The parties will work together to renovate 65 homes owned by the city and controlled by the land bank.
Advertisement
The neighborhoods are getting some love from Dan Gilbert. Because these homes are fully renovated, the hope is that they will raise property values of other houses in the neighborhood-comparable properties, called “comps” in real estate lingo. “But more than renovating 65 homes, this initiative will provide opportunity to thousands of homeowners in the surrounding neighborhood, as it will allow more accurate appraised values which will generate home financing in the area”. “So they’re attacking it that way”.
Once the renovations are complete, the now move-in ready homes will be auctioned off through the Detroit Land Bank’s home auction program. His workplace and the Detroit Land Financial institution Authority declined to remark this afternoon. It’s part of an effort to remove blight and stabilize city neighborhoods. The neighborhoods embrace Marygrove, East English Village, West Village, Boston-Edison, Virginia Park and southwest Detroit.
“The neighborhoods of Detroit are already starting to turn around”, said Gilbert.
Advertisement
Detroit-based Quicken Loans also will offer financing to qualified buyers for the houses. Gilbert criticized the report and, saying the mortgages Quicken issued have been above board, accountable loans to certified consumers. Its goal is to refurbish and sell homes in an effort to increase the value of the neighborhoods.
