South Lyon Golf Course Proposed for Single-Family Development

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Developers presented a conceptual plan to put 182 single-family homes the site of the 160-acre Cattails Golf Club in Lyon Township. The golf course has been a part of the community for more than 30 years. Brothers Mario, Frank and Tony Moscone owned and operated the golf course. With Mario and Frank’s deaths, Tony Moscone wants to make the property attractive to a diverse group of people. The property is directly across from the Woodlands of Lyon, a planned 103-home development. The proposed single family properties will have lots of 55 and 65 feet. More than half of the land would be preserved as open space in the conceptual plan, doubling the density allowed by ordinance. According to planner Brian Keesey, the planning commission has already voiced their objections.

 

Metro Detroit Tops Most Expensive Home Sales in 2022

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Metro Detroit had some of the most expensive home sales in 2022. The Bloomfield Hills home at 780 Vaughn Road features classic French chateau design. It sold for $6.125 million. Its location on more than 3 acres by Cranbrook was a selling point. The property at 4890 Birchway Drive in Orchard Lake Village boasts more than 10,000 square feet and 109 feet of Orchard Lake frontage. It features a bedroom suites, a guest room over the garage, a theater room, wine cellar and patio with outdoor gathering area. The home sold for $5.6 million in less than 48 hours. The home at 7420 Inner Circle Drive in Bloomfield Township sold for $4.9 million. It includes 11 acres with a river and a chicken coop. A large garden, theater room, and a lower level entertaining space with a second kitchen and bar were big selling points. The Fisher Mansion is the most expensive house to sell in Detroit’s history. Located at 1771 Balmoral Drive in Detroit, the home includes entertaining space, a library, 15 bedrooms and more than 20,000 square feet. Other properties in Bloomfield Township, Oakland Township and Birmingham sold in the range of $4.3 to $5 million.

 

 

 

Michigan’s Residential Real Estate Market Is Stabilizing

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The 2023 real estate market is finally starting to look like it might normalize. Seasonality is back in the resale market, and rent increases and high supply costs have mostly stabilized. However, interest rates will remain high, pricing some buyers out of home ownership. Some materials costs continue to be issues. While materials costs have rebounded for the most part, builders are now more conditioned to check on lead times and suggest alternatives if long waits are indicated. Building materials that once took eight months to arrive are now arriving after 4-6 weeks. Lumber is at pre-pandemic prices, while materials like concrete continue to be expensive. Rents are stabilizing. Fewer people are leaving apartments to buy homes, and people are doubling up. Home sale prices are dropping in some areas, like Wyandotte, Southgate and Riverview. Experts are expecting the industry market to contract, with realtors who are inexperienced in a tight market leaving the business.

 

 

Amazon Fresh Stores Slated for Plymouth and Dearborn Communities

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Plymouth and Dearborn are slated to be the new homes for two new Amazon Fresh locations in metro Detroit. The stores bring the total number in the region to nine. One is being built in a strip plaza at the corner of Ann Arbor and Haggerty Roads in the Plymouth Towne Center retail development. The other is destined for the former Kroger Co. grocery store space at 23000 Michigan Ave. Construction on the Plymouth location began in the fall and is expected to be finished late spring/early summer of 2023. The two stores are anticipated to open in unison.

 

Proposed Mixed-Use Development in Roseville Brings Hope and Criticism

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Hawasli Homes is planning a multi-story, mixed-use development on a 1.2-acre vacant site on Utica Road. The site once held the Tip-Top Bar. While unanimously approved by the Roseville City  Council on Tuesday, the plan is not without controversy. Neighborhood residents say the 81,000-square-foot building will be too out-of-place in the residential area. They want its height to be capped at two stories. The four-story building will be one of the tallest buildings in Roseville. The first floor of the building will be utilized for commercial purposes like a deli, a UPS store, a studio, etc.  The site will include 166 parking sites and studio-sized, one-bedroom and two-bedroom apartments. Critics of the plan worry that the number of parking sites exceeds the city’s requirements and that the project will increase traffic on the two-lane Utica Road. City officials hope the proposed development will transform downtown Roseville into a transit- and pedestrian-friendly location.

Regional Home Sales Decline Despite Interest Rate Drop

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Regional home sales declined into the double digits in November, but prices remained high. RealComp and RE/MAX of Southeastern Michigan released reports on Tuesday confirming that buyers won’t have any price relief when compared to last year. The two separate reports reveal that the number of home sales in Southeast Michigan dropped by more than 14% from October to November. Even with a considerable interest rate drop, the largest since 2008, consumers aren’t enthusiastic. Many are delaying listing their homes for sale because buyer demand is weakening, and they don’t want to risk their current lower mortgage rates.

 

Metro Detroit’s 2022 Commercial Real Estate Update Impresses

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In the past year, the Ilitch family and billionaire development mogul Stephen Ross announced their partnership to build the Detroit Center for Innovation. Since then, no construction has started. Whether or not the plans come to fruition is up in the air. There are currently 10 projects in the works outside of the DCI. They include business incubator space, new office and residential towers, and hotel space. Altogether, $1.5 billion in projects are waiting in the wings. That figure doesn’t include the DCI which would cost $250 million, funded in part with a $100 million earmarked in the state budget.

 

Gilbert Trades Out Brokerage Firms On Hudson’s Project

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Billionaire Dan Gilbert has hired the local office of New York City-based brokerage house Newmark to attract tenants to the new office space he’s building at Woodward and East Grand River avenues. The move marks a switch from the brokerage he had retained previously. The $1.4 billion Hudson’s site project is probably the highest and largest profile in the city, as of late. The market for office space has taken a beating because of the COVID-19 pandemic, pummeling sites like the Renaissance Center, Meridian Health and Compuware Corporation. The leasing of Gilbert’s 400,000 square feet of new build office space faces a challenging market.

 

Washtenaw County Purchases Conservation Property

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Washtenaw County’s Parks and Recreation Commission closed on the purchase of  the Maisel property in Northfield Township on December 1. The purchase increases the county’s system of parks and nature preserves by about 220 acres. The $1.44-million conservation purchase will become one of the largest publicly accessible sites in the Ann Arbor area. Ann Arbor’s greenbelt program covered the majority of the purchase price. The land won’t be open to the public immediately, as the park staff determines trail layout and parking access and demands. Kiosks and trail maps also need to be installed. The large size of the park will offer core habitat for wildlife.

 

 

West Bloomfield Township Board of Trustees Denies Controversial Proposal

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The West Bloomfield Township Board of Trustees has denied the controversial proposal to rezone a location known as The Corners property from single-family residential status to a planned development district. The property is located at 2075 Walnut Lake Road on the site of the former Walnut Lake Elementary. The school closed in the mid 90s and was transformed into a multipurpose building. The proposal to rezone met with opposition because it includes a baseball diamond, a playfield and mature trees. The proposal would have enabled the property to be redeveloped into a 101-unit townhome community.