Michigan Real Estate News

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The Demand for Single-Story Home Construction Increases

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New single-family housing construction in the Great Lakes region is following a nationwide trend. For the last 4 years, the number of single-story homes being built has gradually increased. The number of two or more storied homes has been decreasing. Although single-story homes are more expensive to build, they appeal to older home buyers who have more money to spend as they downsize their homes. That makes single-story sites very lucrative.

Justice Department Sends Antitrust Signals

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The Justice Department backed out of a proposed settlement with the National Association of Realtors in regards to real-estate agents’ high commissions. Although in the past, the government has brought antitrust cases and then decided to dismiss them, they have never agreed to a proposed settlement and then backed out. There’s speculation that this is a signal from Washington that antitrust enforcers are ready to address the exorbitant brokerage costs that American homeowners pay, often 2 to 3 times higher than the rest of the developed world.

 

Detroit’s AT&T Building Changes Hands

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Although public records don’t yet reflect a sale, real estate investment firm, Reign Capital LLC, has bought the AT&T Inc.’s 20-story building. The property was purchased in late May for $15.5 million through an affiliate, Reign CO1 Propco LLC. The company has also recently purchased AT&T properties in Milwaukee, Pittsburgh, and Winston-Salem. An AT&T spokesperson has stated that the change in building ownership will not affect employees or operations.