Michigan Real Estate News

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Ann Arbor Nine-Story Development Breaks Ground

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The construction of The Glen, a mixed-use development on the corner of Glen Avenue and Ann Street has finally broken ground after several years of delays. It was approved in 2017 and was scheduled to open in 2018. Technical changes were made in 2019, and construction was to begin in 2020 when the pandemic delayed it further. It’s now expected to open in 2024. The building will house 164 hotel rooms and suites and 24 apartment suites. It will also include a fine dining restaurant, meeting and event spaces, retail shops and 241 parking spots.

Detroit Home Buyers More Practical As Home Prices Increase

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According to Jeanette Schneider, RE/MAX of Southeastern Michigan president, homebuyers are becoming realistic. They’re less likely to waste time looking at homes that do not address their needs. This shift is in contrast to last year when buyers were willing to take what was available out of fear of not getting a house.  Inventory is still limited and prices continue to rise. March’s median sales price was up 10.7 percent from last year. However, the increase is lower than the previous year. The number of sales fell in March by 8.7 percent, but pending sales were up 2.3 percent.

 

 

Rehabbed & Ready Program Restores and Refurbishes Detroit Properties

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Detroit Land Bank Authority’s Rehabbed & Ready program has refurbished residential properties across Detroit neighborhoods. They typically gut the homes, put thousands of dollars worth of work into them (including new electrical, plumbing, windows and landscaping) and sell them to new buyers. The Land Bank took a loss on some of the homes that had fire damage or asbestos issues, but the home sales lifted the neighborhoods’ home prices. The Land Bank’s goal is to restore existing value into homes. The program has sold nearly 100 homes since 2015 and is expanding over the next three years to restore an additional 200 houses. The goal will continue to be adding residences and raising property values.