Michigan Real Estate News

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Detroit’s Clark Park to Receive Facelift

As part of Mayor Mike Duggan’s Strategic Neighborhood Fund initiative, Southwest Detroit’s Clark Park is slated for $3.3 million in upgrades. Improvements will include a new entryway along Vernor Highway, new walkways, paths, a playground, a splash pad and a plaza. Improvements will also be made to the recreational and fitness fields. The makeover will start in August and wrap up in the summer of 2022.

New Mixed-Use Development Coming to Ferndale

Ferndale’s Rosie O’Grady site is slated for redevelopment. The Ferndale Planning Commission has approved plans for a mixed-use development on the site. It will become the home to an Atlantic and Pacific seafood restaurant, a Mexican barbecue restaurant, office space, and 11 second story apartments. The one or two bedroom perimeter apartments will have balconies along with hot tubs and natural gas fire places. Apartments in the center of the building will have glass walls facing a private courtyard. The apartments are a requirement by the City and the zoning requirements in the Central Business District.

 

 

 

Real Estate Market Trend Predicted to Continue

Realtors and brokers predict that Metro Detroit home prices will continue their record-breaking trend into the fall and holiday season. Virtual home inspections and online home purchases are likely to return to in-person showings and open houses. In June 2021, single-family real estate sales shattered records with median sales prices at their highest levels ever, and the number of homes available for sale rose for the second straight month. According to Realcomp, the median sales price rose 18.4 percent to $244,000 for single-family homes. Home showings also increased in June, and the average time on the market went from 60 to 22 days.