Michigan Real Estate News

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Detroit’s Condo Market Picks Up

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Earlier this year, Detroit’s condominium market had 11 months of inventory. Now, it’s down to 7.6 months of inventory, ranging from downtown to areas east, north and west. That promises a healthy supply and demand, albeit probably short-lived. The rising costs of building materials, as much as 50 percent, are driving construction costs up and could threaten to cripple condo development projects. Increases in price may drive future buyers away. Empty nesters and older buyers are gravitating toward luxury condominium purchases, while first-timers or younger buyers are deciding to purchase single-family homes after seeing the high prices of condos.

MDOT Discusses Plans for Detroit’s Amtrak Site

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In February, the Michigan Department of Transportation met with developers to discuss Detroit’s Amtrak site. They want to build a new intermodal transportation facility on the site, with a mix of transit uses like passenger rail and bus, and maybe even residential and retail. MDOT is exploring private development on the property in an effort to offset the $36 million-$45 million cost of the intermodal facility. MDOT is applying for a federal RAISE (Rebuilding American Infrastructure with Sustainability and Equity) grant through the U.S. Department of Transportation.

Eviction Moratorium Extension Causes Angst

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Metro Detroit landlords continue to wrestle with the eviction moratorium extension. Some have drained their savings and maxed out credit cards to cover costs on their rental properties. The eviction moratorium had recently ended, only to be extended again until October 3. Tenants who face eviction often lose everything when their belongings are disposed of. More than 18,000 applicants have been approved for more than $117 million in rent relief, with thousands more awaiting approval of their application. $400 million still needs to be distributed. Although the extension was intended for communities that had substantial Covid 19 spread, Wayne County now qualifies after entering the substantial transmission category on Wednesday afternoon.