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Real Estate Transactions Archives

Company buys Michigan school to open women's shelter

The Muskegon Board of Education has entered into an agreement to sell its long-closed Froebel School for $1,000 to Blue Lake Holdings. The company intends to establish a women's shelter on the property. The holding company consists of six investors -- one that has worked in banking and another that has worked on real estate developments in the past.

Experts predict changes in real estate market for 2014

Residents of Michigan who may be interested in buying or selling a home in 2014 are paying attention to the changes in the real estate market that many experts are predicting for the year. Although it is expected that real estate purchases and sales in 2014 will continue to improve over the levels seen when the housing market collapsed, several factors are expected to lead to growth at slower rates than were seen in 2013.

Michigan development meets community resistance

On Dec. 4, a number of residents of Bay City, Michigan voiced their displeasure at a proposed development that would sit along the Saginaw River. The $8.6-million West Side project would serve as low-income housing for veterans and others, but construction disputes arose because some who already live in the area claimed that the development would increase dangerous conditions in the neighborhood.

Muskegon to temporarily handle Muskegon Heights zoning issues

The city of Muskegon Heights has found a way to handle its zoning issues temporarily by contracting them to the city of Muskegon. With the addition of a new drain commissioner, the city of Muskegon is prepared to handle all of the zoning problems facing its sister city, including rulings on purchases and sales.

In real estate, knowing a variety of laws is a must

The University of Michigan will pay $12.8 million for the Edwards Brothers 2500 State Street property, announced a University official recently. According to the announcement, if finalized the purchase will give the University flexibility in that the 16.7 acre property is adjacent to the University's athletic complex and near one of its parking lots. Sale of the property will allow Edwards Brothers, a printing company, to consolidate its remaining operations in Ann Arbor and save jobs in the County.

Reasons for failed real estate contracts in Mich. and across U.S.

Before the housing crisis, only about 10 percent of U.S. real estate transactions across the country failed to close. Now, with the tightened reins of the lending industry, it is more common for about a third of purchases and sales to fall through.

Investors plan on fixing up four Riverfront buildings

Oakland County residents may have heard that Triton Properties Company, a real-estate investment firm based in Denver, announced on Nov. 11 that it had purchased four apartment buildings in the Riverfront section of Detroit. A spokesperson from the company was quoted as saying that the firm's first step would be to deal with maintenance that had previously been gone unattended.

Financing options might be too costly for Michigan developers

As Michigan investment firms begins to roll out new forms of financing intended to give the commercial real estate market a much-needed boost, many developers might wonder if they are affordable. Several firms have announced plans to start up mezzanine funds, but this type of debt financing can carry interest rates of up to 30 percent. Although this funding is meant to serve as a quick method to inject money into a project early on, many feel that the loans are impractical and prohibitively expensive.

Singapore billionaires eye American property

Michigan residents may want to know about the real estate practices of some of the wealthiest brothers of Singapore. The Kwee brothers have a net worth of $5.2 billion, and they currently serve as Singapore's fifth most wealthy family. The four brothers now are embarking on a new venture to purchase a 1,050 foot skyscraper between 53rd and 54th streets in New York City. The brothers will be creating a building that contains 145 luxury apartments and some art galleries for the Museum of Modern Art. Similar venture projects have also arisen in Oakland County, where investors are snatching up low-cost homes to turn into luxury living spaces.

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