Detroit’s January Home Sales Up, Southeast Michigan’s Down
/in Detroit, SE Michigan /by Tracy WillisDetroit’s housing market continues to thrive. Sales and prices are rising at a rate unlike others in the metro area. January’s median sales price was almost a third higher than a year ago. Sales are up 3 percent. They’re down in other areas of the region. The number of homes on the market in Detroit is up more than 26 percent. Across southeast Michigan, sales are down 8.8 percent, and listings have decreased 4.3 percent. Supply continues to be lower than the high demand. Homes are selling faster because there are fewer houses on the market, causing buyers to jump on homes quicker.
Southeast Michigan Housing Market Increases Continue
/in SE Michigan /by Tracy WillisLow inventory and increased demand caused the upswing of the 2021 Southeast Michigan housing market. Some areas in the city of Detroit saw the biggest increase in sale prices. One area’s prices jumped an incredible 68%. Detroit had more sales than anywhere in the region, with 2021 marking an 11.1% increase over 2020 and a median value increase of 33.6%. One broker’s theory is that the increase in sales in the city comes from landlords who decided they wanted to get out when the Duggan administration enforced certificates of compliance in order to be eligible for full distributions of coronavirus relief funds.
Michigan’s Foreclosure Numbers Highest in the Country
/in Detroit, National, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisMichigan 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.
Classic Transportation & Warehousing Plans Expansion
/in Grand Rapids /by Tracy WillisClassic Transportation & Warehousing is construction a new 172,000-square-foot warehouse and third-party logistics facility near Wayland. The employee-owned firm will spend over $8.4 million. The move is expected to create 6-12 jobs. Leighton Township supports the project and has approved a 12-year industrial facilities tax exemption. Rod Cooper, president and CEO of the company, said the company’s employee owners are pleased with the expansion.
Car Wash Manufacturer to Build New Headquarters
/in Grand Rapids /by Tracy WillisCar wash manufacturer, Tommy Car Wash Systems, is building a new headquarters and manufacturing facility in Holland. The $32.6 million facility will centralize the company’s operations. The expansion site has sat vacant for more than 20 years. The 245,000 square-foot building will house production space, an assembly area, office space and a demonstration center. The project promises to create or preserve 300 new full-time equivalent jobs. The federal New Markets Tax Credit program will enable Tommy Car Wash Systems to provide advancement opportunities with lower levels of education. Michigan Community Capital, Old National Bank, and Cinnaire are investors in the project. The project should be complete by the summer of 2023.
Eastland Center Wraps Up Holiday Season and Tenure
/in SE Michigan /by Tracy WillisHarper Woods’ 60-year old Eastland Center wrapped up its last holiday season. With only two remaining stores, K&G Fashions and Shoppers World, the center is slotted for demolition next year. NorthPoint Development will redevelop the site into a $94.2 million industrial complex. Hudson’s built the center in 1957. Just 20 years ago, it housed nearly 150 stores. Area residents have pleasant memories of the popular after-school hangout. The shift to internet shopping, along with the COVID-19 pandemic, led to the center’s demise. Moody’s has predicted that 20% of the America’s remaining 1,000 malls will close or be repurposed in the next few years.