Outdoor Living Spaces Tip the Scales

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Outdoor living spaces are a tipping point for homebuyers. Buyers are looking to entertain family and friends in pandemic-proof ways. Home owners want access to golf courses, larger yards, attractive landscaping, and outdoor rooms. Previously buyers may have bought a cabin in northern Michigan, but now they want everything just steps away.  People are focusing on updating and upgrading their outdoor spaces as much as their indoor spaces. Lakefront property is hot right now. Listed lakefront houses and condos are on the market for about 18 days.

 

Buyers Continue Bidding Wars

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It continues to be a “dog-eat-dog” world for home buyers. Brokers advise clients to get pre-approval, save, and have some cash to bring to the table. Many home buyers are waiving home inspections, bidding before seeing the home, paying cash, and paying thousands over the asking price to get to the closing table. With more buyers than sellers, the competition is vicious with the average home going for $10,000 over the asking price. Appraisal guarantees are deal-makers, and buyers will have a hard time winning a bid without one.

 

 

Study Takes Aim at Home-Grown Marijuana Market

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Much of Michigan’s marijuana industry is outside mainstream retail outlets. The Michigan Cannabis Manufacturers Association commissioned a study says that millions in taxes and fees could be captured from illicit marijuana markets. While there is no current legislation concerning home cultivation, the information from the study will be used to inform legislators in Lansing. It’s speculated that the MCMA may seek to change the state law passed in 2018 in order to upend the home cultivation rules. The interest is in bulking up the legal retail market and tax revenue.

 

Short-term Home Rentals Create Debate

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Two Michigan bills that address short-term home rentals have created intense debate about who will determine how to regulate dwellings like Airbnb or vacation rentals. The Ann Arbor-based Michigan Municipal League and Lansing-based Michigan Association of Realtors are on opposite sides with each asking its constituents to email, call and write to their local legislators about the bills. Under the bills, a short-term rental would be a residential use of property. It would be a permitted use in all residential zones. It would not require a special use or conditional use permit, and it would not be a commercial use of property. Opponents of the bills call them a “cookie-cutter approach” to legislation that ignores the different needs of Michigan communities.

 

Michigan Legislature May Nix Short-Term Rental Laws

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Bills in the Michigan legislature that have bipartisan support would nix local laws that ban or limit short-term rentals through zoning. The bills are controversial and have garnered heated debate. Proponents like Airbnb, realtors, and lawmakers from both parties say the proposed changes to state law are about personal property rights and do not prevent cities from regulating short-term rentals. Opponents, which include leaders from cities all over the state and hoteliers, say they do not support an outright ban on short-term rentals. They feel that local leaders should have the power to decide what rules are most effective for their communities.

Human Migratory Habits Change Post Pandemic

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Although offices are beginning to reopen as vaccinations climb, many employers are still allowing employees to work remotely from home indefinitely. Those who are able to continue working remotely at least part of the time are heading for greener pastures, literally. Real estate company Redfin reported this month that online searching for homes in suburbs and rural areas has increased since the first quarter of 2020 in most major U.S. metro areas. Before the pandemic, a bigger house might not have seemed worth the commute, but if that commute is cut down to 1-2 days a week, the story changes.

Home Buyers Need Creativity in Today’s Market

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It’s a home seller’s dream come true. With parts of Michigan down to just a one-month supply of housing inventory, buyers need to get creative with their home-buying strategies. Realtors offer advice like positioning yourself to be the backup offer on sale-pending homes. Often the deals are to good to be true and fall through. Getting your backup offer in is like putting your foot in the door. Some buyers are making creative offers that include payer other buyers to take their offers off the table.  Making sure you have a realtor who is well-experienced with getting offers accepted and showings scheduled, even virtually if necessary, can make a huge difference in your success.

Grand Rapids Property Developer Receives Tax Incentives

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Chicago-based 3F Properties has received $3.6 million in tax incentives to transform a 3-story vacant industrial building into 173 market-rate apartments. The property is located along Market Avenue SW and will include studio, one bedroom, and two bedroom units. The Grand Rapids development will rent apartments ranging from $975 to $1700.  The project also received a 10-year Obsolete Property Rehabilitation Act incentive valued at $2.9 million.

 

 

Lawyer – No Light at the End of the Pandemic Tunnel for Property Owners

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The future of real estate continues to be in a flux. At a federal level, GSEs have continued to extend foreclosure and eviction moratoriums through June 30, 2021. The Center for Disease Control issued its own eviction moratorium in September 2020, and the Biden administration has extended it through March 31, 2021. In Michigan, the pandemic’s eviction moratoriums have expired, although the Michigan Supreme Court has recognized the CDC Order. No formal foreclosure moratoriums were ever instituted in Michigan, but social distancing requirements have halted the proceedings that are held in courthouses which have been closed to the public during the pandemic.

Legal Action Taken Against Former Collier Advisors Who Started New Firm

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Colliers International U.S. states it has commenced legal action against 10 former senior brokers who split from the company to form their own firm, Advantage Commercial Real Estate Services, alleging, among other things breach of fiduciary duty and use of confidential information. Several of the brokers were majority owners in a firm that Colliers acquired in 2016 in an effort to strengthen its presence in West Michigan. The proceedings provide a new slant on what was perceived as an amicable split in January.