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Detroit’s January Home Sales Up, Southeast Michigan’s Down
/in Detroit, SE Michigan /by Tracy WillisDetroit’s housing market continues to thrive. Sales and prices are rising at a rate unlike others in the metro area. January’s median sales price was almost a third higher than a year ago. Sales are up 3 percent. They’re down in other areas of the region. The number of homes on the market in Detroit is up more than 26 percent. Across southeast Michigan, sales are down 8.8 percent, and listings have decreased 4.3 percent. Supply continues to be lower than the high demand. Homes are selling faster because there are fewer houses on the market, causing buyers to jump on homes quicker.
Local Officials Upset About Detroit Zoo’s Great Lakes Center for Nature Plans
/in Detroit, SE Michigan /by Tracy WillisClinton Township and Mount Clemens officials are frustrated with the Detroit Zoo and its Great Lakes Center for Nature plans. Four years ago, Detroit Zoo officials announced the facility would be located in Macomb County. However, the zoo is now considering a tract of undeveloped wetlands along Hall Road, adjacent to Macomb Community College’s Center Campus. The Clinton Township Treasurer questions the decision of building the nature center in one of the most heavily populated commercial areas of the county. Two years ago, Clinton Township and the city of Mount Clemens offered Shadyside Park on the banks of the Clinton River at no cost to the zoo, noting that the direct access to Lake St. Clair and its established trails would make it an ideal site. The Clinton Township Commissioner is concerned about the minimal benefits the county is receiving from the Zoo for the 0.1 levied on each taxpayer in the county.
Popular FM Radio Stations Find New Home in Eastern Market
/in Detroit, SE Michigan /by Tracy WillisThe building at 2529 Orleans St. in the Eastern Market will soon be the new home for the studios and offices of iHeartMedia Inc. The $24 million redevelopment will house radio stations Channel 95.5, 97.9 WJLB,100.3 WNIC, 106.7 WLLZ, Mix 92.3 FM and the Black Information Network on 1130 AM. Mojo in the Morning, Jay Towers, Bush Man, Dr. Darrius, Ya Girl and Doug Podell and Trudi Daniels will all work and broadcast from the Orleans St. location. Production and other staff will also be housed in the building. The build-out is expected to be finished in May. iHeartMedia studios and local space are currently located in Farmington Hills at 27675 Halsted Road.
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Michigan Renters & Landlords Still Wait For Relief
/in Detroit, SE Michigan /by Tracy WillisNearly two-thirds of metro Detroit residents are still behind on their rent or mortgage, despite the millions of dollars in federal funds that have been sent to provide relief. Many face eviction or foreclosure in the next two months. Michigan allocated $425 million through the end of September through the COVID Emergency Rental Assistance program. Thousands of people are still looking for aid. According to a census survey, 64 percent of metro Detroit residents are not current on payments for their homes.
Detroit’s Core City Project Breathes New Life Into Buildings and Land
/in Detroit /by Tracy WillisThe Core City neighborhood, located west of Woodbridge and about 2 miles from downtown, is one of the most unique real estate projects in the city and the state. It currently spreads across six existing commercial buildings, 10 recently built Quonset hut apartments, plus one large Quonset hut split into eight live-work space. It will be expanding early next year to include more housing. The old commercial buildings are filled with office and retail tenants. The buildings surround a new public space park filled with shade trees and artwork. The Core City project is the brain child of developer Philip Kafka and his real estate company, Prince Concepts.
Landmark Office Real Estate Up For Grabs
/in Detroit, SE Michigan /by Tracy WillisNearly 800,000 square feet of prime office space across four landmark properties in Troy and Pontiac are up for grabs. They join the Fisher Building and the former UAW-GM Center for Human Resources in Detroit. That totals 1.8 million square feet between the six buildings that has come available in the last 30 days! The sale of these buildings has implications for the upside down office market. According to a second-quarter report, Detroit’s office market vacancy rate increased to 16.8%. That’s an increase of 2 percentage points from a year ago.