Quicken’s move could inspire more firms to come downtown
August 24, 2010 by admin · Leave a Comment
BY JOHN GALLAGHER FREE PRESS BUSINESS WRITER When 700 employees of Quicken Loans arrived for work Monday at the Compuware building, they each found a gift bag stuffed with discount coupons from nearby downtown restaurants and shops very eager to make their acquaintance. Long-suffering businesses downtown have been eagerly awaiting Quicken’s move from suburban Livonia, seeing it as a sign of better days ahead. Downtown has been suffering a king-sized hangover from the prolonged recession. Among the restaurant owners contributing discount cards to the gift bags was Jon Grabowski, owner of the Spa 19 24 Grille at the Westin Book Cadillac. “Any exposure we can give to new businesses coming downtown only helps this idea of a greater Detroit,” Grabowski said Monday. Employees of Quicken, an Internet-based mortgage lending company, also got a discount coupon from CK Mediterranean Grille & Catering, which by coincidence opened for business Monday in the Compuware...
Downtown Detroit to get 4,700 more workers
August 24, 2010 by admin · Leave a Comment
Quality of life to improve BY JOHN GALLAGHER FREE PRESS BUSINESS WRITER After suffering years of depletion and brutal recession, downtown Detroit is about to get an infusion of new people as two firms plan to move a total of 4,700 workers downtown. The long-awaited move by online mortgage giant Quicken Loans will take place in August, bringing 1,700 workers to the Compuware building. And an announcement is imminent of Blue Cross Blue Shield of Michigan’s move of 3,000 workers from its suburban offices to the 500 and 600 towers of the Renaissance Center, a person familiar with the details said Tuesday. Taken together, the moves mean more employees eating at downtown restaurants, strolling on the RiverWalk, staying late for ballgames and concerts, and taking advantage of downtown amenities from yoga to bird-watching. “It’s not only great for the city from an economic standpoint but from quality of life,” said Sandra van Meek, director of programming for...
Housing Markets That Will Be Strongest by 2014
August 10, 2010 by admin · Leave a Comment
By Venessa Wong, Bloomberg Businessweek Aug 4, 2010 Where will prices rebound most by state? A housing market rebound seems tenuous following the expiration of the home buyer tax credit, and consumer confidence remains weak due to lackluster employment, but David Stiff, chief economist at Fiserv, says the bottom is near. Home prices in the U.S. have declined 29.5 percent over the past four years, according to the Fiserv Case-Shiller Indexes. Stiff says prices should form a trough early next year, when median prices will be down an estimated 32.9 percent from the 2006 peak. By early 2014, they will have climbed about 7.2 percent from 2010 levels, according to the indexes. Fiserv and Moody’s Economy.com base the housing forecast on factors that include income growth, demographic trends, unemployment rates, foreclosure rates, and construction costs. Of 384 places surveyed, the Bremerton-Silverdale area in Washington State had the highest four-year growth forecast, with prices...
Berry Gordy’s former residence goes on sale for $1.395M
July 15, 2010 by admin · Leave a Comment
By GRETA GUEST FREE PRESS BUSINESS WRITER Berry Gordy’s former residence in Detroit’s Boston-Edison neighborhood will go up for sale on Monday. The asking price: $1.395 million. The house features nine bedrooms, five full bathrooms and four half-baths plus a five-car garage and a 4,000-square-foot pool house, said Kenan Bakirci, the listing agent who works for Coldwell Banker Weir Manuel in the Birmingham/Bloomfield South office. The main house is 8,500 square feet. The Motown mansion was built in 1917 by lumber magnate Nels Michelson. It features Italian renaissance design and old world craftsmanship including a black walnut paneled living room and a marble-columned ballroom. Motown greats including Smokey Robinson, Diana Ross and The Supremes, Billy Dee Williams, Stevie Wonder, Aretha Franklin, The Jackson 5, The Four Tops, The Temptations and others were visitors to the house. Determining a sales price in today’s housing slump wasn’t easy, Bakirci said. “Wow,...
Michigan to offer $154M in U.S. aid to borrowers
July 15, 2010 by admin · Leave a Comment
By GRETA GUEST FREE PRESS BUSINESS WRITER Michigan’s plan to spend $154.5 million in federal funds to help those hardest hit by the economy has gained federal approval and will be available starting July 12. The funds – targeted at helping borrowers facing pay cuts or job losses keep their homes – are expected to aid more than 17,000 Michigan households. Until then, Michigan State Housing Development Authority officials will educate banks and credit unions about the process of evaluating borrowers for the program. Borrowers must apply with their lenders to take advantage of the lifeline, which will be awarded on a first-come, first-serve basis. • FAQs: Answers about the new homeowner help. State officials say they’ll tell borrowers within 48 hours if they qualify for one of the program’s three options: • Mortgage payment assistance for homeowners now receiving unemployment compensation. The state would provide half of the monthly mortgage payment up to $750 a month...
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