Michigan Real Estate News

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Townhouse Plymouth Township Development Approved by Trustees

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On April 26, the Plymouth Township Board of Trustees voted 4-2 to approve the Toll Brothers’ and Pomeroy Living’s Plymouth Walk planned 369-unit townhouse/apartment development, despite the concerns of residents.  Neighbors expressed concerns about increased traffic issues in the area and the elimination of green space.  The developers agreed to spend $1.8 million to pave the dirt roads and add sidewalks to the Eastlawn subdivision north of the development.  That willingness swayed the decision of at least two of the trustees.

 

 

Metro Detroit’s Home Prices Highest in Decades

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Metro Detroit home prices have increased, up 14.6 percent in February when compared to last year. The increase is the highest they’ve been in decades. The managing director for S&P Dow Jones Indices has gone on record saying they’re in the top decile of growth for Detroit over 30 years of tracking. The country is also showing the highest increases on record, up 19.8 percent. Detroit metro’s median increase is 5.1 percent, higher than the 4.7 percent national median. Read estate brokers agree that home ownership is becoming out of reach for new buyers and people of color.

 

 

The Future of Office Space is Changing

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There has been big movement in office space leasing. The Bank of America building in Troy will no longer house the Bank of America! Deloitte consulting firm confirmed its plans to leave the Renaissance Center. GM’s COVID-era “work appropriately” policy has contributed to the Ren Cen’s quieter-than-usual atmosphere. With Deloitte’s departure, the Renaissance Center will be only 53.5 percent leased. Businesses continue to adapt with post-pandemic in-person work plans.