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Article: Builders, banks get creative; As housing market slows, new tactics emerge.
- Article from:
- Crain's Detroit Business
- Article date:
- August 28, 2006
- Author:
CopyrightCOPYRIGHT 2006 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jennette Smith, Anjali Fluker
In Ferndale, two groups seeking to develop a $35 million loft project haven't been able to get financing.
In Lake Orion, a new Pulte Homes Inc. subdivision has brisk sales, helping to offset slow sales elsewhere.
At midyear, Detroit's residential real estate market is full of contrasts. A slowing market has led builders and banks to try creative financing and unprecedented incentives in order for their projects to survive. Some developers have become gun-shy about buying land, and are pulling the plug on new permits.
Others have found the right niche product or location and are forging ahead.
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...Byline: Bill Laitner Mar. 4--Lake Orion's leaders plan a groundbreaking for an 1890s-looking brick ... the National Trust's Main Street Center in Washington. In Lake Orion, building the new Sagebrush Cantina -- replacing a gutted ...
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