Detroit’s January Home Sales Up, Southeast Michigan’s Down

/in , /by

Detroit’s housing market continues to thrive. Sales and prices are rising at a rate unlike others in the metro area. January’s median sales price was almost a third higher than a year ago. Sales are up 3 percent. They’re down in other areas of the region. The number of homes on the market in Detroit is up more than 26 percent. Across southeast Michigan, sales are down 8.8 percent, and listings have decreased 4.3 percent. Supply continues to be lower than the high demand. Homes are selling faster because there are fewer houses on the market, causing buyers to jump on homes quicker.

 

 

Local Officials Upset About Detroit Zoo’s Great Lakes Center for Nature Plans

/in , /by

Clinton Township and Mount Clemens officials are frustrated with the Detroit Zoo and its Great Lakes Center for Nature plans. Four years ago, Detroit Zoo officials announced the facility would be located in Macomb County. However, the zoo is now considering a tract of undeveloped wetlands along Hall Road, adjacent to Macomb Community College’s Center Campus. The Clinton Township Treasurer questions the decision of building the nature center in one of the most heavily populated commercial areas of the county. Two years ago, Clinton Township and the city of Mount Clemens offered Shadyside Park on the banks of the Clinton River at no cost to the zoo, noting that the direct access to Lake St. Clair and its established trails would make it an ideal site. The Clinton Township Commissioner is concerned about the minimal benefits the county is receiving from the Zoo for the 0.1 levied on each taxpayer in the county.

 

 

Popular FM Radio Stations Find New Home in Eastern Market

/in , /by

The building at 2529 Orleans St. in the Eastern Market will soon be the new home for the studios and offices of iHeartMedia Inc. The $24 million redevelopment will house radio stations Channel 95.5, 97.9 WJLB,100.3 WNIC, 106.7 WLLZ, Mix 92.3 FM and the Black Information Network on 1130 AM. Mojo in the Morning, Jay Towers, Bush Man, Dr. Darrius, Ya Girl and Doug Podell and Trudi Daniels will all work and broadcast from the Orleans St. location. Production and other staff will also be housed in the building. The build-out is expected to be finished in May. iHeartMedia studios and local space are currently located in Farmington Hills at 27675 Halsted Road.

 

 

Southeast Michigan Housing Market Increases Continue

/in /by

Low inventory and increased demand caused the upswing of the 2021 Southeast Michigan housing market. Some areas in the city of Detroit saw the biggest increase in sale prices. One area’s prices jumped an incredible 68%. Detroit had more sales than anywhere in the region, with 2021 marking an 11.1% increase over 2020 and a median value increase of 33.6%. One broker’s theory is that the increase in sales in the city comes from landlords who decided they wanted to get out when the Duggan administration enforced certificates of compliance in order to be eligible for full distributions of coronavirus relief funds.

 

Construction Begins On The Former Joe Louis Arena Site

/in , /by

Construction is due to begin on the former Joe Louis Arena site for a new residential apartment tower. Several pieces of heavy-duty equipment arrived on late Wednesday afternoon. Colasanti Construction Services Inc. prepped for initial work on the 24-story apartment tower, drilling 100-foot deep caissons. Sterling Group applied for a permit for the building, but no information has been released by the city pending the outcome of the permit review. Part of the vision for the site includes an apartment tower called The Louis, with 500 studio and one-bedroom units. Specific plans for the property have not been made public since Sterling Group acquired the property. Previously, the site had been discussed as a mixed use development, potentially with a hotel.

 

 

 

 

Detroit’s Commercial Property Transactions Lower Than National Average

/in , /by

Nationally, commercial property transaction volume broke records last year. But in metro Detroit, that was not the case. Last year wasn’t a bad year for property deals in Detroit; there were $1.9 billion in sales across 3,678 deals. 2021 was the fourth-highest year since 2006. Low cap rates, inflation hedging helped to fuel the surge in commercial acquisitions. Property buyers are expecting appreciation in the next few years. Rent growth in multifamily apartments and the industrial, warehouse and distribution sectors are also adding to value growth.

 

 

Michigan’s Foreclosure Numbers Highest in the Country

/in , , , , /by

Michigan has the highest number of foreclosures than anywhere in the country, according RealtyTrac. However, experts say this isn’t a sign of a worsening housing market. Michigan’s 2022 January figures represent a 622 percent increase over the totals in January 2021. The big leaps are due to the ending of moratoriums that kept foreclosures from moving forward. Wayne County had the bulk of foreclosure activity, and most of those were old foreclosures that were in the process a long time. According to the vice president of RealtyTrac, Michigan’s backlog is moving faster than in other states. He expects that it could take several months before the backlog is cleared out, but that the figures are not a cause for concern.

 

 

Rezoning Proposal Heads to Ann Arbor City Council

/in /by

Ann Arbor’s Planning Commission voted to recommend City Council approve the rezoning of 68 properties along State Street and Eisenhower Parkway into a new high-density development zone. The proposal would rezone 226 acres by Briarwood Mall and allow downtown-style development to occur, transforming the area into a mixed-use neighborhood. According to City Planner Alexis DiLeo, the proposed rezoning could potentially add hundreds of homes to the area.

 

Royal Oak Neighbors and School District Oppose Pot Businesses

/in /by

 On Tuesday, the Royal Oak City Planning Commission will vote on two special land use permits that would allow the city’s first recreational marijuana facilities to put down roots. Proponents of the controversial vote believe that Gatsby Cannabis Co. and Royal Treatment sites will blend well with existing commerce and neighborhoods. The opponents question if the decision would pose disruptions to nearby schools and neighbors. Gatsby Cannabis Co. is near Oakland Schools Technical Campus-Southeast, and Royal Treatment is in a residential area, near a mixed-used industrial area with a large number of single-family residential homes. The Oakland Schools Superintendent Dr. Wanda Cook-Robinson sent out a “Call To Action” email to the parents of more than 600 students concerning the Gatsby Cannabis Co.

 

 

 

Northville Downs Property Sparks Heated Exchange

/in /by

The Northville Planning Commission met for 3 1/2 hours to discuss The Downs planned development’s preliminary site plan. The meeting ended with a motion to table the discussion until the commission’s next meeting on February 15. The commission’s contract with the Northville Community Center, where the meeting was held,  expired at 10:30 p.m. The meeting included a 23-minute presentation by city planner Sally Elmiger, an approximately 70-minute site plan presentation by Hunter Pasteur, a 32-minute period when commissioners asked clarifying questions to the developers and roughly 48 minutes of public comment regarding the site plan. Hunter Pasteur CEO Randy Wertheimer addressed the commission and stated that ending the meeting without a vote was unacceptable. Commissioners countered that more time was needed for further discussion.