Michigan Real Estate News

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KSL Capital Partners Expands Its Mackinac Island Profile

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KSL Capital Partners  purchased Mackinac Island’s Grand Hotel more than two years ago and is expanding its Mackinac Island footprint. It now owns Bicycle Street Inn and Suites, a collection of 3 boutique hotels on Main Street. They also hold Waterfront North and Waterfront South and the restaurant, Winchester’s Whiskey and Bourbon Room.

 

Michigan’s Foreclosure Numbers Highest in the Country

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Michigan has the highest number of foreclosures than anywhere in the country, according RealtyTrac. However, experts say this isn’t a sign of a worsening housing market. Michigan’s 2022 January figures represent a 622 percent increase over the totals in January 2021. The big leaps are due to the ending of moratoriums that kept foreclosures from moving forward. Wayne County had the bulk of foreclosure activity, and most of those were old foreclosures that were in the process a long time. According to the vice president of RealtyTrac, Michigan’s backlog is moving faster than in other states. He expects that it could take several months before the backlog is cleared out, but that the figures are not a cause for concern.

 

 

Posh Storage Units Coming to Petoskey and Charlevoix

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Petoskey and Charlevoix are gaining new high-end and climate-controlled storage units. Developer Aston Clark is building the Toy Box Luxury Storage Units. The warehouses will be between U.S. 31, between Petoskey and Charlevoix. Each unit will have heat and air conditioning, a bathroom, a kitchen, loft  and balcony with views of the lake. The 2,300 square foot units will be available starting May 4.  According to the Michigan Self-Storage Association, the demand has gone up for storage in Northern Michigan.