Michigan Real Estate News

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City Living More Affordable Than Suburban

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In the month of October. while home prices continued to increase, sales fell sharply in metro Detroit. According to RE/MAX of Southeastern Michigan, rising mortgage rates led to the drop in sales. RE/MAX of Southeastern Michigan sows a 28.3% decrease in sales, and Realcomp showed sales decreased 26.7%. Both report an increase in median sales price of 4.3% or higher. Livingston, Macomb, Oakland, Wayne and Washtenaw counties were consistent in both prices and homes sales data. However in comparison, Detroit has greater affordability, decreasing only 2.3% in sales, making city living more in reach than in the suburbs.

 

New Apartment Building Proposed for Detroit’s Midtown

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Greatwater Opportunity Capital has proposed a new four-story, 57-unit apartment building next to the existing fire-damaged Brainard Apartments. After a February 2020 fire, Greatwater acquired the Brainard Apartments and the site next to it that is home to two unused solar panel arrays. The panels once supplied some electricity to the Brainard Apartments, but since the fire, the panels have stayed off. The developer is almost finished with the Brainard Apartments’ rehabilitation. Greatwater plans to remove the solar panels to make way for the new building that will include studio and one-bedroom apartments as well as ground-floor commercial space.

 

New Amazon Fulfillment Center Opening is Delayed

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Detroit’s new fulfillment center opening will be delayed until next year. The 3.8 million-square-foot fulfillment center was originally scheduled to be open by spring of 2022.  It’s being built on the city’s old Michigan State Fairgrounds on Woodward near Eight Mile. Developers faced backlash from community members who expressed concerns about hiring locally and environmental protections at the site. Amazon promised the city to recruit Detroit residents through the Detroit at Work employment program, beginning 5 months ahead of the facility’s opening. According to the city, 100 Detroit residents currently work at the fulfillment center. Recruitment efforts to fill those positions began earlier in 2022. Michigan currently has five Amazon fulfillment centers, one tech hub and seven Whole Foods Market locations.