Inside the REDESIGNED David Whitney Building in Downtown Detroit!

The iconic David Whitney Building is set to reopen to the public in December.

Designed by renowned Chicago architect Daniel Burnham and constructed in 1915, the building at 1 Park Ave. in downtown Detroit has been empty since 1999, when it last served as an office building.

After being left vacant for more 12 years, the journey to restoration started in March 2011, when Whitney Partners LLC, a joint venture between Detroit-based developer The Roxbury Group and Farmington Hills-based hotel investment firm Trans Inns Management Inc., bought the building for $3.3 million.

Whitney Partners has preserved the building’s historical touches, including its terra-cotta, mahogany and marble surfaces. The building’s exterior is also being restored to bring its façade as close as possible to the original 1915 design.



 “We are in the final stages of redeveloping one of Detroit’s most celebrated buildings and returning it to Detroiters and visitors to enjoy,” David Di Rita, principal of The Roxbury Group, told a 50-person crowd during a media tour and update of the building’s $94.5 million redevelopment project.The building includes:

• a four-story atrium;
• The Residences at the David Whitney, 108 one-, two- and three- bedroom apartments;
• Aloft Detroit, a 136-room boutique hotel that is part of the Sherwood Hotels & Resorts Worldwide Inc. chain; and
• Grand Cirque Brasserie, the building’s signature restaurant.

The building will also be a transportation hub, with second-floor access to the Grand Circus Park Detroit People Mover station, which has been closed for renovations, and an M-1 Rail stop outside the building

Knowing the components of a GOOD offer when selling your home!

Price

Price is definitely a major factor to consider when evaluating a deal, and it’s hard to complain about a full-price offer. If the initial offer is too low, the seller can make a counteroffer. Sellers often agree to a lower price if the offer is for cash. Many transactions fail to close because the appraisal value is lower than the offered price, or the lender doesn’t approve the buyer for a mortgage loan. A cash offer can eliminate both potential pitfalls.

Earnest Money

Earnest money is proof of the buyer’s good intentions; the seller may receive this money if the buyer cancels the contract without a legal reason for doing so.
The buyer’s real estate agent collects the money from the buyer after the offer is accepted, and a real estate broker, attorney or title company holds the funds in a trust account. The money helps pay the buyer’s closing costs if the deal successfully closes. The amount of this good faith money varies by region and market conditions, but three percent of the offer price should be satisfactory.

Proof of Funds

Never accept a cash offer without seeing proof of the buyer’s ability to pay. This may include a bank or brokerage account statement with the buyer’s name visible on the printout.

Pre-Approval Letter

Think twice before accepting a financed offer without first seeing a pre-approval letter from a lender. At the very least, insist on seeing a pre-qualification letter from a loan originator stating that the borrower’s credit score and verbal discussion of debt and income is adequate for loan approval. Many deals fall apart because the buyer is unable to obtain a mortgage. Smart sellers want to minimize the chance of that happening to them.

As-Is Contract

An as-is contract allows the buyer to have a home inspection but eliminates the requirement for the seller to contribute money toward repairs. The MLS listing should specifically request that offers be submitted using an as-is contract.

Quick Close

If the sellers are prepared to leave or have already vacated the property, a quick close is preferable to a long delay. Unexpected events like a fire, wind damage or flood can ruin a deal. Financed transactions may take 40 days to complete, while 2-3 weeks is usually possible for a cash deal. Cash deals take that long because of the home inspection, lien search and property survey.

If you have any questions, feel free to call me at 248-875-5868, or email at kandiss@dwellingsunlimited.com

Kandiss

Celebrity Pads ~ Gianni Versace's former Miami mansion

 
The new owners of the South Beach mansion where Gianni Versace lived and died said Tuesday that they hope to use the Italian fashion designer's name and legacy in rebranding the property as a hotel.
VM South Beach LLC bid $41.5 million for the oceanfront property on Miami Beach's touristy Ocean Drive. The company's principals include the Nakash family of New York, which controls Jordache Enterprises.

Joe Nakash, chairman of Jordache Enterprises, said he expects to retain all the vestiges of Versace's time in South Beach in the 1990s - the snake-haired Medusa heads, a swimming pool inlaid with 24-karat gold tiles, gold-plated bathroom fixtures, custom-made mosaic floorings and frescos and the throngs of tourists who still routinely stop to have their picture taken on the front steps where the designer was slain.

Though the Versace family hasn't owned the oceanfront mansion since 2000, auctioneers hoped the designer's legacy would attract potential buyers.




The mansion has been officially named Casa Casuarina for more than a decade, operating first as a private club and then as a boutique hotel until earlier this year. But locals still refer to it as 'the Versace mansion.'

It was initially listed for sale at $125 million last year. The asking price dropped to $75 million by June, and Nakash said he had been prepared to offer that much for the property.
'Have you ever been inside? You will understand how beautiful it is. The art, the pool, everything,' Nakash said.


Versace and an entourage of celebrity friends that included Madonna, Cher and Elton John helped change South Beach from a retirement community known as 'God's waiting room' to the party-centric, international tourist destination it is today.
The designer bought a neglected three-story, Mediterranean-style home, originally built in 1930 by Standard Oil heir Alden Freeman, and a dilapidated hotel next door in 1992 and spent $33 million on renovations. The 23,000-square-foot mansion has 10 bedrooms, 11 bathrooms and an open-air courtyard.

 

Versace was fatally shot in 1997 by serial killer Andrew Cunanan, who later shot himself as a police search closed in on him.

10 Things You Should Be Doing To Your Home In SPRING!

We're all aware of the idea of Spring cleaning (whether or not we do it - we mean REALLY do it - is another story). If you're ready to delve in, we've got some tips for Spring cleaning, plus a few other Spring things you should be doing to your home. Ready to Spring forward?

1. Sell something
When the weather gets warmer, it's time for a garage sale. Gather up all your unwanted stuff and put it out on the lawn. Might as well make some money for that old, ugly chair you're embarrassed to put in your living room.

2. Donate something
Take everything that doesn't sell over to a local charity. Not only will you be doing a good deed for people in need, but your donation is also tax deductible.

3. Trash something
If you have large items that cannot be sold or donated, you don't have to live with them taking up all the space in your garage. Haul ‘em out. Many cities will schedule a large trash pickup one time a year, while others have sites where you can drop off for free. Check with your local city for options.

4. Clean something
The concept of spring cleaning isn't about your normal program of vacuuming and dusting. It's time to go deep. Move furniture and clean underneath and behind. Those are some world-class dust bunnies. Pull back the blinds and clean the windows. And while you're at it, clean the blinds. They're gross.

5. Scrub something
It's a good time to get to those things that need a little extra effort. That weird spot in the shower you've been watching grow? Zap it for good. Clean out your washing machine. Yes, they actually make washing machine cleaner. Irony is good, and so is a sparkling clean washing machine.

6. Organize something
The closets you've been ignoring? It's time. Really. Plan your attack and go for it. You never know what you'll find in there that you've been missing (or forgot about). And cleaning out your closets are also a great way to find items to sell and donate (see #1 and #2).
7. Renew something
That ugly chair that didn't sell at your garage sale? Maybe you could pretty it up with some paint or fabric? With a little time and effort, you might actually create a new favorite piece.
8. Plant something
Spring is the time to get your garden in gear. Flowers, bulbs, and certain veggies thrive in Spring. Urban Farmer has a great seed calendar, and see Huffington Post for vegetable planting ideas.

9. Update something
Paint colors stuck in a decade-old funk? It's time for a fresh coat. Check out Benjamin Moore for the latest trends in paint colors.

10. Upgrade something
Maybe it's just time to chuck it all and move. The Spring buying season is upon us, after all. If you are thinking of moving, remember that all the same rules apply for getting your home sale-ready as they do for getting Spring ready. So, basically, you're not going to be able to get around that whole shower scrubbing thing!

10 Ways To Spruce Up Your Home for UNDER $100

1. Update your bathroom. You can change your faucets and fixtures out. Local building stores have many styles for under $100. Most are designed for easy DIY installation, using only basic tools. It's a great way to add to your minor bathroom renovations.  Buy new hand towels in a bright colour. Nothing cheers up a bathroom faster and more easily. If you still have some cash left, throw in some matching facecloths and bath towels too, perhaps in a contrasting shade. Finish with a matching bathmat and it will look like you had a major bathroom renovation.  Most shower curtains tend to get tattered after a while. Treat yourself to a new one and buy some pretty shower curtain rings - either plastic ones in a cheery colour or sleek chrome ones. Finish off with a tieback made with an oversized tassel.

2. Get your carpets cleaned. Yeah, it seems like a no-brainer, but it's an easy fix that can make a big difference in how you feel about your home. Stains just not coming out? A throw rug can help ground the room or create a focal point. Check your favorite home décor store, or try Costco, which sometimes has 8x10 rugs for $99.

3. Paint something. Paint everything! I talk about the power of paint all the time, and how a simple can of color can help transform a space. For $30, you can turn a drab room into a dramatic room, take a too-bold space down a notch or turn a boring bedroom into as romantic lair. All it takes is a trip to the local paint or big box store, a steady hand, and a few rolls of tape.

4. Buy some new drapes. Think it's too expensive? These drapes from Target start under $20.
And they come in two other colors and a couple of different sizes.


5. Paint your front door. Don't underestimate the impact it can have on your curb appeal. Not sure of what color to go? Either freshen up the existing color, or chose something that coordinates well with the trimmings of your home.

6. Plant some flowers. Even if you don't have a green thumb, you can pretty up your yard without too much effort or money. Check out this easy spring planting guide from P. Allen Smith.

7. Inject some color. Hate your couch or need to freshen it up? I've been there. But when $2,000 isn't in the budget, a throw and a few pillows can make a world of difference. HomeGoods and TJ Maxx are great options for affordable décor. Or hit up online marketplace Overstock, where these statement zebra print pillows start at $20.

8. Get new furniture for the backyard. You don't have to buy a full-blown set. Look at these colorful chairs from Lowes. They're plastic, which makes them easy to care for, and they're $18, which makes them easy on the budget.

9. Jazz up your table. If your dining room table has seen better days, refinish it. Stain or paint can give it a whole new look, as long as you're willing to put in a little elbow grease. A sander can make the job easier, and you can get an entry-level version for about $50.

10. Celebrate the season. Any season. In Spring, give your home an instant lift with a centerpiece of tulips. Or paint a piece of furniture bright yellow. You can't be unhappy when you're walking past a yellow table.
With a little effort and a little money, you can make updates to your home that will make it feel fresh again.  Also, if you are looking to SELL your home this spring these updates will make a world of a differnce for the staging. When homes are presented beautifully, they SELL!

Best,
Kandiss

     

CELEBRITY PADS ~ Matt Damon's Waterfront Miami Mansion

Got $20 million to spare? Well, actor Matt Damon is selling his Miami Beach mansion.

The main house has seven bedrooms, nine baths and one half-bath, as well as a pool, rooftop terrace, theater room, wine cellar and gourmet kitchen.

 The waterfront property also includes a two-bedroom, two-bathroom guest house.

 

What Should I Expect At Closing???

Closing or “settlement” is when you will sign the final mortgage documents and the property will be legally transferred to you. It typically involves you and any co-borrowers, a closing agent and your real estate agent, although closing practices may vary in your local area.
When preparing for the loan closing, you should contact your closing agent to determine how much money you will need to bring to closing and any other steps for completing the purchase of your home. (They will usually provide the HUD-1 a few days prior to closing to see the exact breakdown of funds.)
You will sign many documents at closing and it is important that you read the documents carefully and ask as many questions as necessary. These documents include:

• The Mortgage Note. A legal document that provides evidence of your debt and your formal promise to repay the mortgage loan.
• The Mortgage or Deed of Trust. The security instrument that you give to the lender that protects the lender’s interest in your property. When you sign the deed of trust, you are giving the lender the right to take the property back by foreclosure if you fail to pay the mortgage according to the set terms.
• The final Truth-in-Lending Disclosure. This document reflects any changes to the terms of your mortgage loan since your application date.
• Affidavits and Declarations. Statements declaring something to be true, such as the property will be your principal place of residence.
• The HUD-1 Statement. Discloses the final details of your mortgage loan including:
  • The actual settlement charges you will be paying
  • A comparison of the costs disclosed on your GFE to the costs being charged at closing
  • Your final loan terms

• Avoid feeling rushed by reading all the documents that will be sent to you prior to closing. Oftentimes, real estate agents will review your documents in detail with you before the closing date to ensure you are comfortable. Don’t hesitate to ask your agent for this.
• Don’t be afraid to ask questions about the legal terminology in closing documents. It is important that you understand everything you are signing; most homebuyers ask a lot of questions and it is expected.
• The documents in the mortgage process are the same for everyone, regardless of race or ethnic origin.

Closing on a home involves a number of important steps. Make sure to pay the same level of attention to these steps as you did when you were house hunting. This is such an exciting process, with a HUGE reward at the end...YOUR HOME!