Michigan Real Estate News

Timely  |  Relevant  |  Informative

Michigan Legislature May Nix Short-Term Rental Laws

/1 Comment/in , , , , , /by

Bills in the Michigan legislature that have bipartisan support would nix local laws that ban or limit short-term rentals through zoning. The bills are controversial and have garnered heated debate. Proponents like Airbnb, realtors, and lawmakers from both parties say the proposed changes to state law are about personal property rights and do not prevent cities from regulating short-term rentals. Opponents, which include leaders from cities all over the state and hoteliers, say they do not support an outright ban on short-term rentals. They feel that local leaders should have the power to decide what rules are most effective for their communities.

Islandview Apartment Development to Occupy Former High School Site

/in /by

Construction will begin soon on the first part of a mixed-use development at the site of the former Eastern High School in Detroit’s Islandview neighborhood. The first phase is a joint venture between nonprofits GenesisHOPE Community Development Corp. and Lansing-based Cinnaire Solutions. The $10 million first phase will have 30 townhomes, a pair of pocket parks, a playground and a community garden. Rents for the two- and three-bedroom units in the first phase are between $769 and $1,083 per month. The second phase, which carries $10.2 million price tag, will include 30 more residential units and 3,000 feet of commercial space.

Investors Continue to Bet on Commercial Real Estate

/in /by

A year after the start of the pandemic, high-rise office buildings are near vacant, one of every two hotel rooms is unoccupied, and malls continue to struggle. However, by most measures, the U.S. commercial real-estate market is in solid shape. Prices are already rising again, and the number of foreclosures barely increased. The federal government’s efforts to support the economy protected landlords from steep losses. The support won’t last indefinitely, and investors may be in for a rude awakening when it begins to wane.