Michigan Real Estate News

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Macy’s Announces More Store Closings

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Macy’s will close 45 stores nationwide by the middle of 2021. These closures come on the heels of the company’s February 2020 announcement of their plans to cut 2,000 jobs and close roughly 125 locations. The company received a credit line of $3.15 billion in June of 2020 which has allowed it to survive the impact of COVID-19. The timing of the store closings may be adjusted as Macy’s monitors its recovery from the pandemic and the performance of its competitors.

Grand Rapids Home Prices Continue Their Upward Trend

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Grand Rapids median home prices are predicted to grow 6.5% in 2021, mirroring the 6.8% growth between 2019 and 2020.  Younger adults are a driving force behind the trend with the median household income also increasing from $68,703 (2019) to $80,000 (2020).

Houghton’s Planning Commission Considers Rezoning Request

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Houghton’s planning commission will reconsider a previously approved zoning request to rezone approximately 15.5 acres.  The previous request included a wetlands area. The wetlands area was removed from the earlier request. However, concerns continue to be raised about the land use along the shoreline.