Michigan Real Estate News

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Buyers Continue Bidding Wars

It 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

Much 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.

 

Harper Woods Shopping Mall Proposed for Industrial Development

Harper Woods’ city planning commission is considering a proposal that would turn the struggling Eastland Center shopping mall into a new industrial/warehouse development. NorthPoint Development LLC is asking for a planned unit development that would raze the enclosed mall and build about 1.03 million square feet of industrial/warehouse space across three buildings on the site.  A 514,000 square-foot building would be built on 36 acres of the site. Another 310,000 square feet would be built on 24.1 acres, and 207,000 square feet would be built on 18.8 acres. 15 acres would remain undeveloped.