Pharmaceutical Company Rises in Grand Rapids
/in Grand Rapids /by Tracy WillisPerrigo, the private label over-the-counter pharmaceutical company, is opening its new North American headquarters in Grand Rapids. The company chose Grand Rapids over Chicago and Miami in hopes of benefitting by joining other health care-focused companies and research facilities in the Grand Rapids area. West Michigan is home to 60,000 health science jobs, 428 health science companies and 83 medical device manufacturers. This concentration has impacted the community, with doctorate-level jobs at six-figure salaries.
Grand Rapids College Negotiates For New Public Safety Training Site
/in Grand Rapids /by Tracy WillisGrand Rapids Community College is eyeballing 47 acres on which to build a major public safety training facility. The GRCC board of trustees is negotiating for property near the corner of Bristol Avenue and Three Mile Road in Walker. GRCC had looked at a number of sites in and around Grand Rapids before setting its focus on the Walker property. GRCC staff is excited by the prospect of bringing additional training and continuing education to its students and those already in the public safety career field.
Adaptive Real Estate Trend Is On The Rise
/in Grand Rapids, National /by Tracy WillisU.S. developers are embracing the office-to-housing conversion trend. Between 2020 and 2021, 32,000 new apartment units were created by converting existing building spaces that had been used for other purposes. Forty-one percent were former office buildings. In the last year, Grand Rapids has approved zoning changes that allowed commercial building owners to convert first-floor retail into residential space. Other cities leading the adaptive real estate trend include Washington, D.C., Chicago, Los Angeles, and Cleveland. Last year was the biggest year on record for adaptive real estate.
Michigan Landlords and Tenants May Be Facing Big Changes
/in Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisThe State Court Administrative Office has proposed new rules that would affect eviction cases. The proposal includes an option for online pretrial hearings in eviction cases, a tenant requirement to give landlords 48-hour notice if a jury trial is desired, a requirement that tenants be served in person if the landlord wants an immediate default judgement, the creation of a minimum 7-day window between pretrial hearings and trials, and the ability for tenants to get an automatic stay if they’ve applied for rental aid. The aim is to allow more time for commercial and residential tenants to pay what is owed when they fall short. In some cases, this will lengthen the eviction process. The intent is to continue the advances that were made during the pandemic. The rule changes are in a public comment period until Tuesday.
Developer Plans Lakeside Mall Transformation
/in SE Michigan /by Tracy WillisIt is expected that Sterling Heights City Council will vote on Tuesday on Lionheart Capital’s “Lakeside City Center” proposal for the Lakeside Mall. The mixed-used development plan includes residences, parks, a hotel and office space, and retail and dining space. The Miami developer says the project could provide an estimated $1 billion to the region over a ten-year span. The property on Hall and Schoenherr roads will host more than 2,800 multi-family apartments (including some senior housing, and 150,000 square feet of retail and dining space, 60,000 square feet of office space, as well as a 120-room hotel. About 30 acres will be donated to the city for park, streetscape and infrastructure.
Buyers Can Afford To Be Choosy As Housing Market Slows
/in Detroit, SE Michigan /by Tracy WillisWith 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%.
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.
Study Takes Aim at Home-Grown Marijuana Market
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisMuch of Michigan’s marijuana industry is outside mainstream retail outlets. The Michigan Cannabis Manufacturers Association commissioned a study says that millions in taxes and fees could be captured from illicit marijuana markets. While there is no current legislation concerning home cultivation, the information from the study will be used to inform legislators in Lansing. It’s speculated that the MCMA may seek to change the state law passed in 2018 in order to upend the home cultivation rules. The interest is in bulking up the legal retail market and tax revenue.
Michigan’s Rental Aid is Backlogged as Need Continues Rise
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy Willis173,000 tenants have applied for the statewide rent aid program that was launched to help renters avoid eviction and meet their payments. Wayne County makes up about one-third of the applicants. Detroiters make up 22% of the rent help applicants. According to the chief operating officer of the Wayne Metropolitan Community Action Agency, they continue to see high numbers of requests for support. The Census Bureau’s Household Pulse Survey reports that between Dec. 1 and Dec. 13, more than 100,000 Michiganders said they were behind on rent or mortgage payments. Less than half of the applications for assistance were approved as of January 7. Statewide, wait time between application and approval averages 35 to 40 days. In Wayne County, that wait time may take as long as 10 weeks. MSHDA has hired staff combat the backlog and high numbers of applications in Wayne County
The Grand Hotel Owner Snaps up More Island Properties
/in Northern Michigan /by Tracy WillisResidential Sale Prices Continue Upward Trend
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisProspective buyers in Michigan’s housing market placed higher bids in 2021. A lack of inventory caused a 13.8% increase in residential sale prices in 2021 compared to the same period in 2020. There was a 3% increase in total sales. Branch County, Detroit, Bay County, Sanilac County and Mason, Oceana and Manistee counties reported higher than 20% increases in housing prices. Gratiot, Isabella, St. Joseph, Greater Shiawassee and Hillsdale counties reported less than 7% housing price increases. Antrim, Charlevoix and Kalkaska were the only to counties to report a decrease in home prices (-0.7%).
Nothing Found
Sorry, no posts matched your criteria
U.S. Home Prices Increased in October
/in National /by Tracy WillisThe S&P CoreLogic Case-Shiller 20-city home price index, out Tuesday, increased 18.4 percent in October from a year earlier. This was a slight deceleration from the 19.1 percent increase noted in September. All 20 cities noted on the price index recorded double-digit gains with Phoenix, Tampa and Miami leading the pack. Low mortgage rates and low home inventory, along with high consumer demand, have strengthened the housing market. Chief economist of Realtor.com predicts that the price growth will slow but continue to go up as the year progresses. Mortgage rates fell again last week, signaling concern about the omicron variant depressing economic growth.
.
Ford Land CEO Says Goodbye
/in National, SE Michigan /by Tracy WillisDave Dubensky, the CEO of Ford Land and the man responsible for the Michigan Central Station deal, is ending his five year tenure. He pushed for change and implemented a plan to transform company property in Michigan, throughout the U.S. and around the world. Ford Land manages a total of 240 million square feet of real estate. According to Dubensky, Ford Land focused on modernizing and elevating experiences for global employees that walk through the door of any Ford building in an effort to retain and attract talent.
The Housing Market May Be Calming Down
/in National, SE Michigan /by Tracy WillisExperts say the housing market is may be approaching normalcy for 2022. Home prices should continue to rise, but the pace of the increase will be slower than the last two years. Buyers will continue to outnumber sellers which means home inventory will remain low. Jeannette Schneider, president of RE/MAX of Southeastern Michigan predicts that home values will increase 8-10 percent in 2022. Other experts say models suggest that in October 2022, prices will be 12.8 percent higher than the the year before. The going will continue to be rough for first time home owners.
Detroit Apartment Building Opens With Help From Detroit Housing Fund
/in Detroit /by Tracy WillisDetroit city officials, along with developers, celebrated the opening of The Charlotte, a renovated apartment building with 28 units. The apartment building is the first project backed by a $75 million private investment fund that was created two years ago to aid developers in building more affordable housing in Detroit. The redevelopment cost $3.19 million and is part of seven projects in the Detroit Housing for the Future Fund pipeline. A $2.55 million loan from a fund managed by the Detroit branch of the Local Initiatives Support Corporation helped bankroll the project. The fund has supported 269 units already completed or in progress.
Demolition of Historic Detroit Theater Makes Way for Parking Lot
/in Detroit /by Tracy WillisThe Bagley Development Group has begun demolishing the historic United Artists Theater building in downtown Detroit. They are converting the attached office tower into 148 apartments. The space created by the theater’s demolition will provide parking to residential tenants. Detroit-based construction manager L.S. Brinker has partnered with Lansing-based construction manager Christman Co. to redevelop the office tower. Demolition of the theater is expected to take about 4 to 6 weeks. Homrich Inc. is the contractor on the building.
Meridian Healthcare To Shrink Its Detroit Office Footprint
/in Detroit /by Tracy WillisMeridian Health is subleasing multiple spaces in downtown Detroit, shrinking its office footprint. 266,000 square feet are up for grabs in One Campus Martius building, and almost 40,000 square feet are available in the One Kennedy Square building. Meridian Health is the state’s largest Medicaid health plan. Meridian’s parent company is reducing its leased space footprint nationwide by 65 percent, which could save them up to $200 million per year. The One Campus Martius sublease would be through the end of 2024. One Campus Martius is owned by Bedrock LLC and Meridian; One Kennedy Square is owned by Redico LLC.