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South Lyon Golf Course Proposed for Single-Family Development
/in SE Michigan /by Tracy WillisDevelopers presented a conceptual plan to put 182 single-family homes the site of the 160-acre Cattails Golf Club in Lyon Township. The golf course has been a part of the community for more than 30 years. Brothers Mario, Frank and Tony Moscone owned and operated the golf course. With Mario and Frank’s deaths, Tony Moscone wants to make the property attractive to a diverse group of people. The property is directly across from the Woodlands of Lyon, a planned 103-home development. The proposed single family properties will have lots of 55 and 65 feet. More than half of the land would be preserved as open space in the conceptual plan, doubling the density allowed by ordinance. According to planner Brian Keesey, the planning commission has already voiced their objections.
Metro Detroit Tops Most Expensive Home Sales in 2022
/in Detroit, SE Michigan /by Tracy WillisMetro Detroit had some of the most expensive home sales in 2022. The Bloomfield Hills home at 780 Vaughn Road features classic French chateau design. It sold for $6.125 million. Its location on more than 3 acres by Cranbrook was a selling point. The property at 4890 Birchway Drive in Orchard Lake Village boasts more than 10,000 square feet and 109 feet of Orchard Lake frontage. It features a bedroom suites, a guest room over the garage, a theater room, wine cellar and patio with outdoor gathering area. The home sold for $5.6 million in less than 48 hours. The home at 7420 Inner Circle Drive in Bloomfield Township sold for $4.9 million. It includes 11 acres with a river and a chicken coop. A large garden, theater room, and a lower level entertaining space with a second kitchen and bar were big selling points. The Fisher Mansion is the most expensive house to sell in Detroit’s history. Located at 1771 Balmoral Drive in Detroit, the home includes entertaining space, a library, 15 bedrooms and more than 20,000 square feet. Other properties in Bloomfield Township, Oakland Township and Birmingham sold in the range of $4.3 to $5 million.
Michigan’s Residential Real Estate Market Is Stabilizing
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisThe 2023 real estate market is finally starting to look like it might normalize. Seasonality is back in the resale market, and rent increases and high supply costs have mostly stabilized. However, interest rates will remain high, pricing some buyers out of home ownership. Some materials costs continue to be issues. While materials costs have rebounded for the most part, builders are now more conditioned to check on lead times and suggest alternatives if long waits are indicated. Building materials that once took eight months to arrive are now arriving after 4-6 weeks. Lumber is at pre-pandemic prices, while materials like concrete continue to be expensive. Rents are stabilizing. Fewer people are leaving apartments to buy homes, and people are doubling up. Home sale prices are dropping in some areas, like Wyandotte, Southgate and Riverview. Experts are expecting the industry market to contract, with realtors who are inexperienced in a tight market leaving the business.