Michigan Real Estate News

Timely  |  Relevant  |  Informative

Investors Continue to Bet on Commercial Real Estate

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A year after the start of the pandemic, high-rise office buildings are near vacant, one of every two hotel rooms is unoccupied, and malls continue to struggle. However, by most measures, the U.S. commercial real-estate market is in solid shape. Prices are already rising again, and the number of foreclosures barely increased. The federal government’s efforts to support the economy protected landlords from steep losses. The support won’t last indefinitely, and investors may be in for a rude awakening when it begins to wane.

 

 

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Virtual Evictions Threaten Constitutional Rights

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Across the country, eviction hearings have moved to the computer because public officials don’t want to risk exposure to sick tenants arriving for court appointments.  Lawyers have seen virtual eviction hearings that take as little as 30 seconds. Tenants often don’t have access to computers and have to dial into the hearings with their phones. Many courts only accept documentation online, and tenants who try to submit their records in-person are turned away. Many argue that tenants’ due process rights are violated by the technological and financial barriers of the eviction proceedings.

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.