Michigan Real Estate News

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Study Takes Aim at Home-Grown Marijuana Market

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Much of Michigan’s marijuana industry is outside mainstream retail outlets. The Michigan Cannabis Manufacturers Association commissioned a study says that millions in taxes and fees could be captured from illicit marijuana markets. While there is no current legislation concerning home cultivation, the information from the study will be used to inform legislators in Lansing. It’s speculated that the MCMA may seek to change the state law passed in 2018 in order to upend the home cultivation rules. The interest is in bulking up the legal retail market and tax revenue.

 

Detroit’s Eastern Market Area Gains Office Space

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Detroit’s Eastern Market and its food-centric footprint is the target of a $24 million office redevelopment plan. Developer Christos Moisides has big plans for a former cold storage building at 2529 Orleans St. The 63,400 square-foot building would included 55,000 square feet of office space. The remainder would be commercial space that would included a brewery and restaurant. Moisides paid $4.1 million for the building and will spend over $17.4 million on construction and other costs. He is seeking a 12-year tax abatement from the city.

Investors Add to Competitive Housing Market

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With limited housing inventory, homebuyers are already over a barrel when shopping for a new home. But add investors into the mix and the market becomes even tougher. Nationally, Metro Detroit has experienced the second-highest increase in the number of investor-purchased homes year over year. Investors are cash buyers who can close more quickly which makes it even harder for buyers getting a mortgage. But for the seller, cash is king and a cash sale allows a seller to move on with their future.