Islandview Apartment Development to Occupy Former High School Site

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Construction will begin soon on the first part of a mixed-use development at the site of the former Eastern High School in Detroit’s Islandview neighborhood. The first phase is a joint venture between nonprofits GenesisHOPE Community Development Corp. and Lansing-based Cinnaire Solutions. The $10 million first phase will have 30 townhomes, a pair of pocket parks, a playground and a community garden. Rents for the two- and three-bedroom units in the first phase are between $769 and $1,083 per month. The second phase, which carries $10.2 million price tag, will include 30 more residential units and 3,000 feet of commercial space.

Millions Face Eviction & Uncertainty

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As states challenge the federal moratorium on evictions, families across the U.S. don’t know if they’re going to have a place stay.  An avalanche of evictions could soon become a reality as renters owe $53 billion to landlords. The Texas Supreme Court lifted the moratorium on evictions on March 31. As a result, the Dallas-Fort Worth area has the third-most eviction filings in the country. The moratorium is scheduled to be lifted on June 30. According to the Aspen Institute, 40 million Americans are at risk of losing their homes.

 

Nicole Curtis’ Years-Long Dispute Decided

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HGTV star and Lake Orion native Nicole Curtis was awarded the Islandview property she’s been fighting to save. The decision ends a years-long dispute in which Curtis sued the Detroit Land Bank Authority in March to recoup her investment. Her Detroit Renovations LLC purchased the property from a private owner in 2017 for $17,000. The following year, she discovered that the Detroit Land Bank Authority argued that it actually held the title to the property. Once this was discovered, Curtis and the land bank entered negotiations to fix the issue, but talks broke down. After two rulings in favor of the Land Bank, an order awarding the property to Curtis’s company was entered this week.

Investors Continue to Bet on Commercial Real Estate

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A year after the start of the pandemic, high-rise office buildings are near vacant, one of every two hotel rooms is unoccupied, and malls continue to struggle. However, by most measures, the U.S. commercial real-estate market is in solid shape. Prices are already rising again, and the number of foreclosures barely increased. The federal government’s efforts to support the economy protected landlords from steep losses. The support won’t last indefinitely, and investors may be in for a rude awakening when it begins to wane.

 

 

Michigan Real Estate News Headlines – May 24, 2021

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National

Is housing market demand starting to weaken?

Evictions

“They going to show up and kick me out”: Millions face eviction when moratorium ends

Detroit

These are the cheapest and most expensive areas to buy a home in Michigan

Nonprofits team up for 61-unit Islandview apartment development

HGTV star Nicole Curtis wins fight with Detroit’s land bank over house

Grand Rapids

These are the cheapest and most expensive areas to buy a home in Michigan

Southeast Michigan

These are the cheapest and most expensive areas to buy a home in Michigan

Real Estate Insider: Troy Marriott’s ownership on the line as loan workout sought

Amid COVID pandemic, country life lures metro Detroit homebuyers

Western Michigan

These are the cheapest and most expensive areas to buy a home in Michigan

Northern Michigan

These are the cheapest and most expensive areas to buy a home in Michigan

Outstate

These are the cheapest and most expensive areas to buy a home in Michigan

Weekly Brief – May 17, 2021

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The scorching hot residential market is once again the prevailing topic of the mainstream press. And reports of MLS sales confirm that the market remains scorching hot. There has been an onslaught of news about the market since April 1:

West Michigan Real Estate Boom Predicted to Continue

Michigan Realtors Shocked & Awed By Housing Market

Metro Detroit’s Real Estate Market Surges Until Fall

Residential Properties Fly Off The Market

The scorching market is forcing buyers to get creative. And the hot market is dampening the home buying dreams of millennials.

The rising prices are being independently confirmed nationwide by price index increases.

The bottom line is that the housing market in 2021 is unlike any we have seen before. Hold on for a wild summer.

Developers Adding to Auburn Hills Business District

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Developers are building about 400 new apartments and nearly 50,000 square feet of office, restaurant, retail and commercial space. The main business district has about $55 million in new buildings that are under construction or recently completed. Interest in increasing more foot traffic and growing a walkable community are driving the developments. The hope is that by providing more residential housing options, people will realize the benefits of living in Auburn Hills.

Sellers Continue to Have the Upper Hand

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Sellers continue to have the upper hand in the real estate market. A shortage of homes has contributed to the current state.  In March 2021, the average seller in metro Detroit received 100 percent of the asking price. Often, sellers received well over their asking price. Sellers continue to contend with dozens of offers that include a variety of contingencies and perks. Buyers are in a bind trying to find homes within their price ranges and are often forced to make concessions on things they want.

Oakland County’s Luxury Housing Boom

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Oakland county’s luxury housing market is booming. With stronger prices and quicker sales, 70 homes listed at $1 million and higher have gone pending in Oakland County in past 30 days. Post pandemic, buyers are wanting a lifestyle upgrade. Instead of world travel, buyers are sinking their money into their homes. Currently, Birmingham has the highest price per square foot in Michigan.

Lobbyists Push to Ease Gravel Mining Restrictions

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Gravel miners and other business groups are pushing to make it easier to open sand and gravel mines in residential areas. Senate Minority Leader, Jim Ananich, is sponsoring a package of bills that a senate committee will consider on Thursday. The bills would take the approval of gravel mining permits away from local governments and give it to the Department of Environment, Great Lakes and Energy (EGLE). Critics say this would result in the dust and noise of gravel operations coming to many Michigan residential neighborhoods.