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Macomb Subdivision Sold to Ohio-Based Builder
/in SE Michigan /by Tracy WillisColumbus, Ohio-based homebuilder, M/I Homes has purchased 66 lots in Washington Township. The shovel-ready lots sold for more than $3 million. The lack of inventory for homebuilders heightened M/I Homes interest in the lots. The company is expected to build homes between 2,800 and 3,500 square feet.
Metro Detroit Home Purchases Decline
/in Detroit, SE Michigan /by Tracy WillisAccording to data from RE/MAX, home purchases in metro Detroit had the fourth largest decline in the country. RE/MAX surveyed metro areas, and Detroit had a 19.6 percent decrease in closed homes in July. Factors that likely contributed to the decline include Michigan’s coronavirus-related lockdown that lifted in June last year, creating a backlog of pending sales that exploded into July. This lifted that month’s 2020 total. Buyers are exercising more caution and questioning the prudence of paying more than the asking price. Add the recent weather and flooding into the picture and potential buyers hesitating while flood-damaged homes are fixed. Limited inventory is also a contributing factor.
High-Rise Towers Planned for Ann Arbor Lot
/in SE Michigan /by Tracy WillisThe Ann Arbor Housing Commission is finalizing plans that call for a 20-story tower and a 14-story tower buildings. The city is leveraging new tax revenues to build affordable housing that could fund 1,500 new units over the next 20 years. The city’s plans include 370 housing units with a little less than half of them for tenants earning up to 60% of the area median income. The remaining units would be at market rate. The 14-story tower would include 90 rental apartments, and the 20-story tower would include 280 housing units. The new dwellings will include a mix of studios, one-bedroom and two-bedroom units.