U.S. Home Prices Increased in October
/in National /by Tracy WillisThe S&P CoreLogic Case-Shiller 20-city home price index, out Tuesday, increased 18.4 percent in October from a year earlier. This was a slight deceleration from the 19.1 percent increase noted in September. All 20 cities noted on the price index recorded double-digit gains with Phoenix, Tampa and Miami leading the pack. Low mortgage rates and low home inventory, along with high consumer demand, have strengthened the housing market. Chief economist of Realtor.com predicts that the price growth will slow but continue to go up as the year progresses. Mortgage rates fell again last week, signaling concern about the omicron variant depressing economic growth.
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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.
The Detroit Center for Innovation New Location to be Announced
/in Detroit /by Tracy WillisStephen Ross, Chris Illitch, Mayor Mike Duggan and U of M President Mark Schlissel will reveal the Detroit Center for Innovation’s new site this Monday. Wayne County’s aborted jail site was the originally planned site for the center. The announcement invitation says details about a national tech company coming to Detroit will be shared. The original plans co-developed by Related Cos. and Bedrock real estate firm, but that partnership was dissolved last summer.
Asphalt Facility Proposed for Detroit’s Former Farmer Jack Headquarters
/in Detroit /by Tracy WillisThe old Farmer Jack Headquarters in northwest Detroit may soon be the new home of an asphalt mixing facility. The Pontiac-based company, Asphalt Specialists, is proposing the $1.5 million plant. The company currently employees more than 100 employees, including truck drivers and maintenance. The plant would add 40-50 jobs. The plant would include an office and scale house for measuring 3,000-4,000 square feet of product. A dust collection system would collect 98-99% of the odors.
Sale Pending For Popular Nightlife Hotspots
/in Grand Rapids /by Tracy WillisGrand Rapids’ The B.O.B. and the 20 Monroe Live concert venue may soon be changing hands. Sales are pending for both nightlife hot spots. There are two separate unidentified buyers, and both deals should close early next year. The B.O.B. was listed for $15.5 million and 20 Monroe Live for $16.5 million. The B.O.B. houses 3 restaurants, a brewery, a nightclub and a comedy club. 20 Monroe Live is a concert venue that can seat up to 2,600 patrons.