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October 2013 Archives

Chinese company buys Chase building

The 60-story building in Lower Manhattan known as One Chase Manhattan Plaza has been sold by JPMorgan Chase to a Shanghai-based conglomerate for $725 million. The buyer has not indicated whether the building, considered a landmark and an important party of New York City's financial district, will be converted into apartments or continue to be a commercial property. The bank has been under investigation by federal regulators stemming from irregularities in its mortgage-backed securities business that affected investors in Michigan and elsewhere.

A trust may be a good solution for seniors with memory loss

Americans -- including Michigan residents -- are quickly ageing. With these increased ages come more medical problems. One medical issue that is particularly difficult is dementia. According to the Alzheimer's Association one in three American seniors dies with one form of dementia -- including Alzheimer's -- or another. These numbers are expected to triple over the next several years as baby boomers reach retirement and above.

Landlord obligations to tenant safety

Michigan readers may be interested in a recent decision by an Ohio appellate court regarding a landlord's obligation to reasonably protect the safety of a tenant. The issues between the three people involved in the case bring a possible new take on whether or not a lease agreement can be broken.

Hearing scheduled to decide Michigan city zoning

The Houghton City Council has scheduled two hearings to discuss issues that have arisen with regard to an apartment complex that a developer wishes to build on the site of the former Good Will Farm. The developer seeks to build a 138-bedroom apartment complex. However, zoning issues have caused delays.

Michigan family sues over land use issues

The family who owns Bro G Land Co. in Michigan has filed a controversial lawsuit concerning property rights. The land use lawsuit claims that the White River Township deprived the family of proper enjoyment of their property. Last spring, the family's request to develop 2.2 acres of shoreline was blocked by the Michigan Department of Environmental Quality.

Importance of choosing the right executor

Many people may think that if they have completed a comprehensive estate plan that once they die things will be taken care of for them. While estate planning is very important, an estate administration process will still be necessary following a Michigan resident's death.

Residential REITs may be worthwhile investments

Michigan investors may continue to find real estate investment trusts attractive when it comes to long-term income. This is spite of the fact that mid-2013 interest rates had been taking a bigger bite of commercial real estate prices than in earlier months.

Michigan planning commission okays church expansion

The Dearborn Planning Commission approved the expansion of the new St. Kateri Tekakwitha Catholic Church on Rotunda Drive on Oct. 7. The expansion plan calls for a new meeting hall, office space, restrooms and an enlarged parking lot. The new lot on the east side will also have a driveway onto Lindenwood Drive, while the old lot maintains its driveway onto Rotunda. The proposal was unanimously approved by the Commission with six votes and three absent.

Company hoping to rezone historic Michigan neighborhood

The owners of NEW Life Enterprises are hoping to build a new garment-making factory in the north side of Flint. Expected to create 100 jobs, the proposed development project could potentially help to revitalize the Civic Park Neighborhood. Before the project can get underway, however, there are a few zoning issues that will need to be dealt with.

Michigan seniors must start conversations about final wishes

Some people understand the importance of planning for their death, while others do not. Even those who understand why it is important have often not taken all the appropriate steps to make sure their final wishes are carried out. According to a study done by the National Endowment for Financial Education, 69 percent of people claim that there are barriers in place that prevent them from discussing their end-of-life care with a family member.

Magic Johnson wants to buy Michigan State Fairgrounds

Basketball star Magic Johnson and a team of other investors are seeking permission to buy and redevelop the abandoned Michigan State Fairgrounds in Detroit. This real estate transaction could be approved by the Michigan Land Bank Fast Track Authority in the near future. Johnson and his co-developers plan to utilize the land for a movie theater complex and big-box retail stores.

Michigan college students need an estate plan

Many older Americans know that they need to prepare for their death. They need to have a series of estate planning documents in place to deal with their affairs in case of a medical emergency or their passing. These documents -- including a power of attorney, health proxy and will -- can help make sure a person is taken care of and comfortable before and after death. Without these documents in place, a Michigan family may have to struggle through the probate courts to be able to finalize a person's affairs.

Did Michigan suffer commercial real estate bust?

In the wake of the wave of foreclosures that affected homeowners in Michigan and across the country, some analysts predicted a similar crash would hit the business market. However, although commercial real estate prices did fall by about 40 percent, a disaster such as that suffered by the housing market never materialized. Experts investigated why this would be and came to some interesting conclusions.

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