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St. Vincent Sarah Fisher Center

Development Proposed For St. Vincent & Sarah Fisher Property

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The history St. Vincent and Sarah Fisher property in Farmington Hills may soon be repurposed into a two-story, 140-bed nursing facility and 3 three-story multi-family apartment buildings. Novi-based Optalis Healthcare would keep the existing administration building and one of the other smaller buildings. It would also leave 7.5 acres of open space on the property. Nearby residents have voiced concerns that the three-story apartment buildings would clash with the nearby residential areas. The site has been vacant since 2005.

Tourist Destination Struggles to Maintain Workforce

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A vibrant tourist destination, small town Charlevoix is struggling to recruit workers. Upward pressure on rent and home prices is scaring workers off who can’t find affordable year-round housing. The two hardest hit groups are workers who make less than $26,000 a year and professionals who make between $70,000-$100,000 a year. Rentals are scarce, as are affordable homes for sale. Recent efforts to convert part of a golf course into affordable year-round housing was voted down by residents.

Judge Orders Extension On Foreclosure Protections

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The Wayne County Treasurer filed a motion requesting that the redemption period on property tax foreclosures be extended. Judge Timothy Kenny ordered that foreclosure protections for occupied homes and commercial properties be extended to March 31, 2022. The order will keep properties off the annual auction block. However property taxes must continue to be paid. The Treasurer asserts that the main objective is to keep people in their homes.

Property Line Dispute “Reeks” Havoc

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A property line dispute in Lodi Township, in Washtenaw County, has taken protest to new heights. A farmer has constructed what he calls a “compost fence” to mark his property line. The fence is built of cow manure, and the stench overwhelms rental tenant Wayne Lambarth’s home near the property line. Despite complaints, local officials say there’s nothing they can do because it’s on the farmer’s property.

Home Buyers Need Creativity in Today’s Market

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It’s a home seller’s dream come true. With parts of Michigan down to just a one-month supply of housing inventory, buyers need to get creative with their home-buying strategies. Realtors offer advice like positioning yourself to be the backup offer on sale-pending homes. Often the deals are to good to be true and fall through. Getting your backup offer in is like putting your foot in the door. Some buyers are making creative offers that include payer other buyers to take their offers off the table.  Making sure you have a realtor who is well-experienced with getting offers accepted and showings scheduled, even virtually if necessary, can make a huge difference in your success.

West Michigan Real Estate Market Boom Predicted to Continue

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After an unprecedented flurry of winter homebuying, the 2021 spring market feels a bit different. Instead of the new-homebuying-season feeling, it feels more like a continuation of the winter rush. That rush is predicted to continue due to three reasons: First,  the supply/demand equilibrium is defined as about four to six months of inventory. Inventory has been below four months for six years and is currently at five months in many West Michigan markets. Second, attraction to the West Michigan region continues to grow. And finally, it appears that consumer interest rates will stay low.

Michigan Realtors Shocked & Awed By Housing Market

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Michigan realtors are stunned by the dog-eat-dog housing market. The low home inventory and historically low mortgage interest rates have created the perfect storm. Michigan’s supply of housing inventory is down 61%, and the median sale price is up 13.5% from a year ago. Some realtors say a home’s listing price has become something akin to a reserve price at an auction. Buyers are bidding far above the asking price and offering cash on the table. At the least, buyers need to come to the table with substantial cash down payments.

Metro Detroit’s Real Estate Market Surges Until Fall

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Metro Detroit’s current real estate market surge will most likely continue into the fall. Homes continue to sell within a few days, frustrating potential buyers who can’t even schedule a showing. Farmington Hills-based Realcomp recorded the highest median sale price for the month of March in 18 years at $210,000. In the past, buyers desired turn-key ready properties, but in the current market, they’re considering homes that need work or could even be demolished and rebuilt because of low inventory. This trend is being seen nationally, too.

Residential Properties Fly Off The Market

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Residential properties are flying off the market in Southeast Michigan. The average time a home spends on the market dropped from 66 days in March of 2020 to 38 days last month. Properties are moving so fast that open houses aren’t necessary. First time home buyers and those lacking a hefty down payment are struggling against the competitive market.

Supply Chain Drives Up Home Prices

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According to home builders, materials cost increases are driving new construction home prices up, as much as 14%. Lumber price spikes have been dramatic due to mills closing the Pacific northwest and the southeast United States,  tariffs imposed on Canadian softwood lumber, and increased demand for new housing. Builders are not making additional profit; the increase is entirely due to rising materials costs. That, in turn, has caused the price of an average new single-family home to increase by $24,386.