Michigan Real Estate News

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Downtown Detroit’s Office Workers Slow To Return

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Although downtown Detroit’s housing market and visitors bounced back from the COVID slump of 2020, Detroit still has a ways to go to reach pre-pandemic activity. According to the Downtown Detroit Partnership, the number of downtown office workers is still drastically reduced as a result of the pandemic.  In 2019, the median number of workers during the week stood at 70,629. In 2021, that number was down 75%.  Some employers are gradually bringing employees back to the office.

 

 

Spring Homebuying Season Accelerates

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The metro Detroit housing market is off and running in the spring homebuying season. Redfin is reporting that almost 3/4 of homes on the market in metro Detroit are receiving multiple offers. Buyers are offering well above list price, free occupancy for sellers who are waiting for their next home purchase, and appraisal guarantees. Some are even paying closing costs. First-time home buyers and those financed with government-backed loans are at a disadvantage.

 

28th Street Mega Mall Site Repurposed as B2 Bargain Bin

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The 28th Street Mega Mall site will once again welcome customers. B2 Outlet stores has transformed the site into a B2 Bargain Bins location. They’ve updated the 76,000-square-foot space to include new walls, restrooms and polished concrete floors. The new store will open on Tuesday.  The concept of B2 Bargain Bins is different than the company’s traditional outlet stores. Prices start at $6 on Tuesday and fall each day until everything sells. The store is closed on Sunday and Monday for restocking.