Michigan Real Estate News

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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.

 

Bedrock Gives Tour of Book Tower Progress

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 On Thursday, Bedrock gave a tour of its renovation progress on the historic Book Tower. The renovations include restoration of the original limestone and masonry facade,  replacing 2,400 period accurate windows, and repurposing former office space into 229 residential units. It will also offer retail, hotel and office space when completed. The $313 million project also includes the 13-story Book Building structure. The development will include retail in the basement and first floor, office space on the second and third floors, and the ROOST Apartment Hotel will occupy floors four to eight, featuring 118 studio, one and two-bedroom units. A rooftop bar and outdoor terrace space are also in the plans.

Joe Louis Arena’s Redevelopment to Include Residential High-Rise

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A conceptual plan that was submitted to the city of Detroit in July envisions a 24-story, 290-foot residential high-rise as part of the former Joe Louis Arena’s redevelopment.  According to the Sterling Group, the tower would tentatively be named The Louis and house 500 studio and one-bedroom units. Other possible uses in addition to the residential building are unknown. The site has been discussed as a mixed-use development and could potentially include a hotel. The conceptual plan includes the firms of Neumann Smith, Resurget Engineering and Giffels Webter, as well as construction contractor Colasanti.