Michigan Real Estate News

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Manhattan Residential Leasing Is Booming, But Is It Enough?

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With the presidential election behind us and the COVID-19 vaccine on the horizon, renters feel a bit more certain about the market. But is this boom point to a recovering leasing market? Leasing trends were already on a downturn when the pandemic hit in March. Manhattanites were leaving for suburban living. Rental rates spiraled downward to 17.3% lower than those of the previous year. The upward trend is encouraging, but there’s still a lot of inventory and record concessions and vacancies. Whether the lease boom is a mirage remains to be seen.

Downtown Detroit Has Glut of Condos – One Year Supply On Market

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Based on an analysis by a Detroit residential broker, there is a one-year supply of condos for sale in the Downtown Detroit market. According to the broker, 4-6 months is considered a “balanced” market, so the existing one-year supply is a clear buyer’s market. It appears the rush to develop new condos in Detroit to meet rising demand happened too quickly, with a glut now on the market. There are successes, to be sure, but the pricing of some condos appears to be aggressive for the market.

Allen Park’s “The Hill” Welcomes New Aldi Store

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Allen Park’s Fairlane Green Shopping Center, otherwise known as “The Hill”, is slated for an Aldi store. The exact date of the renovations or start of the project is unknown at this time. The new Aldi store will take the place of the Staples Office Supply store. In addition, Crafty Crab restaurant, Aspen Dental, and Dunkin’ will join the shopping center. Grocery is one of the more resilient retail categories.