Michigan Real Estate News

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Overvalued Housing Markets: A New Nationwide Epidemic

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In a new report, Fitch Ratings estimates that home prices are 5.5% overvalued nationally. However, Michigan is one of the few states where housing is undervalued.

The demand for housing far exceeds the available inventory nationwide. This trend is due, in part, to homeowners’ reluctance to list homes during the pandemic. Metro areas around the United States are overvalued by more than 10%. Las Vegas (28%) and Dallas-Fort Worth (20.24%) are prime examples. Idaho (30-34%) is the highest overvalued state on the list, with Nevada coming in a close second.

Legal Action Taken Against Former Collier Advisors Who Started New Firm

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Colliers International U.S. states it has commenced legal action against 10 former senior brokers who split from the company to form their own firm, Advantage Commercial Real Estate Services, alleging, among other things breach of fiduciary duty and use of confidential information. Several of the brokers were majority owners in a firm that Colliers acquired in 2016 in an effort to strengthen its presence in West Michigan. The proceedings provide a new slant on what was perceived as an amicable split in January.

Ann Arbor and Developer Work to Save the Trees

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Ann Arbor City Council and developers have debated over a 51-home subdivision for years. The original proposal called for the removal of 200 old growth oak trees, but was unanimously rejected by City Council in 2017. But now, a new alternative called “The Canopy” would preserve most of the old forest fragment at 2857 Packard Road, while erecting a 2-story apartment or condo building loaded with green features.