Michigan Real Estate News

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Fairlane Town Center Value Takes a Nosedive

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Once valued at $101 million in 2014, the Dearborn mall is currently valued at $42.75 million. That’s a 57.7% decrease in value. The Florida-based Starwood Capital Partners purchased the property in 2014 as part of a $1.4 billion deal that included The Mall at Partridge Creek in Clinton Township and five other malls. Fairlane Town Center has been in receivership since May and faces liquidation.

Michigan Realtors Shocked & Awed By Housing Market

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Michigan realtors are stunned by the dog-eat-dog housing market. The low home inventory and historically low mortgage interest rates have created the perfect storm. Michigan’s supply of housing inventory is down 61%, and the median sale price is up 13.5% from a year ago. Some realtors say a home’s listing price has become something akin to a reserve price at an auction. Buyers are bidding far above the asking price and offering cash on the table. At the least, buyers need to come to the table with substantial cash down payments.

Metro Detroit housing surge

Metro Detroit’s Real Estate Market Surges Until Fall

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Metro Detroit’s current real estate market surge will most likely continue into the fall. Homes continue to sell within a few days, frustrating potential buyers who can’t even schedule a showing. Farmington Hills-based Realcomp recorded the highest median sale price for the month of March in 18 years at $210,000. In the past, buyers desired turn-key ready properties, but in the current market, they’re considering homes that need work or could even be demolished and rebuilt because of low inventory. This trend is being seen nationally, too.