Nothing Found
Sorry, no posts matched your criteria
Metro Detroit Housing Market Still Heated
/in Detroit, SE Michigan /by Tracy WillisMetro Detroit’s housing market is still hot for sellers and confounding for buyers, although not as intense as in spring and early summer. The median sales price for houses and condos was up over 7% in October from a year earlier, according to Realcomp multiple-listing service. That figure includes Oakland, Wayne, Macomb and Livingston counties. The amount of on-market listings was down almost 13%, and the average days on the market decreased by 7 days when compared with October 2020. The numbers show that sellers are still benefitting, even though the market has cooled a bit from earlier in the year.
Livingston County is Commercial Building Dead Zone
/in SE Michigan /by Tracy WillisMore than 7.5 million square feet is under construction in the Southeast Michigan region to fulfill the need for industrial, warehouse and distribution center buildings. But in Livingston County? Not so much, although it appears to be perfect for new construction. It has low vacancy, outdated inventory and rising rents. Only one new 40,000-square-foot industrial building has been constructed within the county’s 585 square miles in the last four years. Effectively, the market is full. Available workforce and infrastructure also contribute to new industrial space not coming into the county.
Downtown Birmingham Bright Spot for Retailers
/in SE Michigan /by Tracy WillisDowntown Birmingham is bustling with at least 8 retailers and 4 new food establishments that have opened, expanded or made plans to open in recent months. Retailers are rebounding in sales numbers and downtown Birmingham office space is at pre-pandemic levels of demand. According to real estate insiders, a popular retailer may be opening a new store at Maple and Old Woodward. In addition, downtown Birmingham opened its second luxury hotel. The 151-room Daxton hotel opened in April.
Nothing Found
Sorry, no posts matched your criteria
Nothing Found
Sorry, no posts matched your criteria
Nothing Found
Sorry, no posts matched your criteria
Nothing Found
Sorry, no posts matched your criteria
Westin Book Cadillac Penthouse Condo Sets a New Record for Detroit
/in Detroit /by Tracy WillisA Westin Book Cadillac penthouse sold for $3.537 million. The penthouse sits atop the 31-story high-rise hotel in downtown Detroit. The deed was recorded in Wayne County in December. The sale came at a time when the downtown Detroit condo market was oversaturated. Previously, the most expensive Detroit condo sale was recorded at about $1.8 million in 2017. Incidentally, that condo is also in the Westin Book Cadillac.
Midtown Development’s Tax Credits Expire
/in Detroit /by Tracy WillisThe Mid development in Midtown is headed toward a financial loss. The developer is still trying to get the project off the ground. Almost $9 million in Michigan Business Tax brownfield tax credits expired on Thursday, June 10, 2021. The 10-year expiration looms because the development team has not built the promised seven stories of one of its proposed buildings by June 10, 2021. The Michigan Business Tax statute requires projects to be completed within 10 years of the pre-approval letter.
Sterling Group Pockets $36 Million for Joe Louis Parking Deck in Detroit
/in Detroit /by Tracy WillisSterling Group’s quick sale of the Joe Louis Arena parking garage netted eight figures for the Detroit real estate company. Sterling Group purchased the property from the City of Detroit in a deal that became public in October 2019. The real estate company paid $2 million in cash to the city and reimbursed the city $12.1 million for the demolition within the area. Detroit also saved $3 million on parking deck improvements, $4 million on remediation of the arena site, and about $7 million in tax-increment financing dollars.