Michigan Real Estate News

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Milford Postpones Rezoning Request

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The MIlford Township Planning Commission voted to postpone a rezoning request for the Kensington Ridge housing development. The 851-unit housing development requires the rezoning of 335 acres of property. The property is located at the southwest corner of Maple and Milford roads. Residents expressed traffic flow concerns. The commission will hear the issue again in April following discussions between planners and the applicant concerning density at the north end of the development, changes to the road access to Maple Lakes, and a water supply plan.

Grand Rapids Property Developer Receives Tax Incentives

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Chicago-based 3F Properties has received $3.6 million in tax incentives to transform a 3-story vacant industrial building into 173 market-rate apartments. The property is located along Market Avenue SW and will include studio, one bedroom, and two bedroom units. The Grand Rapids development will rent apartments ranging from $975 to $1700.  The project also received a 10-year Obsolete Property Rehabilitation Act incentive valued at $2.9 million.

 

 

Metro Detroit Area Home Buyers Duke It Out

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Metro Detroit area home buyers compete in bidding wars for their dream homes. Homes are selling for over the asking price, and properties aren’t on the market for long. Brokers are advising clients to come in with their best offers first or risk losing out in the bidding process. Home tours are hopping with appointments every 15 minutes. In one weekend showing, some homes can receive as many as 22 purchase offers. The length of time a house sits on the market from listing to sold has dropped 34% from 2020. Showings per individual home have almost doubled.