2602 Woodward Ave., Detroit, MI 48201 - Brush Park Townhouse ($209,900)

Priced to sell! Two bedroom, two bath, premium end unit condo is located within blocks of Comerica Park and Ford Field. Home features spacious master suite with walk-in closet and sitting area, jetted tub, balcony, fireplace in the great room, new carpet and paint.

Listed for sale at $209,900
2bedrooms, 2 bathrooms, 1,753 sq ft

Austin Black II – Listing Agent
Max Broock Realtors
313.550.2307
austin@austinb2.com
www.austinb2.com

300 Riverfront Drive - Riverfront Condo for Sale ($139,900)

Live 26 floors above the city. Enjoy calming waterfront and skyline views in this one bedroom, turn-key condo with all of the amenities of a resort, conveniently located in downtown Detroit. Recently renovated home includes all appliances, granite counters and indoor parking. Community features a market, restaurant, fitness center, marina and People Mover access.

Listed for sale at $139,900
1bedroom, 1 bathroom, 553 sq ft

MLS# 28128959

Austin Black II – Listing Agent
Max Broock Realtors
313.550.2307
austin@austinb2.com
www.austinb2.com

78 Watson, Detroit, MI 48201 – Brush Park Loft for Lease ($1,250/month)

This phenomenal Midtown loft has exposed brick, hardwood floors, generous walk-in closet and a spacious bathroom. Loft also includes a large great room with gourmet kitchen and stainless steel appliances, in-unit laundry, heated floors a private deck with great views of the downtown skyline.

Live within walking distance to Zaccaro's gourmet market, Comerica Park, Ford Field and the downtown entertainment district.

Listed for rent at $1,250/month
1bedroom, 1 bathroom, 1,282 sq ft

MLS# 28141482

Austin Black II – Listing Agent
Max Broock Realtors
313.550.2307
austin@austinb2.com
www.austinb2.com

Attention first-time home buyers, you may qualify for a tax credit up to $7,500!

To stimulate the housing market, legislation was recently passed to provide tax credits for up to $7,500 for first-time home buyers.

First-Time Home Buyer Tax Credit Facts

Who is Eligible?

The $7,500 tax credit is available to all first-time home buyers who are tax filing U.S. Citizens. The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.

Income Limits

Home buyers who file as a single or head-of-household taxpayer can claim the full $7,500 credit if their adjusted gross income (AGI) is less then $75,000. If their income is between 75,000 and 95,000 they are eligible to receive a partial tax credit. If the household earns greater then $95,000, they are not eligible to receive the tax credit.

Married couples filing joint returns earning up to $150,000 can receive the full tax credit. Households earning between $150,000 and $170,000 are eligible to receive partial tax credit. If the household is greater then $170,000, they are not eligible to receive the tax credit.

Effective Dates for the Tax Credit

First-time home buyers who purchased a home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

A refundable credit means that if you pay less then $7,500 in federal income taxes, then the government will write you a check for the difference. For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government. If you are due to receive a tax refund from the IRS, your refund would increase by $7,500. If you purchased your home in 2008 you would take your tax credit in 2008. If you buy in 2009, you have the option to claim the credit on your 2008 or 2009 tax return.

Types of Homes that Qualify for the Tax Credit

All homes, weather a single-family or condominium will qualify, provided, that the home will be used as a primary residence and the buyer has not owned a home in the prior three years. This also includes newly-constructed homes.

Payback Provisions

Unlike most tax credits, this tax incentive MUST be paid back. All eligible purchasers who claim the credit will be required to repay it over 15 years. The status specifies that the repayment amount will be 6.67% of the credit amount each year. Thus, a buyer who qualifies for the full $7,500 credit will repay $502.50 each year. There will be no interest charge on outstanding balances.

Source: John Adams Mortgage Company, an affiliated company of Max Broock Realtors and Real Estate One

Crain's Detroit House Party - September 18, 2008

In conjunction with the August 11 “Living & Investing in the D” special section, Crain’s Detroit Business will host its Third Annual Ultimate Detroit House Party.

Once again, Crain's will work with Detroit neighborhood associations to promote the benefits of living in a variety of beautiful Detroit neighborhoods. In 2006, the event launched as a one-evening affair and attracted 900 attendees, 35 house parties, 14 sponsors and 11 restaurants. In 2007 it got even better, with more restaurants, more houses and more attendees!

Click here for registration information.

Final touches being applied to renovation of historic Book Cadillac

By John Gallagher • Free Press Business Writer • August 13, 2008

The Venetian Ballroom at the Book Cadillac Hotel in Detroit, Tuesday, Aug. 12, 2008. (SUSAN TUSA/DFP)

Detroit's historic Book Cadillac Hotel is looking more like its old self day by day.

Racing against an Oct. 1 deadline, construction crews this week were setting marble tile, hanging crystal chandeliers and otherwise getting the new Westin Book Cadillac Detroit ready for opening day.

On Tuesday, electrician Al Hardt was painstakingly installing Italian hand-blown glass elements on one of two chandeliers in the hotel's Venetian Ballroom. Artisans created the glass elements in Murano, Italy, the legendary glass-making center near Venice, and each of the ballroom's two chandeliers will contain 450 of the pieces. Hardt and other workers must carefully hang every element by hand.

Elsewhere, most of the guest room floors have all the furniture in, while the ground floor, the last to be finished since work proceeds from the top down, was still largely a construction zone Tuesday. The Westin's sales staff already occupies its office on the third floor, despite the piercing sound of a fire alarm being tested throughout the day.

The Westin reservation system is accepting room bookings for stays beginning Nov. 1. The hotel will open to the public on Oct. 1, but no ceremonies are planned until a black-tie event featuring Grammy winner Michael McDonald on Oct. 25.

Click here to read the entire article.

Crain's Detroit Business - Living and Investing in the D!

Crain's Detroit Business just released their annual magazine supplement, Living and Investing in the D.

Click here to read the online version of the 2008 issues of Crain’s Living and Investing in the D.

For Sale: 1890s Brownstone in Brush Park ($385,000)

This unique 1890s brownstone building located in historic Brush Park offers the distinction of timeless architecture combined with the convenience of a modern home.

The first level has hardwood floors throughout as does the master bedroom on the second level. The master bedroom also features a private bathroom with jetted tub and separate shower. The kitchen boasts cherry cabinets, granite counter tops, and stainless steel appliances. The private courtyard is perfect for grilling and has been landscaped with flagstone, holly bushes and other plants. The third floor balcony offers excellent views of the city and the fireworks after weekend Tigers games. The large windows allow plenty of natural light. There is plenty of closet space for storage. The two car attached garage offers a large bonus room above it which works well for entertaining.

2,500 sq ft, 3 bedrooms, 2.5 baths, 2-car attached garage, $950/yr property taxes… Listed at $385,000

Listing provided by owner.
Contact Austin Black II to schedule a showing.
Max Broock Realtors
313.550.2307
www.austinb2.com
austin@austinb2.com

Willys Overland Penthouse Update

A few months ago a client of mine signed a purchase agreement for a 2 bedroom, 2 bath, 2,300 sq ft penthouse at the Willys Overland Lofts in Midtown. Over the next couple of months, I will post progress reports with photos on the Willys Overland penthouse.

Yesterday (August 5, 2008) was the first progress report and walk-through of my client's unit. The meeting included her interior designer (Amy Cowan, CD-27), representatives from the developer and myself.

In just a few short weeks the demising wall studs were completed and my client’s future home was beginning to develop.

(upper photo) - demising walls, (lower photo) - terrace with views towards Wayne State and New Center

(upper photo) - view from bedroom to living room, (lower photo) - view into wine room

Willys Overland Lofts is a 75-unit condominium project in Midtown. This project offers unique floor plans that can be customized by purchasers. Some units include balconies or terraces with views of the downtown skyline to south and New Center to the north.

Stay tuned for future updates...

For additional information on the Willys Overland Lofts, contact:

Austin Black II

Max Broock Realtors

313.550.2307

http://www.austinb2.com/

austin@austinb2.com

The Motown movement - Young people put down roots in city to help it flourish again

BY MARGARITA BAUZA • FREE PRESS BUSINESS WRITER • August 3, 2008

Jerrid Mooney, 34, started to hang out at the Detroit Opera House a few months ago.

The systems analyst from Ann Arbor was not a big fan of Detroit. But he was stunned to find a young, vibrant crowd he had much in common with.

As he made friends and visited their homes, he discovered the Carlton, a 1920s hotel at the corner of John R and Edmund in Detroit's Brush Park. It was turned into lofts in 2005.

Mooney, who moved out of his Ann Arbor apartment, said the visit led to a eureka moment.

"It just kind of spoke to me," he said. "The people I was surrounded with made me feel like this is home."

Mooney contacted a real estate agent who showed him some lofts at the Carlton. He said he will buy a place there on Aug. 16.

"It has a real industrial feel -- exposed brick, concrete floors, a fireplace, granite hardtop counters and stainless steel appliances," he said.

Mooney is among hundreds of young people choosing the city over the suburbs. They say they like the underground vibe of city dwellers who enjoy art, culture and a walkable community. They also want to join the movement to reinvigorate Detroit's neighborhoods near downtown.

And let's not forget about the good deals.

"There are lots of hidden gems and so much positive energy," said Mooney, who is also applying for jobs in the city so he can be in Detroit full-time. "It's a city but it's also a small town in terms of who you run into."

In Mooney's case, he found the place of his dreams for a price he couldn't refuse. The property, which previously sold for $270,000, was foreclosed after its owner passed away. He is buying it for $114,000.

Austin Black II, a real estate agent with Max Broock Realtors in Birmingham, said many of his clients who want to buy downtown are Michigan natives who left for other cities in their early 20s only to return with an itch for city living. Some are empty nesters from the suburbs who want to scale down from a large house. Others are new to the area.

Yet they all have one commonality: They want the urban experience.

That describes Black, too. While in college, the 27-year-old spent time in Washington, D.C., and later Rome.

When he returned to Michigan, the former Troy resident wanted to continue living the urban life.

Black began selling real estate in 2004. He simultaneously launched a Web site called www.citylivingdetroit.com as a way to tout the city's opportunities, its communities and the lifestyle.

He lives in what he calls a soft-loft in Midtown at the Ellington, a building on Woodward Avenue known for its Starbucks. He specializes in selling downtown Detroit properties, but said his preference is Midtown, which is surrounded by I-94 to the north, I-75 to the east and the south and the Lodge freeway on the west.

"You can walk to restaurants, museums; it's not far from downtown, and it's a vibrant urban neighborhood," he said. While crime is a deterrent to some buyers, Black said young people are not so bothered by the city's safety reputation.

"Younger people in particular have less of a fear of crime," he said. "They know that no matter where you are, it's a reality. They're more street smart about things. Plus, in Midtown we have two layers of police protection -- Wayne State and the Detroit Police Department."

Pricing is attractive, too.

Black recently sold a 4,000-square foot, three-story penthouse property with an outdoor terrace at the Book Cadillac for $1.1 million. A similar property in Birmingham would be several millions more, he added.

The biggest sales challenge is that lenders have more restrictions than they used to, which affects young professionals. Several years ago, lenders were requiring zero to 3% down. Now the norm is 10% to 15%.

Black got more creative. Nine months ago, he launched a monthly newsletter about what's going on downtown. It has 1,000 subscribers.

"It's not so much about real estate but about the lifestyle," he said. "It reaches more people and people pass it along to their friends."

Max Broock in Birmingham recently hired Black because the company wanted to be more involved in the downtown real estate scene.

"I live downtown, which is really important to my clients because I'm living that lifestyle," Black said.

Potential buyers are setting their sites on properties.

Stephanie Fries, 30, is renting a 1,000-square-foot apartment in Cadillac Square near Campus Martius as she saves to buy a place.

Fries, who grew up in Livonia, is now saving money to buy a place through the Graduate Purchase Assistance program, a state program tailored to help recent college graduates move to any of eight Michigan cities targeted for economic growth.

The program can help a recent graduate qualify for a 30-year fixed-rate mortgage for 2% lower than the going rate.

"At first I was buying into what people were saying that you couldn't live downtown, that I wouldn't be safe, that I'd get mugged, that I wouldn't find a place to park my car," she said. "But there's really nowhere I wanted to be but Detroit."

Jeannette Pierce, who runs InsideDetroit.org, became a city booster after returning to Michigan from a study abroad program in Spain.

Pierce, 27, is seeing an increased desire of people to live in cities.

"They are tired of housing that looks the same and not knowing neighbors ... they are ready for authenticity, culture and diversity."

Contact MARGARITA BAUZA at 313-222-6823 or mbauza@freepress.com.

Fusion visits the Westin Book-Cadillac condos…

Last night Fusion, a young professional organization hosted a networking event in downtown Detroit, which included a tour of the condominiums at the Book-Cadillac. The Book-Cadillac will open in October as a 455 Westin Hotel and 67 luxury condominiums.

The event started at a downtown restaurant with about 40 people eagerly waiting to tour the Book-Cadillac. I was joined by a friend and a client (a future Book-Cadillac condo owner).

Although I have toured the Book-Cadillac many times through-out the construction process, my client had not been in the building yet.

We started the walking tour about three blocks from the Book-Cadillac. Our tour guide described some of the changes taking place in the neighborhood including several other building around the Book-Cadillac that are being renovated or have planned renovations.

Once we arrived at the hotel, the excitement and anticipation was clear.

We entered the building and went up the elevator to the 24th floor (the first level of residential condos). We arrived at the luxurious model unit which offers granite counters, hardwood floors, marble bathrooms, panoramic views of the downtown skyline and the Detroit River.

Many commented that the Book-Cadillac rivaled condominium projects in New York and Chicago.

Although the tour was short, it gave us taste of what is to come over the next 60 days.

Out of the 67 condos, there 16 available, priced from $285,000 to $824,500.

If you would like some additional information about the available homes, contact me at 313.550.2307 or austin@austinb2.com.