Metro Detroit Home Purchases Decline

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According to data from RE/MAX, home purchases in metro Detroit had the fourth largest decline in the country. RE/MAX surveyed metro areas, and Detroit had a 19.6 percent decrease in closed homes in July. Factors that likely contributed to the decline include Michigan’s coronavirus-related lockdown that lifted in June last year, creating a backlog of pending sales that exploded into July. This lifted that month’s 2020 total. Buyers are exercising more caution and questioning the prudence of paying more than the asking price. Add the recent weather and flooding into the picture and potential buyers hesitating while flood-damaged homes are fixed. Limited inventory is also a contributing factor.

High-Rise Towers Planned for Ann Arbor Lot

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The Ann Arbor Housing Commission is finalizing plans that call for a 20-story tower and a 14-story tower buildings. The city is leveraging new tax revenues to build affordable housing that could fund 1,500 new units over the next 20 years. The city’s plans include 370 housing units with a little less than half of them for tenants earning up to 60% of the area median income. The remaining units would be at market rate. The 14-story tower would include 90 rental apartments, and the 20-story tower would include 280 housing units.  The new dwellings will include a mix of studios, one-bedroom and two-bedroom units.

Northville Downs Discussion is Back on the Table

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Hunter Pasteur Homes, Forbes Company, Toll Brothers and Oboran have submitted a conceptual presentation for an August 30 virtual meeting with the Northville Planning Commission. Hunter Pasteur is renewing its efforts to purchase the Northville Downs harness horse-racing facility and surrounding parking lots after a two-year hiatus. In the past, Northville residents were resistant to the increased population and traffic density the original plans would’ve created. Hunter Pasteur representatives held feedback sessions with Northville residents to gain an understanding of what residents would like to see (or not) if the property was developed. After pandemic-related delays and community feedback sessions, Hunter Pasteur has revised its original plans.

Biden’s Eviction Ban Policy Heads to the Supreme Court

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The replacement evictions moratorium will stay in place for now, according to the federal appeals court. A spokesman for the National Association of Realtors is confident that the Supreme Court will block the policy. The Center for Disease Control and Prevention imposed the evictions moratorium on August 3 in counties where Covid-19 is accelerating. Currently, that covers about 91 percent of the counties in the United States. The Delta variant has caused new coronavirus cases to soar, while the $46.5 billion rental assistance funds appropriated by Congress have yet to be widely distributed.

 

Luxury In The Forecast For Muskegon

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Thirty acres of Muskegon waterfront property are slated for a $250 million redevelopment project that includes luxury condos, a marina, restaurant, event space and expanded public trails. Adelaide Pointe QOZB LLC revealed the details of their plans for the Adelaide Point project to city officials and environmental advocates. The developer began acquiring the properties in March of 2021. The project aims to double the size of public access and expand trails, greenspace, and fishing areas. Over the next two years, the goal is to construct one of the 5 residential buildings, a 55-unit luxury condominium building, a marina, and a multi-use building that will include restaurant, retail and event spaces. The Adelaide Point project is a ten-year plan.

 

 

Cannabis Retailer Opens in Coldwater

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Skymint Inc., Michigan’s largest cannabis retailer, opened its 15th store in half of a vacant department store in Coldwater. According to the company’s president of retail, bigger spaces like the former Sears building are appealing because it gives the store a big blank canvas with which to work. The artsy, boutique-vibed store offers 60 cannabis brands. Skymint has grown quickly since entering the retail market in 2019. It can also be found in Bay City, Big Rapids, East Lansing, Flint, Hazel Park and Lansing.

 

Detroit’s Condo Market Picks Up

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Earlier this year, Detroit’s condominium market had 11 months of inventory. Now, it’s down to 7.6 months of inventory, ranging from downtown to areas east, north and west. That promises a healthy supply and demand, albeit probably short-lived. The rising costs of building materials, as much as 50 percent, are driving construction costs up and could threaten to cripple condo development projects. Increases in price may drive future buyers away. Empty nesters and older buyers are gravitating toward luxury condominium purchases, while first-timers or younger buyers are deciding to purchase single-family homes after seeing the high prices of condos.

MDOT Discusses Plans for Detroit’s Amtrak Site

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In February, the Michigan Department of Transportation met with developers to discuss Detroit’s Amtrak site. They want to build a new intermodal transportation facility on the site, with a mix of transit uses like passenger rail and bus, and maybe even residential and retail. MDOT is exploring private development on the property in an effort to offset the $36 million-$45 million cost of the intermodal facility. MDOT is applying for a federal RAISE (Rebuilding American Infrastructure with Sustainability and Equity) grant through the U.S. Department of Transportation.

Township Board Defies Planning Commission Recommendation

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The Huron Township board has rebelled. Detroit-based Sterling Group and Texas-based Hillwood Enterprises LP is constructing new warehouse and distribution space totaling 1.27 million square feet for Amazon.com Inc. Now, they want an amendment to the township’s zoning rules to be allowed to build another distribution center for Home Depot, totaling 450,000 square feet. The trustees approved the amendment and ignored a unanimous planning commission recommendation that put the brakes on construction. Concern over the impact of truck traffic on the southern Wayne County community is high.

Eviction Moratorium Extension Causes Angst

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Metro Detroit landlords continue to wrestle with the eviction moratorium extension. Some have drained their savings and maxed out credit cards to cover costs on their rental properties. The eviction moratorium had recently ended, only to be extended again until October 3. Tenants who face eviction often lose everything when their belongings are disposed of. More than 18,000 applicants have been approved for more than $117 million in rent relief, with thousands more awaiting approval of their application. $400 million still needs to be distributed. Although the extension was intended for communities that had substantial Covid 19 spread, Wayne County now qualifies after entering the substantial transmission category on Wednesday afternoon.