Sellers Continue to Have the Upper Hand

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Sellers continue to have the upper hand in the real estate market. A shortage of homes has contributed to the current state.  In March 2021, the average seller in metro Detroit received 100 percent of the asking price. Often, sellers received well over their asking price. Sellers continue to contend with dozens of offers that include a variety of contingencies and perks. Buyers are in a bind trying to find homes within their price ranges and are often forced to make concessions on things they want.

Oakland County’s Luxury Housing Boom

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Oakland county’s luxury housing market is booming. With stronger prices and quicker sales, 70 homes listed at $1 million and higher have gone pending in Oakland County in past 30 days. Post pandemic, buyers are wanting a lifestyle upgrade. Instead of world travel, buyers are sinking their money into their homes. Currently, Birmingham has the highest price per square foot in Michigan.

Lobbyists Push to Ease Gravel Mining Restrictions

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Gravel miners and other business groups are pushing to make it easier to open sand and gravel mines in residential areas. Senate Minority Leader, Jim Ananich, is sponsoring a package of bills that a senate committee will consider on Thursday. The bills would take the approval of gravel mining permits away from local governments and give it to the Department of Environment, Great Lakes and Energy (EGLE). Critics say this would result in the dust and noise of gravel operations coming to many Michigan residential neighborhoods.

Development Proposed For St. Vincent & Sarah Fisher Property

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The history St. Vincent and Sarah Fisher property in Farmington Hills may soon be repurposed into a two-story, 140-bed nursing facility and 3 three-story multi-family apartment buildings. Novi-based Optalis Healthcare would keep the existing administration building and one of the other smaller buildings. It would also leave 7.5 acres of open space on the property. Nearby residents have voiced concerns that the three-story apartment buildings would clash with the nearby residential areas. The site has been vacant since 2005.

Judge Orders Extension On Foreclosure Protections

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The Wayne County Treasurer filed a motion requesting that the redemption period on property tax foreclosures be extended. Judge Timothy Kenny ordered that foreclosure protections for occupied homes and commercial properties be extended to March 31, 2022. The order will keep properties off the annual auction block. However property taxes must continue to be paid. The Treasurer asserts that the main objective is to keep people in their homes.

Stellantis Pilots New Work Model

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White-collar workers at Stellantis are likely to continue working remotely much of the time once they formally come back to the office. The company has devised a new work model that it calls the New Era of Agility. As part of a new pilot program in October, 450 employees will return to the Chrysler Technology Center at the headquarters complex in Auburn Hills. What’s learned in the pilot program will determine how the company proceeds with its remaining employees, but it envisions a split of 70% remote work to 30% on-site time.

Property Line Dispute “Reeks” Havoc

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A property line dispute in Lodi Township, in Washtenaw County, has taken protest to new heights. A farmer has constructed what he calls a “compost fence” to mark his property line. The fence is built of cow manure, and the stench overwhelms rental tenant Wayne Lambarth’s home near the property line. Despite complaints, local officials say there’s nothing they can do because it’s on the farmer’s property.

Plante Moran Consolidates Offices

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In an effort to unite two separate offices under the same roof, Plante Moran shuttered its owned 125,000-square-foot office at 27400 Northwestern Highway and is leasing 8 floors in the Southfield Town Center in addition to the four it currently occupies at that location. The accounting, tax advisory, real estate and wealth management firm will occupy the first through 12th floors of the 32-story 3000 Town Center tower. The move will relocate 550 Victor Center building employees to the Southfield Town Center.

Home Buyers Need Creativity in Today’s Market

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It’s a home seller’s dream come true. With parts of Michigan down to just a one-month supply of housing inventory, buyers need to get creative with their home-buying strategies. Realtors offer advice like positioning yourself to be the backup offer on sale-pending homes. Often the deals are to good to be true and fall through. Getting your backup offer in is like putting your foot in the door. Some buyers are making creative offers that include payer other buyers to take their offers off the table.  Making sure you have a realtor who is well-experienced with getting offers accepted and showings scheduled, even virtually if necessary, can make a huge difference in your success.

Meijer Eyes Abandoned Kmart Store

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Meijer is eyeing the site of an abandoned Kmart store in Orion Township. Located at 1025 S. Lapeer Rd. in the Lake Orion Plaza, the old Big K store would be demolished and replaced with a 90,000 square-foot Meijer store. The new Meijer store will not be a full-size supercenter, but it will carry more than just groceries. Although Meijer says it’s too early to release details like project start and completion dates, the owner of the shopping center believes that the company is aiming for a late 2022 opening.