for some Michigan residents to consider buying a second property. With low mortgage rates and plenty on the market to choose from, many people who can afford it are choosing to purchase a second home
The Rails to Trails program has been a popular program nationwide. Many communities enjoy the conversion of unused railroad tracks into walking and biking trails. However, few people are aware that much of the land used for those trails was privately owned before the government decided to turn it into
Analysts estimate that over the next few years, about 6 million more homes will fall into foreclosure. While this is certainly not good news for the properties themselves, it also means that many of those homeowners will become renters. The rental market has been favorable for landlords recently, setting records
Michiganders might be interested in a recent article by a retired probate judge who offers advice on some of the most common estate planning mistakes people should avoid when preparing for their families’ futures. In this particular article he discusses the use of trusts to protect the assets of an
Many homeowners are familiar with the offers they get in the mail advertising mortgage relief or refinancing programs. Some of the offers seem too good to be true, and a recent action by the Federal Trade Commission suggests that they are not true. One of the companies being sued by
New housing data indicates that short sales are become more and more common as an alternative to possible foreclosure. A short sale occurs when a property owner sells for less than the amount owed on their mortgages. A short sale may enable a property owner to preserve their credit rating
As discussed in last week’s post, what happens to your debt when you die depends on a number of factors, including the type of debt it is, whether it is secured debt, such s a home or vehicle, and the name on the title of the property securing the debt.
Landlords and tenants typically argue over issues like a broken air conditioner or past due rent or other easily anticipated elements of occupying a rental property. A family in New Jersey recently filed a complaint against their landlord for a very unusual reason. They believe the house is haunted. Regardless
An English manor-style home built in 1915 is back on the market in Detroit for the first time in more than 30 years. The historic home, known as Stone Hedge, is a rare glimpse in to life in Detroit just after the turn of the century. The lavish home is
Being named as the sole beneficiary of a relative’s estate may not be what it once was with so many properties upside down and the nation’s credit card debt at record levels. What do you do if you are willed a house in which the mortgage owed is more than
It is hard enough losing a parent, but to have the state come after your inheritance afterwards can make an already difficult time that much more traumatic. That is what is happening to one Michigan family who is learning that their mother’s will doesn’t matter to the state as it
An appellate court in Michigan upheld a lower court’s ruling that will allow debt holders to recover money from landlords who foreclose on commercial property. Bondholders are now able go after the personal wealth of commercial real estate owners to recover loans. In the past, lenders had no other recourse
Detroit is one of only three metro areas to show a rise in home prices, according to the Case-Shiller index released recently. The report shows that in January of 2012, home prices were up by 1.7% over the previous year. Experts say that it is difficult to draw conclusions from
Mortgage giants Fannie Mae and Freddie Mac will pay the state of Michigan and Oakland County millions of dollars to make up for unpaid real estate transfer taxes. The companies had previously contended that they were exempt from the tax, but the court ruled that they withheld the money from
Despite unfavorable housing data for 2012, market-watchers are saying there are signs of an improving real estate market. Experts from prominent ratings agency Moody’s told reporters this week that even though some indicators are down, optimism is up. Construction firms are applying for more new permits, and they are being
A Los Angeles Superior Court Judge will decide who will control Zsa Zsa Gabor’s estate finances and medical care decisions. Last week Ms. Gabor’s only daughter, Constance Francesca Gabor Hilton, filed a petition with the court to request a court controlled conservatorship of her mother’s estate. A conservator is someone
The relationship between a landlord and a tenant can be complex. On one hand, both parties stand to gain if they are able to work well together in the long term. The renter will ideally enjoy a prompt response to repair requests and the landlord will have someone who takes
Disagreements are a normal part of family life; however there comes a time when you want to document your decisions regarding the person you trust the most to handle your estate and make certain decisions on your behalf should you become unable to communicate your wishes. And, in some cases
What if, instead of re-selling a foreclosed property, the bank decided a renovate it and become a landlord? This could become the norm, as more and more investment banks have begun bidding on large pools of foreclosed properties and converting them in to rental housing. Traditionally, banks that foreclose on
A prominent building in downtown Grand Rapids was purchased for an undisclosed sum by local developers last week. It is more than 100 years old and is one of the area’s oldest Masonic Lodge temples. The building is located near the entertainment and business districts. The purchase is considered to
No doubt Michiganders have heard about the 81-year-old woman who won over $336.4 million in a Powerball jackpot last week, and all thanks to a family member who had a craving for something sweet. Asked if she wanted anything from the store the woman decided she would go with her
Renters have filed a suit against a landlord who requires them to pay their rent online. The tenants’ suit claims that the online payments are a pretense to get rid of the lower income renters in the building that benefit from rent-stabilization. Many older residents say that the online payments
Each mortgage contains a small hidden fee, known as the guarantee fee, or “G-fee.” The fee has been silently included in mortgages for more than 30 years, and Congress has recently mandated an increase. It is not clear at this time when the increase will take effect, but it analysts
Anytime someone dies prematurely there is sadness and grief for all who lost a loved one. What may compound that grief is the lack of an estate plan that can provide guidance for the survivors to follow their loved ones wishes. Whenever a celebrity passes away prematurely it can be
Many people who bought investment properties during the housing boom will now enjoy some of the same assistance from the government as people who bought houses to live in. The Obama administration has decided to extend mortgage assistance to first time investors who bought more than one home before the
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