Detroit’s Rental Market Shows Decline

/in /by

The vacancy rate for apartments rose 16% in the fourth quarter, double what it was in the first quarter of 2020.  Pre-pandemic occupancy rates were at 92%. They currently hover in the mid-80s. Landlords are offering move-in deals and lower rental rates to moderate the decline. Anecdotal data suggests that renters left when their jobs pivoted to virtual work or with the closures of area businesses like restaurants, bars, and sports and music venues. Developers predict the downward trend is temporary.

Detroit Transit Center’s Placement Upsets Preservationists

/in /by

Plans for a new $7 million Detroit transit center are moving forward despite an outcry from preservationist groups. The new bus hub would require the demolition of two historic state fairground structures: The State Fair Riding Coliseum and the Dairy Cattle Building. The city agreed to conduct a three month study on the feasibility of saving them, but preservationist argue that the process hasn’t been prioritized and reuse hasn’t seriously been considered.

Biden Extends Foreclosure Moratorium & Expands Relief Program

/1 Comment/in /by

Using a three-pronged approach, President Biden rolled out mortgage protections. He extended the expiration date for the foreclosure moratorium from March 31 to June 30 and extended the enrollment window to request a mortgage payment forbearance. The third protection allows borrowers to defer mortgage payments for an additional six months. Eligible homeowners must have enrolled in a forbearance plan by June 30, 2020.

Homebuyer Mistakes That Can Derail or Delay Closing

/in /by

Sometimes, first time home buyers don’t know what they don’t know.  Buyers need to be proactive at the start of the home buying process or common mistakes can stall their efforts. Some proactive steps include paying attention to the paperwork when it’s first received to check for errors, making sure the property assessment matches or is under your offer by doing your market research before submitting your offer and keeping a tight rein on big-ticket spending prior to closing.

Home Buyers Face Bidding Wars

/1 Comment/in /by

Due to a record low supply of homes on the market, 56% of home buyers face bidding wars in their offers. This is an increase of 52% from December of 2020. More than half of the homes listed go under contract in less than two weeks. Lower interest rates are making expensive homes more affordable, but a low market supply forces homebuyers to act quickly.

Mortgage Forebearance Crashes to a Halt

/in /by

With 2.7 million Americans still taking advantage of mortgage forebearance programs as late as mid-January 2021, the reality of a housing crisis looms. The CARES Act programs will end at the end of March unless changes are made to the rules. Most of the programs have a 12-month cap. If no intervention occurs, 600,000 Americans will have to begin paying their mortgages again.

Washtenaw County Treasurer Halts Tax Foreclosures

/in /by

The Washtenaw county treasurer declared a moratorium on tax foreclosures for residential, occupied properties. Catherine McClary is amending the Financial Hardship Policy in an effort to assist small business owners, landlords, and homeowners. The moratorium will extend the tax foreclosure deadline to next year.

Home Builder Proposes 56-Home Luxury Subdivision

/in /by

Toll Brothers is proposing a 56-home luxury subdivision in northeast Ann Arbor. The intent is for the development to meet the needs of first time luxury home buyers, retirees, families, and working professionals. The subdivision proposal still needs to go before city staff for review and to Planning Commission and City Council for approval.

Briarwood Mall Vacancies Concern City Officials

/1 Comment/in /by

Briarwood Mall has 17 empty storefronts. Ann Arbor’s only mall has lost several businesses in the first quarter due to an increase in online shopping, high rents and the COVID-19 pandemic. City officials worry about the mall’s future and contemplate alternative uses for the large structure and parking lot. Multi-use ideas include entertainment venues like climbing gyms or laser tag, as well as a retirement community, office, and/or housing spaces that would guarantee consistent foot traffic.

Northern Michigan Communities Report Strong Residential Sale Trends

/in /by

Median prices for residential real estate sales increased in Charlevoix, Otsego, Cheboygan and Emmet counties. The number of residential transactions also increased in three of those counties. The quick rebound in sales once pandemic restrictions eased is due to low supply and high demand and buyers’ desires to relocate to smaller communities. This trend could cause issues if it continues as working-class families may find themselves priced out of the housing market in Northern Michigan.