Metro Detroit housing prices rose 5.7% this spring

Metro Detroit’s housing prices continued their steady upward climb this spring, rising 5.7% in April compared to a year earlier and reaching fall 2007 levels, according to a key nationwide price indicator released this morning.

The closely watched Standard Poor’s/Case-Shiller Home Price index shows prices are up 63% in the metro region since their lowest point in April 2011. The index defines metro Detroit as Wayne, Oakland, Macomb, Livingston, St. Clair and Lapeer counties.

Despite those gains, the region’s prices are still 17% off their price peak achieved in late 2005 and early 2006.

For actual sales figures, a separate report found the median sale price of a metro Detroit house or condo was $165,000 in May, up 3.8% from a year earlier, according to

... read more at: http://www.freep.com/story/money/real-estate/home-sales/2016/06/28/metro-detroit-housing-prices/86464820/

Former 1920s hotel in Portland, now apartments, sells for $7.3 million

An 86-unit apartment complex in Portland originally built as a hotel in the 1920s has been sold for $7.3 million.

The Ambassador Apartments at 37 Casco St. is the latest in a string of multifamily housing structures that have changed hands in recent months, said Vince Ciampi, a broker at CBRE|The Boulos Co., who represented the sellers, Shirley Quirk and the estate of John J. Quirk Sally Quirk. Joe Porta, a partner at Boulos, represented the buyer, Ambassador LLC. The sale closed May 19, Ciampi said.

The Ambassador contains 82 studio units and four one-bedroom units, most of which are occupied, he said. Real estate brokers continue to see strong demand for large and small apartment properties in Portland, Ciampi said.

Earlier in May, a Massachusetts investment firm purchased two adjacent apartment communities in South Portland for a total of $87.5 million. Brokers described it as the highest-dollar purchase of

... read more at: http://www.pressherald.com/2016/05/31/former-1920s-hotel-in-portland-now-apartments-sells-for-7-3-million/

Here are 5 surprising cities where gentrification and low wages are pushing out the poor

Walk down once-gritty neighborhood streets in many American cities and the telltale signs may be all around you. The coffee bar on the corner selling $5 latte macchiatos. The high-rise luxury condo building going up at record speed. The cocktail bar, the artisan pastry shop.

This is urban gentrification in action, the process by which middle- and upper-middle-class populations move into formerly lower-income neighborhoods, attracted by cheaper housing (and fleeing expensive housing in more affluent areas), transforming the area, driving costs up and forcing lower-income residents out. Nationwide, the percentage of rental increases have been double the percentage of wage increases, and according to a Macarthur Foundation report, renters are compensating by taking second jobs or running up debt by paying other expenses on their credit cards.

Surprisingly, a study in 2015 by Governing Magazine found that gentrification, as a national problem, is actually less pervasive than portrayed in the media. Focusing

... read more at: http://www.rawstory.com/2016/06/here-are-5-surprising-cities-where-gentrification-and-low-wages-are-pushing-out-the-poor/

Conversion under way for Eastman block in Portland

PORTLAND — A historic building at 11 Brown St. in Maine’s most populous city is on track in its conversion to luxury condominiums.

Portland developer Jack Soley paid $950,000 for the turn-of-the-century building in late 2015 as part of his mission to preserve the city’s historic buildings and leverage the condo market. The site will include a ground-floor restaurant, just as the building had until the closure of Margarita’s a year ago.

On May 25, Soley finalized the sale of the basement and first floor to Phelps Craig, owner of the BRGR Bar in Portsmouth, N.H. She plans her second BRGR Bar for the Portland location.

In the meantime, Soley and his nephew Dan Soley been investing approximately $1 million to redevelop the second, third and fourth floors into luxury condominiums — two units on the second floor and one 2,400-square-foot unit each on the third and fourth floors.

Since the 1930s, the top

... read more at: http://www.mainebiz.biz/article/20160620/NEWS01/160629990/conversion-under-way-for-eastman-block-in-portland

Conversion under way for Eastman block in downtown

PORTLAND — A historic building at 11 Brown St. in Maine’s most populous city is on track in its conversion to luxury condominiums.

Portland developer Jack Soley paid $950,000 for the turn-of-the-century building in late 2015 as part of his mission to preserve the city’s historic buildings and leverage the condo market. The site will include a ground-floor restaurant, just as the building had until the closure of Margarita’s a year ago.

On May 25, Soley finalized the sale of the basement and first floor to Phelps Craig, owner of the BRGR Bar in Portsmouth, N.H. She plans her second BRGR Bar for the Portland location.

In the meantime, Soley and his nephew Dan Soley been investing approximately $1 million to redevelop the second, third and fourth floors into luxury condominiums — two units on the second floor and one 2,400-square-foot unit each on the third and fourth floors.

Since the 1930s, the top

... read more at: http://www.mainebiz.biz/article/20160620/NEWS01/160629990

Cape can’t move ‘affordable’ units

CAPE ELIZABETH – The town council wants to reserve condo units for sale to low-income residents; it just doesn’t want to be the party in charge of selling those homes.

On Monday, for the second time in as many years, the town council passed on its right to purchase unsold units in the Eastman Meadows condominium complex – which had been reserved for sale at $395,022 – and will instead let the developer move those units for whatever he can get on the open market.

As part of the agreement, the town will get to pocket the difference between the eventual sale price and the “affordable-housing” tag, and that money will help promote other low-cost housing projects.

To date, the 46-unit Eastman Meadows project has sold two of the six units initially set aside for sale to qualified low- and moderate-income buyers. Town Manager Michael McGovern said it’s likely buyers are unwilling to

... read more at: http://sentry.mainelymediallc.com/news/2016-06-17/Front_Page/Cape_cant_move_affordable_units.html

5 Surprising Cities Where Gentrification Is Displacing Poor People

Photo Credit: MsSaraKelly / Flickr

Walk down once-gritty neighborhood streets in many American cities and the telltale signs may be all around you. The coffee bar on the corner selling $5 latte macchiatos. The high-rise luxury condo building going up at record speed. The cocktail bar, the artisan pastry shop.

This is urban gentrification in action, the process by which middle- and upper-middle-class populations move into formerly lower-income neighborhoods, attracted by cheaper housing (and fleeing expensive housing in more affluent areas), transforming the area, driving costs up and forcing lower-income residents out. Nationwide, the percentage of rental increases have been double the percentage of wage increases, and according to a Macarthur Foundation report, renters are compensating by taking second jobs or running

... read more at: http://www.alternet.org/culture/five-surprising-cities-where-gentrification-displacing-poor-people

Lagging Demand for Luxury Homes May Mean Deals for Buyers

The inventory of homes listed over $1 million rose 12.6% year over year.
ENLARGE

A surplus of high-end homes for sale is giving more bargaining power to buyers.

In the U.S., the inventory of homes priced from $500,000 to $750,000 rose 15.9% in March compared with the same period last year, according to the National Association of Realtors. The inventory of homes over $1 million rose 12.6% year over year. Inventories dropped in April, likely due to the seasonal pattern of spring sales and perhaps some buyers taking advantage of deals, but real-estate

... read more at: http://www.wsj.com/articles/lagging-demand-for-luxury-homes-may-mean-deals-for-buyers-1465999191

Admiral Capital and Wood Partners Complete Successful Sale of 3833 Peachtree in Atlanta

NEW YORK–(BUSINESS WIRE)–Admiral Capital Group and Wood Partners announced today that they
successfully completed the sale of 3833 Peachtree, a 222-unit
multifamily property located in Atlanta, on May 23, 2016.

Admiral Capital and Wood Partners, as a joint venture, originally
acquired 209 of the 240 units in the broken condominium conversion
project in 2012. The investment provided an opportunity to acquire a
well-located asset in need of value-add capital at a discount to
replacement cost.

During its ownership, Admiral repositioned the property to enhance its
appeal

... read more at: http://www.businesswire.com/news/home/20160613006537/en/Admiral-Capital-Wood-Partners-Complete-Successful-Sale