Amazon will open a sorting center in Plymouth at the old Spartan warehouse on Haggerty Road. Amazon plans to add 30,000 square feet to the existing 300,000 square feet of the structure. The development will add 200 jobs to the area with an investment of $2.5 million. This continues the growth of Amazon facilities in Southeast Michigan.
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Detroit’s Transfiguration School readied for housing transformation
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Amazon plans to add 5 sites, create 2,000 jobs in Metro Detroit
Amazon plans new sorting center along Haggerty in Plymouth Township
Bay Pointe Golf Club in west Oakland County seeks buyer at $8.95 million
Warehouses planned for old Ford assembly plant site in Wixom
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Clothing store, distiller to vacate downtown Boyne City space
I want to highlight a few topics that I believe will dominate the Michigan real estate landscape at a macro level in 2021.
First, mortgage foreclosures will begin to impact the residential market later this year. Although there is the potential for further federal or state moratoria, eventually we will be unable to kick the can further down the road. These foreclosures will begin to place downward pressure on sales prices at the end of 2021 or early 2022, as the foreclosed properties will begin to be marketed for resale.
Second, the impact of COVID-19 on commercial properties will begin to be felt in 2021 as well.
Although it appears the industrial class is weathering the storm quite well, the same cannot be said for retail and office properties.
For retail properties, in addition to the impact of “stay home” orders, you have the continuing trend of online shopping, which only accelerated due to COVID-19. Paradoxically, the decline of the retail sector has contributed to the stability of the industrial sector, as logistics and warehouse uses that support online retailers have thrived during the pandemic.
Major retailers often file for bankruptcy protection in January, after the cold realities of a failed holiday season hit home. This year, I would expect that major retailers, as well as “mom and pop” stores will have to fact reality in early 2021. The “sit-down” restaurant sector will likely also be impacted.
For the office sector, it remains to be seen is whether the impact will be long-lasting. If companies permanently shift work to a remote, or work-from-home, setting, the impact on the office sector could be significant. However, if employers move back to a traditional work setting, 2020 may be a blip on the office sector radar.
Finally, the lifting of eviction moratoria will impact the residential market. Evictions could have a net positive impact on the investor-owned market, as non-paying tenants are shown the literal, and proverbial, door. Or it could merely signal that rental rates will be forced down, impacting investors and overall residential market pricing.
If you would like to track articles on foreclosure and evictions, those articles are specifically tracked on this page of the Michigan Real Estate News website.
Family Video will close about 60 Michigan locations in the next month. A decline in foot traffic and new movie releases due to COVID-19 has contributed to the closures. However, the owners will still be in the game because they own the underlying real estate. The strategy of purchasing corner properties located in close proximity to neighborhood traffic has made the properties highly desirable for future tenants.
Plymouth township residents want the former Courthouse Grille demolished, sooner rather than later. Development companies have made plans in the past, but ultimately backed out. Hope is on the horizon with District Capital Detroit’s plan to build a multi-story residential complex.
Macy’s will close 45 stores nationwide by the middle of 2021. These closures come on the heels of the company’s February 2020 announcement of their plans to cut 2,000 jobs and close roughly 125 locations. The company received a credit line of $3.15 billion in June of 2020 which has allowed it to survive the impact of COVID-19. The timing of the store closings may be adjusted as Macy’s monitors its recovery from the pandemic and the performance of its competitors.
Grand Rapids median home prices are predicted to grow 6.5% in 2021, mirroring the 6.8% growth between 2019 and 2020. Younger adults are a driving force behind the trend with the median household income also increasing from $68,703 (2019) to $80,000 (2020).
Houghton’s planning commission will reconsider a previously approved zoning request to rezone approximately 15.5 acres. The previous request included a wetlands area. The wetlands area was removed from the earlier request. However, concerns continue to be raised about the land use along the shoreline.
Hancock council passes zoning amendment
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Airbnb property investors may sue Ann Arbor if council doesn’t lift pending ban
Property values rise across the county despite the lingering effects of the coronavirus pandemic
Northville issues to tackle in 2021
Loves Furniture files Chapter 11 bankruptcy 8 months after acquiring Art Van assets
Why Family Video’s owner isn’t actually going anywhere
New development planned for site of Plymouth Township’s Courthouse Grille property
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Experts divided over future of office space
Grand Rapids home prices projected to grow 6.5% in 2021
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Loves Furniture files Chapter 11 bankruptcy 8 months after acquiring Art Van assets
