Michigan Real Estate News

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Macomb County’s Big Red Orchard For Sale

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The Big Red Orchard in Washington Township is on its way out. The site includes 11 buildings-a main barn, a market, a pair of residences, a retail shop, a cold storage building, a feed bar and a garage. Owner Ryan Moore is auctioning off the farm equipment and selling the property in November. Four years ago, Moore purchased the property known for apples, cider and doughnuts in order to supply the restaurants he had bought. Moore wants to divide the property into small sections for single-family home development.

 

 

Cities Rethink Parking Rules

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The city of Ann Arbor recently voted to remove all minimum off-street parking requirements. Detroit is reviewing its zoning code, possibly implementing new rules regarding how many parking spaces are needed for uses like housing, retail and industrial. Both examples are part of a growing trend in Michigan and around the U.S. as cities rethink their parking rules. Complying with Detroit’s parking requirements is a pain and poses a threat to business growth. Some Detroit-area businesses and organizations think the parking minimums are old-fashioned and block the development of vibrant neighborhoods. Others remain skeptical of entirely scrapping all parking minimums.

 

 

Metro Detroit Rents Begin to Soften Amidst All-Time High

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Although metro Detroit’s average rent growth is 5.14% annually, and metro Ann Arbor’s is 7.14%, metro Detroit’s rent market is beginning to soften.  According to CoStar Group Inc., asking rents are $1,214 a month in the metro area. In Ann Arbor, the average asking rents are up to $1,443 a month. The largest annual increase between both areas was in Saline, with rents up 26.56% which equates to $1,311 a month. Birmingham/Bloomfield area averages $1,815 a month, which is down from $1,857. Detroit’s west side has the most affordable rent at $726 a month. According to CoStar’s director, inflation, rising interest rates and home sales prices, increasing maintenance costs and a rush of renters wanting t lock in rates contributed to increasing rents.