There's no doubt that commercial real estate market took a massive hit during the most recent recession. With so many companies going out of business, many shops and store fronts across the state, including here in Huntington Woods, were left vacant and unused.
Home prices rose by six percent in the Detroit area in May and June, leading the country in growth in what many experts say is a rebounding housing market. The average increase nationwide was 2.3 percent.
Though real estate law often deals more in disputes than in vacations, purchasing a vacation home can be a great investment for you and your family, and by using the law, you can work to protect your new asset. Negotiating for the best purchase agreement is a great move with the help of an attorney, and can ensure the fairest price is reached. Creating a limited liability company (LLC) of your family for the ownership of a property can help to protect from personal liability and ensure that the property stays in the family through the future.
Moving a child into their first college dorm has been a right-of-passage for many families as an offspring moves onto the next phase of their life. However, the dorm system is losing its popularity and more and more students are choosing to live off campus.
More homes sold in the Detroit metro area last month compared with the same time last year, according to recently released data. This improvement is one of several signs of a slowly healing housing market for the Detroit area, which suffered significantly during the recession. Home prices are still 30 percent below pre-bubble levels, which makes it an appealing buying climate for investors who anticipate ongoing recovery in the real estate market.
Rent prices are rising around the country as many property owners seek to take advantage of unusually low vacancy rates. Landlords in many urban areas stand to gain from the market conditions, which some experts say could be due to many people who previously owned homes returning to renting after a foreclosure or short sale.
With housing prices and interest rates at historically low levels, many Detroit residents consider this to be a good time to invest in real estate. However, just because a price seems low doesn't mean that the property will be a worthwhile investment, so prudent potential buyers should consider some of the following factors carefully before making a decision.
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 once the keys to the property were handed over.