Michigan Real Estate News

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Former Rock Venue Listed For Sale

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Detroit’s former leading rock hall is for sale. The Grande Ballroom at 8952 Grand River has been listed for $5 million. It’s currently owned by Chapel Hill Missionary Baptist Church. In its glory days, the building hosted touring guests like Led Zeppelin, Pink Floyd and the Who, along with Michigan acts like the Frost, and MC5. The Grande is listed on the National Register of Historic Places, and that status may offer a financial windfall to its developer due to the State Historic Tax Credit Program.

 

U.S. Pending Home Sales Decline

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Limited home inventory is restricting the real estate market, causing U.S. pending home sales to fall 4.1 percent in February for a fourth straight month. With a limited number of properties for sale, home price tags remain elevated. When combined with 30-year fixed mortgage rates at a three-year high, homes are less affordable. The increase in home prices and rising mortgage rates can add up to another $200 to $300 in mortgage payments per month.  According to the NAR,  these factors have pushed up mortgage payments by 28 percent from February of last year.

 

Skilled Labor Shortage Complicates Construction Projects

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Prior to the COVID-19 pandemic, there was not enough skilled labor to meet construction demands. That’s even more true now that development has almost returned to pre-pandemic levels in metro Detroit.  According to metro Detroit’s largest general contractors, that means less skill on job sites.  That, along with continuing supply chain and inflation issues, is causing project managers to scramble to meet demands. The number of Michigan construction workers has rebounded to pre-pandemic levels, but it’s still down almost 20% from 20 years ago. The number is not growing fast enough to meet the increasing demand. It’s anticipated that skill trades will account for 47,000 annual job openings through 2026.