Michigan Real Estate News

Timely  |  Relevant  |  Informative

Detroit’s Commercial Property Transactions Lower Than National Average

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Nationally, commercial property transaction volume broke records last year. But in metro Detroit, that was not the case. Last year wasn’t a bad year for property deals in Detroit; there were $1.9 billion in sales across 3,678 deals. 2021 was the fourth-highest year since 2006. Low cap rates, inflation hedging helped to fuel the surge in commercial acquisitions. Property buyers are expecting appreciation in the next few years. Rent growth in multifamily apartments and the industrial, warehouse and distribution sectors are also adding to value growth.

 

 

Michigan’s Foreclosure Numbers Highest in the Country

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Michigan has the highest number of foreclosures than anywhere in the country, according RealtyTrac. However, experts say this isn’t a sign of a worsening housing market. Michigan’s 2022 January figures represent a 622 percent increase over the totals in January 2021. The big leaps are due to the ending of moratoriums that kept foreclosures from moving forward. Wayne County had the bulk of foreclosure activity, and most of those were old foreclosures that were in the process a long time. According to the vice president of RealtyTrac, Michigan’s backlog is moving faster than in other states. He expects that it could take several months before the backlog is cleared out, but that the figures are not a cause for concern.

 

 

Rezoning Proposal Heads to Ann Arbor City Council

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Ann Arbor’s Planning Commission voted to recommend City Council approve the rezoning of 68 properties along State Street and Eisenhower Parkway into a new high-density development zone. The proposal would rezone 226 acres by Briarwood Mall and allow downtown-style development to occur, transforming the area into a mixed-use neighborhood. According to City Planner Alexis DiLeo, the proposed rezoning could potentially add hundreds of homes to the area.