Michigan Real Estate News

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Home Builder Proposes 56-Home Luxury Subdivision

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Toll Brothers is proposing a 56-home luxury subdivision in northeast Ann Arbor. The intent is for the development to meet the needs of first time luxury home buyers, retirees, families, and working professionals. The subdivision proposal still needs to go before city staff for review and to Planning Commission and City Council for approval.

Northern Michigan Communities Report Strong Residential Sale Trends

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Median prices for residential real estate sales increased in Charlevoix, Otsego, Cheboygan and Emmet counties. The number of residential transactions also increased in three of those counties. The quick rebound in sales once pandemic restrictions eased is due to low supply and high demand and buyers’ desires to relocate to smaller communities. This trend could cause issues if it continues as working-class families may find themselves priced out of the housing market in Northern Michigan.

Detroit Demolition and Renovation Begins Soon

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With the passing of November’s Prop N, which approved the sale of $250 million bonds, demolishing and renovating is set to begin (again) in Detroit. The project starts with $175 million in bonds, and the city plans to sell another $75 million next year. 8,000 homes blighted homes will be destroyed, and another 8,000 salvageable homes will be renovated. The seven companies taking part in the project are headquartered in Detroit. Five of those companies are black-owned.