Michigan Real Estate News

Timely  |  Relevant  |  Informative

Buyers Can Afford To Be Choosy As Housing Market Slows

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With rising interest rates, the fast and furious pandemic-era housing market has slowed. Metro Detroit home buyers have time to make thoughtful choices. Homes are sitting longer, and buyers are able to take time with inspections and decisions. Buyers’ questions have shifted from “How many offers?” to “Can we get a better deal on this house?” As home prices continue to increase, sales are dropping and homes are sitting on the market longer. The average number of days on the market in September was 29. The median sales price is 2.3% higher than last year. Sales are down nearly 20%.

 

Duggan-Targeted Riverfront Apartment In Foreclosure

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The former River Plaza Apartments, a rundown apartment building between old Whittier Hotel and Owen Park, has fallen into foreclosure. The two-building property went into foreclosure with Columbia, Maryland-based Enterprise Community Loan Fund Inc. The property, one of 100 similar properties, was targeted by Mayor Mike Duggan to rid the city of blighted buildings. It’s unclear if the administration is still seeking demolition and there is no update on the plans. The foreclosure was scheduled at the end of December but was postponed multiple times; it finally took place in late August. The owner, Kathy Makino-Leipsitz, has until February 25, 2023 to redeem the properties.

 

WeWork Closing Cass Avenue Location

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NYSE:WE, the New York City-based coworking space provider has announced that it’s closing its space at 6001 Cass Avenue, effective November 10. According to a WeWork spokesperson, they have two other coworking space locations in the immediate area. Three years ago, the company more than doubled its space at the time, adding the 91,000-square-foot location. The location is one of three in Detroit. The company communicated with tenants that they may be relocated to the Detroit locations downtown.