Metro Detroit Housing Market Still Heated

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Metro Detroit’s housing market is still hot for sellers and confounding for buyers, although not as intense as in spring and early summer. The median sales price for houses and condos was up over 7% in October from a year earlier, according to Realcomp multiple-listing service. That figure includes Oakland, Wayne, Macomb and Livingston counties. The amount of on-market listings was down almost 13%, and the average days on the market decreased by 7 days when compared with October 2020. The numbers show that sellers are still benefitting, even though the market has cooled a bit from earlier in the year.

 

Bedrock Gives Tour of Book Tower Progress

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 On Thursday, Bedrock gave a tour of its renovation progress on the historic Book Tower. The renovations include restoration of the original limestone and masonry facade,  replacing 2,400 period accurate windows, and repurposing former office space into 229 residential units. It will also offer retail, hotel and office space when completed. The $313 million project also includes the 13-story Book Building structure. The development will include retail in the basement and first floor, office space on the second and third floors, and the ROOST Apartment Hotel will occupy floors four to eight, featuring 118 studio, one and two-bedroom units. A rooftop bar and outdoor terrace space are also in the plans.

Joe Louis Arena’s Redevelopment to Include Residential High-Rise

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A conceptual plan that was submitted to the city of Detroit in July envisions a 24-story, 290-foot residential high-rise as part of the former Joe Louis Arena’s redevelopment.  According to the Sterling Group, the tower would tentatively be named The Louis and house 500 studio and one-bedroom units. Other possible uses in addition to the residential building are unknown. The site has been discussed as a mixed-use development and could potentially include a hotel. The conceptual plan includes the firms of Neumann Smith, Resurget Engineering and Giffels Webter, as well as construction contractor Colasanti.

Developer Backs Away From Big Boy Site

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The site of Detroit’s only Big Boy restaurant, across from Belle Isle, is back on the market. The Platform LLC has backed away from its plans to build new apartments on the site. The Farbman Group is marketing the property for an undisclosed price. According to a Platform spokesperson, the company remains committed to its work in Detroit. The Platform had envisioned an 8-10-story apartment building with 240 studio, one- and two-bedroom units.

Book Mansion Hits Market Soon

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The James Burgess Book Jr. mansion on East Jefferson Avenue will most likely hit the market for sale in the very near future. The property has been taken back by a foreclosing lender. The 1911, 12,000-square-foot building had been owned by Historic Book House LLC. The approximate $1.245 million mortgage is from December 2016. Soaring Pine Capital Real Estate and Debt Fund II are the lenders. The deadline to redeem the property by paying $937,006 plus interest is January 29. According to a Soaring Pine representative, that is unlikely to happen. The occupants had planned to hold orchestral concerts for the Ars Poetica Chamber Orchestra and give music lessons to pay back the loan. Unfortunately, those plans went by the wayside with the COVID-19 pandemic.

 

Port Authority Raises Concerns Over Boblo Building Destruction

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Detroit-Wayne County Port Authority alleges that the Ambassador Port Co. is not taking the appropriate steps toward demolishing the Boblo building. According to the port authority’s law firm, Ambassador Port is acting in violation of its Master Concession Agreement with DWCPA.  The razing of the Boblo building is included in a pending deal between the two parties. The agreement would end the Master Concession Agreement, and Ambassador Port would gain ownership of the dock site from the port authority. In exchange, it would pay $1 million outright, waive the authority’s $2 million debt, and pay $2 million in blight removal and cleanup work. The deal requires Detroit City Council approval to move forward. The possibility of the building’s destruction before the pending deal is finalized is concerning to the port authority.

Inadequate Housing Plagues Detroiters

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A new report from the University of Michigan estimates that 90,000 Detroiters live in inadequate housing. The study found that residents of color, rental tenants, people with children and those who earn less than $60,000 annually are impacted the most. The study considers housing inadequate if it has major problems with electrical needs, furnace or heating problems, or a lack of hot or running water. 81% of survey respondents had at least one problem with their home condition.  The greatest complaints included concerns about plumbing, pests, and crumbling porches.

Riverfront Hotel Plans Pivot to Apartment Development

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The Detroit-based City Growth Partners LLC has scrapped its plans for boutique hotel rooms in a Detroit riverfront development. The $136 million vision for the property now includes 478 apartments instead of an original 360 apartments and 120 boutique hotel rooms. The revised number of apartments will make it one of the largest new multifamily projects in Detroit. The development will still include retail space. The Detroit Economic Growth Corp. board will have to sign off on the changes to the development plan because it is publicly-owned land. The changes have yet to be presented to the board.

Self-Storage Real Estate Sector Is On Fire

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The self-storage industry has rebounded from the early days of the COVID-19 pandemic. As people make room in their homes for remote job environments, the home sales market drives an increase in storage needs. Restaurants and offices look for places to stash extra furniture to accommodate social distancing needs. The demand for self-storage is high. With self-storage vacancies down, the rent is also high. However, the self-storage market may be hitting a saturation point. Experts raise concerns about whether Detroit’s population can support an overbuilt self-storage market.

Michigan Renters & Landlords Still Wait For Relief

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Nearly two-thirds of metro Detroit residents are still behind on their rent or mortgage, despite the millions of dollars in federal funds that have been sent to provide relief. Many face eviction or foreclosure in the next two months. Michigan allocated $425 million through the end of September through the COVID Emergency Rental Assistance program. Thousands of people are still looking for aid. According to a census survey, 64 percent of metro Detroit residents are not current on payments for their homes.