Michigan Real Estate News

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Metro Detroit’s Home Prices Highest in Decades

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Metro Detroit home prices have increased, up 14.6 percent in February when compared to last year. The increase is the highest they’ve been in decades. The managing director for S&P Dow Jones Indices has gone on record saying they’re in the top decile of growth for Detroit over 30 years of tracking. The country is also showing the highest increases on record, up 19.8 percent. Detroit metro’s median increase is 5.1 percent, higher than the 4.7 percent national median. Read estate brokers agree that home ownership is becoming out of reach for new buyers and people of color.

 

 

The Future of Office Space is Changing

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There has been big movement in office space leasing. The Bank of America building in Troy will no longer house the Bank of America! Deloitte consulting firm confirmed its plans to leave the Renaissance Center. GM’s COVID-era “work appropriately” policy has contributed to the Ren Cen’s quieter-than-usual atmosphere. With Deloitte’s departure, the Renaissance Center will be only 53.5 percent leased. Businesses continue to adapt with post-pandemic in-person work plans.

 

 

Packard Plant Owner Misses Demo Permit Deadline

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Fernando Palazuelo, owner of the Packard Plant, missed a court deadline on Thursday. He needed to apply for a demolition permit to allow the city of Detroit to demo the property and bill him for it. The city is considering its next steps. Wayne County Circuit Judge Brian Sullivan declared the Packard Plant a public nuisance on March 31 and ordered Palazuelo’s company Arte Express Detroit to apply for a demo permit within 21 days. The judge’s order allowed the city to hire contractors to proceed with the demo work at Palazuelo’s expense if deadlines were missed.