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Details Revealed For Detroit Affordable Housing Plan
/in Detroit /by Tracy WillisPlans for a new 83-unit apartment building near the Masonic Temple and Little Caesars Arena were shared with the public during a virtual community meeting. 3rd & Charlotte, the name of the development, is a joint project between developer Stephen Ross’ Related Cos. and the development firm The Platform. The apartments would be leased at below-market rents to tenants making 60% of area median incomes. To go forward, the project must be awarded Low-Income Housing Tax Credits from the Michigan State Housing Development Authority. If developers can meet the requirements, construction could begin in the 4th quarter of 2022.
Residential Sale Prices Continue Upward Trend
/in Detroit, Grand Rapids, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisProspective buyers in Michigan’s housing market placed higher bids in 2021. A lack of inventory caused a 13.8% increase in residential sale prices in 2021 compared to the same period in 2020. There was a 3% increase in total sales. Branch County, Detroit, Bay County, Sanilac County and Mason, Oceana and Manistee counties reported higher than 20% increases in housing prices. Gratiot, Isabella, St. Joseph, Greater Shiawassee and Hillsdale counties reported less than 7% housing price increases. Antrim, Charlevoix and Kalkaska were the only to counties to report a decrease in home prices (-0.7%).
Home Sales Predicted to Continue Surging in December
/in SE Michigan /by Tracy WillisAccording to RE/MAX of Southeastern Michigan and the Home Builders Association of Southeastern Michigan, November was a robust month for home sales and new home starts. December promises even stronger home sales than last year’s figures. New single-family home permits were above 300 in Macomb, Oakland, St. Clair and Wayne counties for 18 months running. Even with the supply chain issues, new-home permits helped to make the year successful. However, no new multifamily permits were issued in November. The number of pending sales in November indicates that December will be a good month.