U.P. Vacation Home Prices Boom
/in Northern Michigan /by Tracy WillisIn keeping with vacation locales in Michigan’s Lower Peninsula, the prices of vacation properties in the Upper Peninsula are on the rise. With limited inventory, many of the recent cottage buyers hail from out of state and intend to use their new U.P. properties during winter months as well as summers. Realtors are seeing multiple offers on every listed property. The median sale price was $197,000 from January 1 through mid-May. That’s nearly a 20% increase from the same period pre-pandemic in 2019.
Farmington Hills Council Denies Housing Development Proposal
/in SE Michigan /by Tracy WillisFarmington Hills Council denied a 26-home development because of concerns about the property’s density. The development was proposed for the former Piemontese Social Club site and would’ve been geared toward senior citizens wanting to downsize. Both council and neighboring community members expressed concerns about the closeness of the homes to each other. The ranch-style homes would have sat on 10 acres.
$30 Million HUD Grant Will Improve Corktown
/in Detroit /by Tracy WillisDetroit has been awarded a $30 million federal grant to add more mixed-income housing and improve neighborhood conditions in the Corktown area. The grants are designed to redevelop distressed housing, boost social services and improve public spaces. The grant will be used to replace the 87-unit Clement Kern Gardens Apartments with 841 units of mixed-income housing. The plan also includes more pedestrian-friendly streets, increased access to community amenities and training and employment opportunities.
Sterling Group Pockets $36 Million for Joe Louis Parking Deck in Detroit
/in Detroit /by Tracy WillisSterling Group’s quick sale of the Joe Louis Arena parking garage netted eight figures for the Detroit real estate company. Sterling Group purchased the property from the City of Detroit in a deal that became public in October 2019. The real estate company paid $2 million in cash to the city and reimbursed the city $12.1 million for the demolition within the area. Detroit also saved $3 million on parking deck improvements, $4 million on remediation of the arena site, and about $7 million in tax-increment financing dollars.
Former Site of Detroit Country Day School Purchased
/in SE Michigan /by Tracy WillisThe historic former Detroit Country Day School building has sold. The 38,500-square-foot building has sold to JCJ Development LLC which is registered to Jordan Jonna. JCJ Development will convert the original school building into a residence. In 2017, Detroit Country Day announced a $30 million campus expansion and vacated the building. The building received a $2.9 million purchase offer from the Troy-based Kensington Church in 2019. The church withdrew its offer after community protest.
Vacant Farmington Hills Property Flip Flops…Again
/in SE Michigan /by Tracy WillisThe property at 30250 Grand River Avenue in Farmington Hills will flip flop, once again. Formerly an auto dealership, the property most recently housed a school, Steppingstone School for gifted children. The school moved on in 2018, leaving the building empty. A Farmington Hills developer will revive the property and bring it back to its auto dealership days. However, the lot will be used for online sales instead of in-person sales. The city needs to approve the site plan since the use is once again changing.