New housing for Detroit
Village Estates homes have tax break
June 6, 2007
BY DARRELL HUGHES
FREE PRESS BUSINESS WRITER
Detroit Mayor Kwame Kilpatrick joined community leaders Tuesday to celebrate plans to build more than 120 town houses, ranch-style condominiums and single-family homes in northwest Detroit.
Supporters say the development -- called Village Estates -- could help revitalize the area south of 7 Mile and east of the Southfield Freeway. The project is a collaborative effort between the Rev. Wendell Anthony, pastor of Fellowship Chapel, and Herb Strather, president and chief executive of Strather & Associates, the developer.
"Don't move, just improve right where you are," Anthony said during the groundbreaking ceremony.
Anthony added that the residential units will cater to a broad range of people including recent college graduates, senior citizens, business professionals and retirees.
Amandla, a community development company Anthony started, is working with Strather to develop the $40-million housing project, which is being financed with private money. Prices for the properties range from $170,000 to $267,000. Special features include a 42-inch flat-screen television, a fireplace and an alarm system.
The development is bounded by McNichols to the south, Outer Drive to the north, Oakfield to the west and Biltmore to the east. Village Estates will be in the same area as Fellowship Chapel.
It could take 2 1/2 years to complete the housing development, said project manager Darlene Strickland of Strather & Associates.
"The City of Detroit stands ready to assist you and support you in every way possible," Kilpatrick told the leaders.
Kilpatrick added that the city will help in "making sure people can afford to live in the new village."
Amandla's residential units have the same tax-exempt status as churches, and residents will not have to pay taxes for 12 years, Anthony said.
Fellowship Chapel was the first phase of a community project spearheaded by Anthony. He started the project about five years ago to have a community constructed around his church.
"So this was a vision that started years ago," Anthony said. "The second leg is now the Village Estates, this housing development."
Like other developers, Strather is offering an incentive for purchasing a unit. The first 20 buyers will get a 2-year, prepaid lease on a Ford Fusion.
"We want to make it more affordable, so we're going to put the car in the garage with the key, and you won't have to make auto payments," Strather said.
(Thanks to the Detroit Free Press for this article)
Friday, June 8, 2007
Friday, June 1, 2007
GRAB THE 'GREEN' REAL-ESTATE BOOM
Thanks to http://articles.moneycentral.msn.com for this article!
By Fast Company
The best 'green' stocks
If you've got the patience, companies that specialize in energy efficiency are your best bet among environmental stocks, says MSN Money's Jim Jubak. They aren't as flashy as uranium or ethanol stocks, so prices are still reasonable.
Real-estate moguls know there's good money in environment-friendly buildings. Here's how the little guy can play, too.
If the workplace is any indication, you could almost believe corporate America really cares about the environment.
Goldman Sachs (GS, news, msgs), Hearst, IBM Corp. (IBM, news, msgs), JPMorgan Chase (JPM, news, msgs) and Toyota Motor (TM, news, msgs) all have made the move into "green" buildings.
Bank of America (BAC, news, msgs) plans to build a 52-story eco-skyscraper near New York's Times Square, and Accenture (ACN, news, msgs) has leased green office space throughout the country.
Sustainable construction is one of the fastest-growing segments of the already-red-hot commercial-building industry. An estimated 5% of all new U.S. commercial construction received the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED) certification last year. And by 2010, 10% of all new commercial construction will be sustainable, according to McGraw-Hill's (MHP, news, msgs) 2006 Smart Market report. (The green trend in home construction is still in its infancy, although that's bound to change.)
Existing construction is getting an eco-lift too. Developers such as Hines and the Durst Organization, and some real-estate investment trusts (REITs), are snapping up half-empty office buildings and renovating them according to green standards. That can often bring 3% higher rents and a 7.5% increase in a building's value, according to the McGraw-Hill report.
On average, green buildings save 10% of utility costs each year -- and sometimes much more. Genzyme's (GENZ, news, msgs) corporate headquarters in Cambridge, Mass., spends 42% less on energy and uses 34% less water than a similar traditional building would. Even more important, as sustainable materials and technology improve, green construction will become more cost-effective, says Charles Lockwood, an environmental and real-estate consultant in Southern California and New York.
More from MSN Money and Fast Company
on this latest real-estate boom? The easiest opportunities may lie in REITs that have made a substantial commitment to new or renovated green buildings. In a sign of just how hot this phenomenon is, however, two of the biggest, greenest REITs, Arden Realty and Equity Office Properties Trust, have been swallowed up by GE Real Estate and Blackstone Group, respectively.
But there are still promising names out there. Liberty Property Trust (LRY, news, msgs) has 21 green buildings in its portfolio of about 700 properties and says that number will rise quickly as the trust renovates more of its existing properties and takes on more new green projects. Liberty has enjoyed the nice run-up that all REITs had in the past year thanks to the strong commercial-building market. But Fauzia Rashid, a co-manager of Fred Alger Management's Spectra Green Fund (SPEGX), expects Liberty's green investment will help it continue to perform well even if commercial building starts to slow down.
Video on MSN Money
The best 'green' stocksIf you've got the patience, companies that specialize in energy efficiency are your best bet among environmental stocks, says MSN Money's Jim Jubak. They aren't as flashy as uranium or ethanol stocks, so prices are still reasonable.
For investors who get a bit woozy at the thought of betting solely on the vagaries of the commercial-real-estate market, a mutual fund with green-building holdings might be the safer way to go. The Spectra Green Fund, unlike many of its socially conscious counterparts, has consistently outperformed the Russell 3000 for the past three years.
The fund, which among other things invests in clean-energy stocks, is putting a small percentage of its assets in green REITs. Rashid also likes to invest in the building segment through the back door, focusing on the supply and equipment manufacturers that green builders rely on, such as Johnson Controls (JCI, news, msgs), the maker of devices that measure and monitor energy output. At about $96 a share, Johnson Controls has jumped in the neighborhood of 40% in the past year. And that's a nice neighborhood to be in.
This article was reported and written by Walecia Konrad for Fast Company.
http://articles.moneycentral.msn.com/Investing/RealEstate/GrabTheGreenRealEstateBoom.aspxThursday, May 17, 2007
OPEN HOUSE
SUNDAY, MAY 20, 2007 START TIME: 2PM END TIME: 5 PM
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TWIN OAKS
Wednesday, April 25, 2007
Sleezy Home Improvement Scams
Thanks to moneycentral.msn.com
Spring's the time homeowners get to work -- and shady contractors come of out of the woodwork. Here's how to smell a suspicious deal.
Article IndexBy Bankrate.com
Like most homeowners, you probably spent the winter months talking about the home improvements you'd like to make. Now that spring is here, it's time to act on those remodeling impulses. After all, spring is a time of renewal, change and new beginnings.
Unfortunately, it's also a time when shady contractors come out of the woodwork to prey on innocent homeowners. "Some are actual scam artists, while others are just incompetent or unethical," says Ellis Levinson, a consumer reporter and the author of the book "Hiring Contractors Without Going Through Hell."
The good news is that you can protect yourself against these scams. In fact, many scams are easy to detect if you take the time to become an educated, savvy consumer. "Compare prices, call references and research the project you're undertaking in advance," says Bruce Johnson, the author of "50 Simple Ways to Save your House." It seems simple, but many people find this process overwhelming.
Levinson calls it emotional laziness. "It's amazing to me how much time people will put it into buying a TV because it's fun. But when it comes to remodeling a kitchen, people have no time. They see it as drudgery," Levinson says. Ultimately, he says, doing the research to protect yourself is much easier than paying for the consequences.
To help you differentiate a scam from the real deal, Bankrate has compiled a list of the most common remodeling scams. Beware of the following key phrases, and remember, if it sounds too good to be true, it probably is.
'I just happen to be working in your neighborhood' This happens when contractors appear at your home unsolicited to inform you that they noticed some problems with your home's (insert: chimney, driveway, windows, plumbing, etc.) while working on a neighboring home. For example, a contractor might say he or she was on the roof of your neighbor's home and noticed missing shingles on your roof. This may be the case, but often no repair is needed.
More important, legitimate, established and reputable contractors tend to find enough work through word-of-mouth referrals that they don't need to be going door to door to attract customers. Be especially skeptical if the contractor drives a vehicle with no company name, no phone number or with out-of-state license plates. "Do not let these people enter your home," Johnson warns. "Often they want to be invited inside to see if something is worth stealing."
More from MSN and Bankrate.com
Should you move or remodel?
Is it a pool or a money pit?
Top 10 remodeling projects for resale
Speed your home sale with these fast fix-ups
How much is too much on improvements?
Hot home trends: High-tech with soft touch
Also, be sure to ask for proof that he or she is insured, licensed and bonded. "Homeowners that check out contractors beforehand and research their credibility are usually more satisfied with the job than if they abruptly chose a contractor," says Jeremy Zidek, communications coordinator for the Better Business Bureau in Alaska.
'I have materials left over' Sometimes contractors will offer a discount for the job under the pretense that they have extra materials and want to use up their supply. Good contractors order just enough supplies to meet the needs of each job, as often the price for supplies is included in the contract.
If a contractor has materials left over from a previous job and is making them available to you, he either didn't finish the job or is cheating the previous customer. Or he didn't have a previous job but has materials to make it look like he did.
'I need cash upfront'This contractor will take your money and disappear before or (even worse) after your project gets under way. It can be frustrating trying to chase after him, getting him to come back and finish the job or hiring someone else to clean up a messy work site. Don't ever pay in full for a project before any work has been done.
Video: Make sure your home improvements pay off
However, you may be expected to pay a down payment. "The contractor may not want to block out time in his busy schedule without some money upfront," Levinson says. He recommends creating a payment schedule with the contractor at the start -- wherein you pay a sizable portion only upon completion of a project. Johnson swears by the one-third theory.
"The most I will ever give somebody upfront -- after I have called references and checked him out -- is one third of the money," he says. He pays another third when the project is halfway done. "Their profit is in their last payment; that's what going to keep them on the job."
'I have a special offer that's good for today only' If a contractor is offering a "special deal," ask him to legitimize what he is offering. Though this is a common sales technique, you can ask for documentation of this bargain -- a flier, for example, that the contractor has mailed or delivered in the past. Or one from another contractor at a higher price.
"Anytime a contractor puts pressure on a homeowner to act quickly about making a remodeling decision, that's a red flag," Zidek says. Remodeling decisions should be made carefully, not hastily.
'I can help you finance the project' Sometimes a contractor will suggest you borrow money from a lender the contractor knows. This could indicate a home-improvement loan scam, as the contractor may be getting kickbacks from the lender.
Video: Make sure your home improvements pay off
Homeowners may believe they're financing a small remodeling project loan, when in fact they're signing for a much larger loan, if not completely refinancing their home. Never finance through your contractor without shopping around and comparing loan terms.
'I want to use your home as a model'The scam centers on the idea of using your home as a vehicle, or "show home," to advertise their services in return for a hefty discount.
Established contractors should have completed enough previous projects that they won't need your job as a demonstration.
Still more scams Though any part of your home could be a target, many scams tend to center around driveways, roofs, chimneys and furnaces:
Driveway sealant scam. If a contractor offers to seal your driveway for a heavily discounted price, find out what materials will be used as sealant. Cheap, inferior substances may look great initially but will wear off in three months.
Chimney repair. These scam artists often lure their victims via advertisements in local newspapers offering gutter cleaning at a cheap price. Once the work is performed, they claim the chimney is in dire need of structural repairs. To provide so-called evidence of this, they will make it look like the chimney is in a state of decay by removing bricks and mortar from the chimney. Note: There might be decay if you burn a lot of wood and don't get your chimney inspected every year. Another chimney scam is when a contractor says there's a threat of carbon monoxide poisoning if the chimney is not repaired immediately. This is a serious concern, so if you are unsure about whether to trust this person, get a second opinion from a reputable contractor.
Hot-tar roofing. Contractors often use substandard materials. You may not realize you've been duped until heavy rains cause the roof to leak. "If you're having major work done, ensure that your contract has a holdback clause where you withhold the final payment until 30 days after completion of a project," Levinson says.
Furnace repair. Once they inspect your furnace, they may claim it is leaking dangerous gases or is about to explode. Ask your utility company to come and inspect your system. Also be wary if they tell you the unit is too small or needs a complete overhaul. When choosing a contractor, always get several estimates on the needed repair.
Duct cleaning. Only in very unusual circumstances do ducts need to be cleaned. The scheme is called a "blow and go" because the scam artist will use a small vacuum cleaner with no special filters to stir up the dust, pollen, mold and other contaminants instead of removing them. Duct cleaning can be necessary if there is mold in the house or if the heating or air conditioning has been running with inadequate or nonexistent filtering. If you change filters regularly, your ducts don't need to be cleaned.
This article was reported and written by Alana Klein for Bankrate.com
'I have a special offer that's good for today only' If a contractor is offering a "special deal," ask him to legitimize what he is offering. Though this is a common sales technique, you can ask for documentation of this bargain -- a flier, for example, that the contractor has mailed or delivered in the past. Or one from another contractor at a higher price.
"Anytime a contractor puts pressure on a homeowner to act quickly about making a remodeling decision, that's a red flag," Zidek says. Remodeling decisions should be made carefully, not hastily.
'I can help you finance the project' Sometimes a contractor will suggest you borrow money from a lender the contractor knows. This could indicate a home-improvement loan scam, as the contractor may be getting kickbacks from the lender.
Video: Make sure your home improvements pay off
Homeowners may believe they're financing a small remodeling project loan, when in fact they're signing for a much larger loan, if not completely refinancing their home. Never finance through your contractor without shopping around and comparing loan terms.
'I want to use your home as a model'The scam centers on the idea of using your home as a vehicle, or "show home," to advertise their services in return for a hefty discount.
Established contractors should have completed enough previous projects that they won't need your job as a demonstration.
Still more scams Though any part of your home could be a target, many scams tend to center around driveways, roofs, chimneys and furnaces:
Driveway sealant scam. If a contractor offers to seal your driveway for a heavily discounted price, find out what materials will be used as sealant. Cheap, inferior substances may look great initially but will wear off in three months.
Chimney repair. These scam artists often lure their victims via advertisements in local newspapers offering gutter cleaning at a cheap price. Once the work is performed, they claim the chimney is in dire need of structural repairs. To provide so-called evidence of this, they will make it look like the chimney is in a state of decay by removing bricks and mortar from the chimney. Note: There might be decay if you burn a lot of wood and don't get your chimney inspected every year. Another chimney scam is when a contractor says there's a threat of carbon monoxide poisoning if the chimney is not repaired immediately. This is a serious concern, so if you are unsure about whether to trust this person, get a second opinion from a reputable contractor.
Hot-tar roofing. Contractors often use substandard materials. You may not realize you've been duped until heavy rains cause the roof to leak. "If you're having major work done, ensure that your contract has a holdback clause where you withhold the final payment until 30 days after completion of a project," Levinson says.
Furnace repair. Once they inspect your furnace, they may claim it is leaking dangerous gases or is about to explode. Ask your utility company to come and inspect your system. Also be wary if they tell you the unit is too small or needs a complete overhaul. When choosing a contractor, always get several estimates on the needed repair.
Duct cleaning. Only in very unusual circumstances do ducts need to be cleaned. The scheme is called a "blow and go" because the scam artist will use a small vacuum cleaner with no special filters to stir up the dust, pollen, mold and other contaminants instead of removing them. Duct cleaning can be necessary if there is mold in the house or if the heating or air conditioning has been running with inadequate or nonexistent filtering. If you change filters regularly, your ducts don't need to be cleaned.
This article was reported and written by Alana Klein for Bankrate.com
Here is the url to the actual article: http://articles.moneycentral.msn.com/SavingandDebt/ConsumerActionGuide/SleazyHomeImprovementScams.aspx?page=1
BACK TO THE HOME PAGE: WWW.THEGREATESTRESOURCE.NET
Tuesday, April 24, 2007
KEY MARKET FACTORS!
How long does it take to sell a home?
There is no easy answer-some homes sell in a few days, other may take several months.
Recognizing the key factors influencing a sale can give you significant control over market time.
The proper balance of these factors will expedite your sale:
LOCATION…
Location is the single greatest factor affecting value.
Neighborhood desirability is fundamental to a property’s fair market value.
COMPETITION…
Buyers compare your property against competing properties.
Buyers interpret value based on available properties.
TIMING…
The real estate market may reflect a seller’s market or a buyer’s market.
Market conditions cannot be manipulated; an individually tailored marketing plan must be developed accordingly.
CONDITION…
Property condition affects price and speed of sale.
Optimizing physical appearances and advance preparation for marketing maximizes value.
TERMS…
The more flexible the financing, the broader the market, the quicker the sale and the higher the price.
Terms structured to meet your objectives are important to successful marketing.
PRICE…
· If the property is not properly priced, a sale may be delayed or even prevented.
· Keller Williams Realty’s comprehensive market study will assist you in determining the best possible price.
There is no easy answer-some homes sell in a few days, other may take several months.
Recognizing the key factors influencing a sale can give you significant control over market time.
The proper balance of these factors will expedite your sale:
LOCATION…
Location is the single greatest factor affecting value.
Neighborhood desirability is fundamental to a property’s fair market value.
COMPETITION…
Buyers compare your property against competing properties.
Buyers interpret value based on available properties.
TIMING…
The real estate market may reflect a seller’s market or a buyer’s market.
Market conditions cannot be manipulated; an individually tailored marketing plan must be developed accordingly.
CONDITION…
Property condition affects price and speed of sale.
Optimizing physical appearances and advance preparation for marketing maximizes value.
TERMS…
The more flexible the financing, the broader the market, the quicker the sale and the higher the price.
Terms structured to meet your objectives are important to successful marketing.
PRICE…
· If the property is not properly priced, a sale may be delayed or even prevented.
· Keller Williams Realty’s comprehensive market study will assist you in determining the best possible price.
Friday, April 20, 2007
Keller Williams Realty Annual Client Appreciation Event!
We are having a private showing of Shrek 3 on Saturday, June 2nd at 10:00 am at the Emagine Theatre at 39535 Ford Rd. in Canton. You must RSVP By May 22nd: 734-266-9000
Doors OPen @ 9:30 am. Come Early for best seats! Please Present Your Postcard As Your Ticket!
Wednesday, April 18, 2007
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