The Lake Lifestyle Carries a Price Tag

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A recent report from LakeHomes.com is based on real estate property for sale and listing data collected in August of 2021. It includes list price and the volume of listings. Any lake with fewer of 10 home listings for sale was eliminated from the report. Michigan has $2.7 billion in lake homes and lots for sale, with the number of listings totaling 5,508. Lake Michigan makes up for half of the top 10 most expensive lakefront areas. It is also number 5 on the top most expensive lake home markets, nationally. Smaller inland lakes also landed on the state list and include Torch Lake, Lake Leelanau and Lake Charlevoix.

COVID Emergency Rental Assistance Staves Off An Eviction Tsunami

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With the ending of the federal eviction moratorium on August 26, local legal aid funds are still being sorted out. Since the initial eviction moratorium, the U.S. Treasury has paid $25 billion to states and local governments for COVID Emergency Rental Assistance. From May to August, a total of $181,821,906 has been paid out to Michigan residents. The pace of the disbursements will continue to accelerate into September, according to the MSHDA communications director. The Director of Litigation at the Legal Aid of Western Michigan estimates that applicants are waiting 1 to 2 months before receiving a check. The processing rate varies by county and ranges from 26-72%.

 

 

Detroit’s Roosevelt Park Plans Affect Vernor Highway

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Detroit has plans for improvements to Roosevelt Park that involve permanently closing a section of Vernor Highway. The plans will make the park safer and uninterrupted by vehicle traffic. Currently, the highway cuts through the park and a section of 15th Street in the Corktown neighborhood.  A temporary closure of the highway at 17th and Newark streets will begin Tuesday. Construction will be completed in 2 phases and is expected to be complete in February 2022. Resident input is welcomed by the city, via a survey that closes on October 31.

Vacancy Increases in Detroit’s Prime Office Buildings

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There’s an increase in vacancy rates in Detroit’s prime office buildings in 2021. According to a new report from the Chicago-based brokerage house JLL, there’s a 10.2% vacancy rate totaling more than 10.9 million square feet. That’s an increase from a 7.7% vacancy rate in 2019 and just under 9% in 2020. Rent also dropped 0.4%. Although 21 downtown prime office buildings comprise the vacant real estate, the Renaissance Center accounts for almost 45% of all the vacant space.

Ann Arbor Land Trust Plays Matchmaker

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Ann Arbor’s affordable housing crisis has prompted the city to look at creative ways to address the shortage. A retiring U of M real estate professor has started a nonprofit called the Equitable Ann Arbor Land Trust with a goal of creating 1,000-5,000 affordable and market-rate housing units in the next 5-10 years. It’s job would be to match the developer to the project. The land trust would get advance zoning change approvals, site planning, utility taps and other public approvals and negotiate the land sale or lease terms so the site would be “shovel ready.” The advance legwork would help eliminate some of the risk of real estate development. The land trust would earn a fee based on the developed land value from the land owner and possibly earn a long-term partnership interest in the development. The land trust’s revenue would be reinvested in further deals to improve Ann Arbor’s sustainability and affordability concerns. It benefits the city and the developer, too. The city increases its tax revenue, and the developer lowers its risk.

Hundreds of Metro Detroiters At Risk For Eviction

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Detroit tenants behind on their rent because of coronavirus pandemic hardships are no longer protected from eviction, according to Detroit’s 36th District Court. After the CDC’s eviction moratorium was deemed unconstitutional by the U.S. Supreme Court, the Detroit court declined to issue its own moratorium. Hundreds of renters are at immediate risk of eviction. According to census data, 28% of metro Detroit renters and home owners are behind on their rent or mortgage. Organizations and agencies continue to work on connecting tenants with COVID Emergency Rental Assistance funds.

Buying a Home Is The Less Expensive Option in Metro Detroit

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According to data from Realtor.com, it’s 14.1% cheaper to buy a home in metro Detroit than it is to rent. Other data suggests that it’s 17.1% less expensive. Detroit lands in 10th place on a list of places where buying a home is more affordable than renting one. The president of RE/MAX of Southeastern Michigan suggest that those numbers don’t consider the other costs associated with owning a home. Low rental inventory and high rental demand, low rental turnover, and low mortgage interest rates have contributed to the trend.

Macomb Subdivision Sold to Ohio-Based Builder

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Columbus, Ohio-based homebuilder, M/I Homes has purchased 66 lots in Washington Township.  The shovel-ready lots sold for more than $3 million. The lack of inventory for homebuilders heightened M/I Homes interest in the lots. The company is expected to build homes between 2,800 and 3,500 square feet.

Former Big Boy Restaurant to be Home to New Tapper’s Jewelry

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Tapper’s Jewelry has submitted plans to the city of Novi for a new showroom at the site of the former Big Boy restaurant at the northeast corner of Eight Mile and Haggerty roads. The plans include demolition of the restaurant building and constructing a more than 8,000-square-foot building. Trees would also be added to the property. The Novi commissioner has recommended approval of the plans, sending them forward to the city council. Hinging on the proper approvals, the company could begin construction in October of 2021.

Eastland Center Mall Gasps Its Last Breaths

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Eastland Center shopping mall is expected to close early next year. Its demolition will make way for a warehouse. The 1-million-square-foot mall is down to 10% occupancy. Its anchor department store have been closed for years. With the mall owner’s June announcement that it is selling the property to NorthPoint Development of Kansas City, Missouri, more Eastland tenants have packed up and closed their doors. NorthPoint will most likely keep the mall open through the holidays and then close it in January. Demolition could begin as early as February.