Triton Properties buys 4 apartment buildings along DETROIT RIVERFRONT

Denver, Colo.-based Triton Properties Inc. has purchased four apartment buildings totaling 143 units near and along the east Detroit riverfront for an undisclosed amount.
The buildings in the sale are:

• The 49-unit Kean Apartments, at E. Jefferson Avenue and Hibbard Street.
• The 43-unit Hibbard Apartments, at E. Jefferson Avenue and Hibbard.
• The 9-unit Parker Apartments, at Parker and E. Lafayette streets.
• The 42-unit Van Dyke Apartments, at Van Dyke and E. Lafayette streets.

Detroit-based Cynex Enterprises owned the buildings, according to Rich Deptula, senior vice president of investment and loan sale advisory services for Farmington Hills-based Friedman Integrated Real Estate Solutions LLC, which represented Cynex.

The purchase is the latest for Triton, which bought the Alden Park Towers at E. Jefferson and Parker for $2 million in August 2012. Triton completed a $5 million renovation of the property earlier this year.
“They have done an incredible job turning around and repositioning Alden Park,” said Barry Swatsenbarg, national director of investment and loan sale advisory services for Friedman.

April Sedillos, executive vice president of Triton, said the company will first address deferred building maintenance. Triton is still developing budgets for capital improvements to the buildings.

Sounds like there are some new and EXCITING projects coming up in Detroit!

What type of HOME are you looking for???

There's a wide selection of homes out there -- which is one is right for you? Depending on how much maintenance you want to do, how much privacy you need, or if you want something custom built to suit your particular tastes, each home type has its own features and benefits. And depending on the different stages of people's lives -- whether they have children or are retiring -- one type of home can be more attractive than the other.

Single-familly homes

These detached homes -- houses that sit on there own lot -- come in one- (ranch), two- and three-level styles. Their exterior appearance can be contemporary, Colonial, Tudor, Victorian or Georgian, for example. As the name implies, single-family homes are ideal for families, especially those with children. Elderly folks who prefer not to climb stairs usually opt for a single-level ranch home. Privacy is an attractive characteristic of these homes, which usually have a fenced back yard. On the other hand, you'll have to keep up with more maintenance than with other home types.

Condominiums (condos)

Condos are individually owned homes attached to one another in a building (like apartments), and feature common facilities, such as recreation areas and fitness rooms. Each condominium building belongs to an association of all its owners. The association determines the monthly assessment fees and rules and regulations that govern the entire building. The association also decides on maintenance and improvements to the condo building. Like a single-family home, you build equity when you own a condo, but unlike a house, you have less maintenance to deal with. Among the drawbacks of condos is less privacy, and during a housing-market downturn, they usually depreciate more than a house.

Cooperative apartments (co-ops)
Similar to condos but sometimes less expensive, co-ops are popular in large urban areas. New York City is known for them. A co-op is different from a condo, in that instead of buying the unit, you buy shares in a corporation that owns the building. And before you can buy shares, you have to be approved by the building's co-op board. Each shareholder has the right to lease a specific unit in the building. Keep in mind that you may have a more difficult time selling your co-op unit because of the board-approval process.

Townhouses
Whether they're one, two or three stories tall, townhouses (also called townhomes) are typically vertical in design. Some even come with attached garages. They blend the privacy of a single-family home with the benefits of the exterior condo maintenance, which is usually done by the homeowners' association. Many townhouses are built in what are called planned unit developments (PUD), clustered communities that have areas for residential and commercial use, and public areas such as schools, parks and the like.

Fixer-Uppers
These are usually condos and single-family homes that are in need of extensive repairs, maintenance or updating. Fixer-uppers are usually a good value to buyers who want to put some 'sweat equity' into a property and add some personal touches to it. On the other hand, they can also be a financial drain if they have any major defects, such as foundation cracks and defective heating and air conditioning units. Have a professional home inspector check the home from top to bottom before you decide to buy it.

New-Construction Homes
How would you like your home to look? New construction housing allows you to design a home from top to bottom. You can pick your choice of finishes, cabinets and bath fixtures and more. Some builders also allow you to move walls in predesigned models and pick the lot within their community to place your home. Expect to pay more money for a new construction. Preconstruction typically offers you reduced pricing before a development or building gets under way. You need to be fairly creative to visualize your new home from floor plans, because there usually aren't models to view until the project gets underway. If you decide to purchase new construction, make sure you research the developer or builder's track record before you sign the purchase contract.

CELEBRITY PADS~ DRAKE sells condo for 4.2 Million

Drake may no longer have roots in his native Canada. The "Started from the Bottom" rapper, known for his impressive sweater collection, recently listed his three-bedroom Toronto condo for $4.2 million.

Last year, Drake bought a $7.7 million home in Hidden Hills, Calif., after offloading his two Miami condos.

TOP ways to add VALUE to your home!

The value that you have in your home is the single most important reason why you own instead of rent a home. In the this recent economy of falling house values and unstable housing market statistics, every home owner should know how to put more value back into their homes. Although making home improvements is not a sure-fire way to increase the value, it will at the very least make you more
competitive against your competition.  Use these tips to increase the value of your home and enjoy the rewards when it is time to sell your home.

1.) Update kitchen appliances: The most sought after room in your home is the kitchen. It is worth the most per square foot and will make the difference of your home appealing to buyers or not.  If your appliances are more than 3-5 years old consider updating them to the comfortability of your wallet. A newer model, a more designer finish, or more features will help home buyers take a second glance at your kitchen.  For top of the line appliances consider stainless steel and professional series lines.

2.) Kitchen cabinetry makes the look: When you walk into a kitchen the first thing you notice is the cabinets. Cabinetry is at the top of the percentage of kitchen costs, but also shows the most return.  Opt for wood over laminate surfaces and add custom features like crown molding, wine racks, glazing, and custom woodworking to set your kitchen apart from your competition. Reface cabinets and add door and drawer hardware for less expensive updating.

3.) Add value by upgrading your countertops: Any room you have countertops – kitchen, bathroom, bars, or utility rooms the more money you can spend into a higher end countertop the better. Plastic laminate countertops are considered the lower end grade, solid surfacing, concrete and granite is considered to be the higher end grade. Consider overlay countertops that are made from composite granite/resin combination for the look of granite at a fraction of the cost.


4.) Flooring is a forgotten upgrade: The rule of thumb for flooring is the more resilient and long lasting, the higher the upgrade is, but the higher return is on investment (ROI). Vinyl flooring and low end carpet is at the bottom of the upgrade spectrum.  Consider wood, tile, and natural stone for flooring options to add value to your home.
5.) Upgrade plumbing fixtures in kitchen and bathrooms: If your plumbing fixtures are more than 10 years old, consider upgrading them. If you have standard grade fixtures, such as chrome finish, opt for higher end finishes and materials. Brushed nickel, antique copper and brass fixtures are relatively inexpensive to replace.  At kitchen sinks choose plumbing fixture collections that offer matching faucet, control, and sink sprayer.  Similarly in bathrooms, choose bathtub/shower/and sink controls that coordinate for a unified look throughout your home.

6.) Master bedrooms should feel like a retreat: The master bedroom or suite as some like to refer to it is a high commodity for home buyers.  Upgrade flat ceilings to raised tray ceilings and allow for several lighting options.  Recessed lighting with dimmers, lighting wall sconces help create an ambiance that has a high value in appeal and for the value of your home.

7.) Upgrade master bathroom with spa-like features: Part of the master bedroom is the master bathroom.  Buyers want to have spa features from the shower to the over-sized garden tub.  Similarly to the kitchen, put upgrades where you can most afford it.  Upgraded tiled floors and showers will add value over pre manufactured units.  Jetted soaking tubs, multisprayer showers and large square footage will also add value to your overall home.
8.) Invest in curb appeal: To be able to meet the demands of the average home buyer you will need to create curb appeal. A well manicured lawn, trimmed landscaping and clean drive and sidewalks will help bring greater buyer appeal, and in turn will add value on to your home.  Keep your flower beds free of weeds and full of thriving and colorful plants.  Nothing says ‘buy me’ like a front yard that has quality upkeep behind it.

9.) A quality roof is a plus: The roof of your home protects and beautifies the structure beneath.  A quality roof will add value to your home and reduce the risk of damage in the near future.  For roofs older than 15 years, consider having a roofer inspect and possibly replace. Upgrade from asphalt shingles to clay tiles, copper, slate or standing metal seam to add durability and value.
10.) Windows are for more than viewing: Your windows are the source for your light, but also the source for conditioned air gain and loss.  Upgrade to windows with higher R values to resist heat and cold transfer from the outdoors. Double paned windows, windows with integral window treatments and insulated varieties all equate to saving energy and therefore will add more value to your home.

CELEBRITY PADS~ Celine Dion selling her 72.5 MILLION dollar Mansion!!!!

Celine Dion has put her Florida mansion up for sale. A listing for the property went up this week offering the famous Quebecois crooner’s 4.5-acre property on Jupiter Island, Florida, for $72.5 million.


The location can’t be beat: Jupiter Island is a wealthy enclave of some 800 people north of the Miami area, and it has one of the highest per-capita incomes of any town in the U.S. Dion’s island neighbours include golf legend Tiger Woods and country singer Alan Jackson.


Dion’s house is more like a compound, actually: The main house features five bedrooms and five ensuite bathrooms, but visitors can stay in an eight-bedroom guest house.


There are four other houses on the property: A tennis house complete with a simulated golf range, a beach house and a pool house next to one of the property’s three pools.

The main house is a 10,000-square-foot whopper that has its own elevator and guest wing. The master bedroom features two terraces — one with a spa, one with a fireplace. And it’s powered through geothermal heating.

Dion and her manager husband, René Angélil, built the house in 2010, having bought the land for it piecemeal over the previous five years for a total of $19.5 million, the Wall Street Journal reports. They tore down the existing house on the property to make way for their mansion.

Mortgage Points....should you pay more upfront?

Pay more now for a chance to save much more later? That's the idea behind paying "points" on a mortgage loan. But it doesn't necessarily make sense for every homeowner.

Mortgage points provide an opportunity for borrowers to lower their monthly mortgage payments by paying a lump sum at a loan's closing in exchange for a lower mortgage interest rate over the course of a loan.

Mortgage points are a smart option for borrowers who plan to stay in the same mortgage and not refinance for a relatively long period of time. But points are not recommended for borrowers who are likely to relocate or refinance in the not-so-distant future.

Borrowers pay points in order to lower their mortgage interest rates by a certain amount. The cost of one point is equal to one percent of the mortgage amount. In the case of a 30-year fixed-rate mortgage, paying one point will typically lower your interest rate by somewhere around one eighth of a percent.

So if borrower A paid one point on a $200,000 mortgage with what would have been a 4 percent interest rate, she would lower her interest rate to 3.875 percent (4 percent -- 1/8th percent) for the cost of $2,000.

A good way of looking at points is to view them as an investment that yields a return for the longer you stay in your house.

If Borrower A stays in the same mortgage for only a few years before selling her home or refinancing, she may end up not saving enough in monthly payments to justify paying the $2,000 upfront. But if she stays in the mortgage for a longer period of time, she eventually breaks even on her investment and enjoys saving money every month from there on out.

"If the points are reasonable, I want to pay that upfront and enjoy the interest rate savings over 10 years because I know I'm not going to refinance," Dwyer says. But if "you're a young couple" and "you know you're going to have more babies, you know you're going to be moving out," then you should avoid paying points.

In a perfect world, borrowers would pay points only if it benefited them in the long run. But, in fact, many borrowers pay points out of necessity. Why?

Lenders will only allow borrowers' monthly mortgage payments to equal up to a certain percentage of their monthly income. Often they will only approve loans for borrowers whose monthly mortgage payments would not exceed 28 percent of a borrower's monthly income.

Paying points allows a borrower who otherwise wouldn't qualify for a loan because of income limitations to lower his or her monthly payment to the extent that the bank is willing to make the loan.

CELEBRITY PADS~ Billy Joel's Miami Beach House Sells For $13.75 Million

The 63-year-old piano man finally sold his luxurious waterfront mansion in Miami Beach for $13.75 million, according to reps for ONE Sotheby's Real Estate.

The 8,881-square-foot Mediterranean-style pad sold for a million less than its original asking price and just $175,000 more than Joel paid for it in 2006, according to county real estate records.

Joel's former home sits on glitzy La Gorce Island, where Cher, Lil Wayne, Ricky Martin, and Shakira have lived.

The massive house, which boasts 7 bedrooms and 9 baths, a gourmet chef's kitchen, an outdoor kitchen, an elevator, a 4-car garage beautifully enveloped in vines, and a whopping 150 feet of gorgeous waterfront.