Michigan Real Estate News

Timely  |  Relevant  |  Informative

Pending Home Sales in Steep Decline

/in /by

Pending home sales are often considered as a leading indicator of existing-home purchases. For the sixth month, U.S. pending home sales fell in November to the second-lowest on record. Higher borrowing costs and economic uncertainties continue to exclude many potential buyers out of the market. The National Association of Realtors index of contract signings to purchase previously owned homes took a hit. The index decreased to 73.9, exceeding estimates in a Bloomberg survey of economists. The doubling of borrowing costs, from the start of 2022 to present, has caused home sales and prices to decline. A University of Michigan survey indicates that current home-buying conditions are worse than the early 1980s.

 

Metro Detroit Tops Most Expensive Home Sales in 2022

/in , /by

Metro Detroit had some of the most expensive home sales in 2022. The Bloomfield Hills home at 780 Vaughn Road features classic French chateau design. It sold for $6.125 million. Its location on more than 3 acres by Cranbrook was a selling point. The property at 4890 Birchway Drive in Orchard Lake Village boasts more than 10,000 square feet and 109 feet of Orchard Lake frontage. It features a bedroom suites, a guest room over the garage, a theater room, wine cellar and patio with outdoor gathering area. The home sold for $5.6 million in less than 48 hours. The home at 7420 Inner Circle Drive in Bloomfield Township sold for $4.9 million. It includes 11 acres with a river and a chicken coop. A large garden, theater room, and a lower level entertaining space with a second kitchen and bar were big selling points. The Fisher Mansion is the most expensive house to sell in Detroit’s history. Located at 1771 Balmoral Drive in Detroit, the home includes entertaining space, a library, 15 bedrooms and more than 20,000 square feet. Other properties in Bloomfield Township, Oakland Township and Birmingham sold in the range of $4.3 to $5 million.

 

 

 

The RenCen Comprises Over Half of Downtown’s Vacant Office Space

/in /by

Downtown Detroit is home to some of the biggest empty office spaces in the state. Over half the of the vacancy across Detroit’s best office buildings is inside the Renaissance Center. Six RenCen office towers, four of which are owned by General Motors Company and two that are owned by a publicly-traded utility from New Jersey, comprise 26.1% of the total office space surveyed by JLL’s Skyline report. The office towers make up nearly 53% of the vacancy across the 22 buildings surveyed. The towers took a hit during the COVID-19 pandemic when GM allowed its employees to work remotely, and tenants like Deloitte LLP and Blue Cross Blue Shield of Michigan opted for space in other buildings. The health of the office market in Detroit and elsewhere continues to be a concern in commercial real estate.