Real Estate One Academy Wants More Required Training Hours

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According to Bonnie Richter, the director of the Real Estate One Academty, real estate education needs to change to keep up with the needs of consumers. Real Estate One is pairing new agents with experience Realtors in an effort to keep more people in the field. Richter says there’s an enormous interest in real estate careers. Classes are full and in high demand, but the longevity is not there. People don’t expect the career to be as demanding as it is. Richter believes that license instruction should require more hours (60 at a minimum), as there isn’t enough time to get all of the information in with the existing instruction requirements. In addition, beefing up the instruction time would better protect consumers so that licensed real estate professionals would have the needed expertise.

 

 

Farmington Hills Council Considers Hotel Conversion Project

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In June, Farmington Hills Council members approved a Planned Unit Development to convert a hotel on 12 Mile Road into a senior housing complex. This week, city officials will look at the agreement that finalizes the project details. Manor Senior Living wants to convert the Radisson hotel’s rooms into 217 memory care units, 51 assisted living, and  56 independent living units. When the PUD was approved, five senior housing projects were in the works. Since then, St. Vincent and Sarah Fisher property proposals have stalled.

 

Metro Detroit Housing Market Still Heated

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Metro Detroit’s housing market is still hot for sellers and confounding for buyers, although not as intense as in spring and early summer. The median sales price for houses and condos was up over 7% in October from a year earlier, according to Realcomp multiple-listing service. That figure includes Oakland, Wayne, Macomb and Livingston counties. The amount of on-market listings was down almost 13%, and the average days on the market decreased by 7 days when compared with October 2020. The numbers show that sellers are still benefitting, even though the market has cooled a bit from earlier in the year.

 

Livingston County is Commercial Building Dead Zone

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More than 7.5 million square feet is under construction in the Southeast Michigan region to fulfill the need for industrial, warehouse and distribution center buildings. But in Livingston County? Not so much, although it appears to be perfect for new construction. It has low vacancy, outdated inventory and rising rents. Only one new 40,000-square-foot industrial building has been constructed within the county’s 585 square miles in the last four years. Effectively, the market is full. Available workforce and infrastructure also contribute to new industrial space not coming into the county.

Downtown Birmingham Bright Spot for Retailers

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Downtown Birmingham is bustling with at least 8 retailers and 4 new food establishments that have opened, expanded or made plans to open in recent months. Retailers are rebounding in sales numbers and downtown Birmingham office space is at pre-pandemic levels of demand. According to real estate insiders, a popular retailer may be opening a new store at Maple and Old Woodward. In addition, downtown Birmingham opened its second luxury hotel. The 151-room Daxton hotel opened in April.

 

 

 

Michigan Township Vetoes Solar Farms

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Invenergy, a multinational energy company, has offered Washtenaw County farmers $1,100 a year for each acre of land utilized for solar panels. Landowners agreed to the deal, but the township didn’t. Some residents fear electromagnetic radiation. Township officials are disenchanted with the company’s sign up efforts before consulting local government. They’re also skeptical about Invenergy’s promises of boosted tax revenue. Others worry about the aesthetics of the panels and their infringement on hunting land. Bridgewater landowners feel that the deal was turned down based on assumptions and misinformation.

High Demand and Low Supply Drive Livingston County Market

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A more affluent and green space is a combination that is bringing a lot of people to Livingston County.  According to Census data, the county saw a 7 percent growth rate from 2010 to 2020. It’s one of the fastest growing counties in the state with a population of more than 193,000 people. Home prices continue to rise, although areas like Fowlerville remain more affordable than surrounding areas. Even with the area’s historical reputation for Ku Klux Klan activity and racial intolerance, there is still more demand for housing than there is supply.

Strings Attached to Development of Northville Downs Property

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Hunter Pasteur Homes’ request for planned unit development eligibility for the Northville Downs property was approved by the Northville Planning Commission. The redevelopment presentation was heavily scrutinized during the almost 5-hour meeting. However, the approval comes with attached strings. The developer must submit a current traffic study, provide values of benefits, the funding it is committed to cover, and the funding requested by the city for public benefits. The segregation of residential uses and the addition of a farmers market as a public benefit must also be addressed by Hunter Pasteur Homes. Planning commissioners approved the eligibility with a 7-1 vote.

 

 

Former Hyatt Regency Hotel Has Sold

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Rhodium Capital Advisors closed on the purchase of the former Hyatt Regency hotel in Dearborn on Wednesday. The Manhattan-based real estate company purchased the property for an undisclosed sum. The company owns and operates 17,000 apartments across the U.S. It plans to convert the 772-room hotel into a multifamily, market-rate apartment complex with 375 unites. Phase 2 of the $50 million project includes renovation of the restaurant and banquet space on the property.

Northville Psychiatric Hospital Site Slated For Demolition

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The state psychiatric hospital site in Northville Township will be demolished as early as the summer of 2022. The hospital has been closed since 2003. The Northville Township Board of Trustees approved a $12 million bond sale to fund the clearing of the site. Previously in 2018, the site’s nine-story structure was demolished in 2018. The property will be developed into hiking and biking trails, with over 96% of the 332 acre site returned to a natural state. The township’s general fund will not be used to pay for the clearing.