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.

West Michigan Real Estate Market Boom Predicted to Continue

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After an unprecedented flurry of winter homebuying, the 2021 spring market feels a bit different. Instead of the new-homebuying-season feeling, it feels more like a continuation of the winter rush. That rush is predicted to continue due to three reasons: First,  the supply/demand equilibrium is defined as about four to six months of inventory. Inventory has been below four months for six years and is currently at five months in many West Michigan markets. Second, attraction to the West Michigan region continues to grow. And finally, it appears that consumer interest rates will stay low.

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.