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Home Sales Predicted to Continue Surging in December
/in SE Michigan /by Tracy WillisAccording to RE/MAX of Southeastern Michigan and the Home Builders Association of Southeastern Michigan, November was a robust month for home sales and new home starts. December promises even stronger home sales than last year’s figures. New single-family home permits were above 300 in Macomb, Oakland, St. Clair and Wayne counties for 18 months running. Even with the supply chain issues, new-home permits helped to make the year successful. However, no new multifamily permits were issued in November. The number of pending sales in November indicates that December will be a good month.
City of Novi Purchases Land for Conservation Efforts
/in SE Michigan /by Tracy WillisThe city of Novi is purchasing 8 acres of vacant property with the aim to preserve woodlands and make improvements on Beck Road. According to City Manager Pete Auger, the city will continue to purchase property to maintain wetlands and woodlands using tree fund dollars. However, the $249,000 purchase of the two parcels on Edinborough Lane will come from the general fund. A public meeting regarding Beck Road is expected to take place in January. The road has capacity issues, and improvements have been discussed for years.
Adrian Mall Proposal Includes Mixed-Use Redevelopment
/in SE Michigan, Western Michigan /by Tracy WillisAn Adrian Mall proposal aims to redesign the mall into a mixed-use facility that will include multifamily residential housing, anchor business tenants, and different options for retail and dining establishments. A church and self-storage units are also planned. The Adrian Planning Commission hasn’t voted on the proposal yet, but they’ve entered into discussion about the pre-application presentation. Some commissioners expressed optimism toward the presented ideas. An important part of the project is to demolish the water-damaged and mold-laden portion of the mall. Both conditions caused the mall to be condemned two years ago.
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Detroit’s AT&T Building Changes Hands
/in Detroit /by Tracy WillisAlthough public records don’t yet reflect a sale, real estate investment firm, Reign Capital LLC, has bought the AT&T Inc.’s 20-story building. The property was purchased in late May for $15.5 million through an affiliate, Reign CO1 Propco LLC. The company has also recently purchased AT&T properties in Milwaukee, Pittsburgh, and Winston-Salem. An AT&T spokesperson has stated that the change in building ownership will not affect employees or operations.
Outdoor Living Spaces Tip the Scales
/1 Comment/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisOutdoor living spaces are a tipping point for homebuyers. Buyers are looking to entertain family and friends in pandemic-proof ways. Home owners want access to golf courses, larger yards, attractive landscaping, and outdoor rooms. Previously buyers may have bought a cabin in northern Michigan, but now they want everything just steps away. People are focusing on updating and upgrading their outdoor spaces as much as their indoor spaces. Lakefront property is hot right now. Listed lakefront houses and condos are on the market for about 18 days.
Buyers Continue Bidding Wars
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisIt continues to be a “dog-eat-dog” world for home buyers. Brokers advise clients to get pre-approval, save, and have some cash to bring to the table. Many home buyers are waiving home inspections, bidding before seeing the home, paying cash, and paying thousands over the asking price to get to the closing table. With more buyers than sellers, the competition is vicious with the average home going for $10,000 over the asking price. Appraisal guarantees are deal-makers, and buyers will have a hard time winning a bid without one.