Michigan Real Estate News

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Metro Detroit Housing Market Still Heated

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Metro Detroit’s housing market is still hot for sellers and confounding for buyers, although not as intense as in spring and early summer. The median sales price for houses and condos was up over 7% in October from a year earlier, according to Realcomp multiple-listing service. That figure includes Oakland, Wayne, Macomb and Livingston counties. The amount of on-market listings was down almost 13%, and the average days on the market decreased by 7 days when compared with October 2020. The numbers show that sellers are still benefitting, even though the market has cooled a bit from earlier in the year.

 

Amway Grand Plaza’s Renovation Completed

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The $40 million renovation of the Amway Grand Plaza’s 29-story tower is complete. Renovations began in January 2019 and outfitted the tower with new glass that provides guest rooms and the restaurant, MDRD, with floor-to-ceiling views of the city. Prior to the renovations, the 285 tower rooms had windows that started at knee level. According to the chairman and CEO of Van Andel Institute, the tower’s original glass was at the end of its useful life. The new glass is expected to save 10% in energy costs. The tower’s crown was outfitted with new LED lighting. The hotel was received new metal cladding, a backlit crown logo, and updated balcony rooms.

 

Bedrock Gives Tour of Book Tower Progress

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 On Thursday, Bedrock gave a tour of its renovation progress on the historic Book Tower. The renovations include restoration of the original limestone and masonry facade,  replacing 2,400 period accurate windows, and repurposing former office space into 229 residential units. It will also offer retail, hotel and office space when completed. The $313 million project also includes the 13-story Book Building structure. The development will include retail in the basement and first floor, office space on the second and third floors, and the ROOST Apartment Hotel will occupy floors four to eight, featuring 118 studio, one and two-bedroom units. A rooftop bar and outdoor terrace space are also in the plans.