Michigan Real Estate News

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Pabst Blue Ribbon Extends Its Reach Into Hospitality

Pabst Blue Ribbon is continuing the go-to trend for brands to feature retro products and cultural icons from the past. The brand has created three PBR-themed motel rooms that transport guests to the 1980s. In creating the rooms, which are located within the Grand Traverse Motel in Traverse City, they’ve cloned a dive bar, arcade and rec room. Think shag carpeting, back-in-the-day game consoles, a jukebox, and a blue ribbon trophy case that store PBR cans. Seattle-based agency DNA collaborated with Hotopp Creative Studio to create the rooms. The 1980s theme comes from the brand’s tagline, “Pabst is the place.” Pabst has experienced a resurgence and reemergence during the pandemic with people remembering brands that illicit a sense of safety and nostalgia.

 

New Report Offers Insight into Detroit’s Rental Housing

Information on the number of rental properties in Detroit is limited and creates issues concerning improvements to housing conditions and reduction of lead exposure. Most landlords in Detroit own one or two properties, making up about 50% of the units in the city.  Of that number, only 2% have registered properties within the city’s formal rental system. The think tank, Detroit Future City, released an analysis on Wednesday that breaks down landlords into categories using the assessed value of the property, corporate ownership, blight violations, taxpayer’s location, property acquisitions and the number of units they own. Tenant advocates continue to raise concerns about evictions and unaffordable housing. The goal is to support landlords and enable them to become compliant with healthier housing conditions.

 

Southeast Michigan’s Housing Market Is Stabilizing

Southeast Michigan’s housing market is becoming more stable. The number of buyers is decreasing due to growing interest rates and high home prices. Sales of homes in southeast Michigan in July were down by almost 20 percent from July of last year. Pending sales are declining rapidly, and properties are sitting longer on the market. According to the Realcomp report, the costs of buying a home is 80 percent more expensive now than three summers ago. Detroit is ahead of the rest of the region for growing housing prices. The median price of a home in Detroit has grown 38 percent since last year, having surpassed $100,000 for the first time in history.