Information on the number of rental properties in Detroit is limited and creates issues concerning improvements to housing conditions and reduction of lead exposure. Most landlords in Detroit own one or two properties, making up about 50% of the units in the city. Of that number, only 2% have registered properties within the city’s formal […]
Southeast Michigan’s housing market is becoming more stable. The number of buyers is decreasing due to growing interest rates and high home prices. Sales of homes in southeast Michigan in July were down by almost 20 percent from July of last year. Pending sales are declining rapidly, and properties are sitting longer on the market. […]
Southwest Detroit Business Association’s pilot program grants $8,500 per unit to renovate apartments above commercial spaces. In an effort to expand the number of affordable homes and apartments for city residents, empty and derelict second-floor units are an untapped market. According to Elaina Peterson, a program analyst on the policy and implementation team for the […]
Tommy Nafso, former metro Detroit lawyer and state regulator, and Darel Ross, a Grand Rapids entrepreneur, have partnered to open three cannabis dispensaries and a process facility. They will open the first of the three Noxx dispensaries at 2440 28th St. NW in Grand Rapids this month. A soft launch is planned for Aug. 22, […]
In April, the Grand Rapids City Commission approved a proposal by the Grand Rapids-Ken County Convention/Arena Authority (CAA) to buy over 11 acres of land to build an amphitheater. At its board meeting on Friday, the commission approved a memorandum of understanding with Grand Action 2.0 (GA2.0) that outlines the terms of partnership between CAA […]
Rep. Sara Cambensy, D-Marquette has requested that the Michigan Attorney General Dana Nessel investigate an Upper Peninsula development company headed by a Northern Michigan University board member. The firm states that Cambensy’s claims are “meritless and reckless. Cambensy wrote a 13-page letter on July 28, sounding an alarm about a potential conflict of interest and […]
Rocket Mortgage’s struggles are evident in the earnings report released Thursday evening by Rocket Companies Inc., and they are not likely to be unique as other mortgage companies face challenges. According to Rocket CFO, Julie Booth, the rise in rates had a big impact on rate and term refinance demand. The 30-year fixed mortgage rate has […]
Apartments are a hot commodity in Detroit with supply falling short of demand. Rent costs and occupancy rates in the metro area are increasing. According to the Detroit Multifamily Real Estate Figures, occupancy rate is at 96 percent for multifamily residences in Detroit. The asking rental rate per square foot has increased from $1.64 to […]
Fanuc, the Rochester Hills-based manufacturer of robotics, is planning an $86 million expansion. Within the last week, they’ve purchased the former Thomas M. Colley Law School campus for $18 million. The purchase included the former law school building and an adjacent 67 acres. The company is planning a 655,000-square-foot plant on the acreage. The company […]
The Ann Arbor Planning Commission will hold public hearings on three new development proposals on Wednesday, August 3 at 7:00 p.m. The projects include a four-story residential building with 185 new housing units, the reimagining of The George mixed-use apartment and retail complex, and a special-exception use proposal for a childcare center. The new housing […]
