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Former Scripps Mansion Site Envisioned For Townhomes

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A trio of developers are planning 65 townhomes in Detroit’s Woodbridge neighborhood. The $18.5 million development is at 3700 Trumbull St. between Selden and Brainard streets. The joint venture is a collaboration between Detroit-based Tekton Development, Detroit-based Civic Companies, and Bloomfield Hills-based Robertson Bros. The development would have 48 one-bedroom townhomes with about 1,300 square feet and 16 two-bedroom townhomes with about 1,600 square feet. Construction should begin in the fall and be completed within three years.

Millennial Home Buyers’ Dreams Fall on Hard Times

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Millennials make up the largest population of homebuyers, but many are having a hard time finding homes within their budgets. In many Southeast Michigan areas, the median home listing price has jumped by 15%-19% when compared to previous years. Buyers are approaching the home buying experience like an auction, some even willing to skip home appraisals and inspections. In Michigan, homes are moving 34% faster with only 44 days on the market.

Texas Courts Begin to Allow Evictions

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Texas courts are indicating that they will not enforce a federal order that would stop evictions during the coronavirus pandemic. While Congress has approved billions of dollars to help people pay their rent to avoid eviction, many of those tenants have yet to receive any of that money. The Texas Supreme Court did not extend its emergency order, and the Texas Justice Court Training Center issued guidance essentially telling judges it’s not their job to enforce the CDC’s order. Legal aid attorneys are gravely concerned about the tens of thousands (and possibly more) who will be left homeless.

Home Appraisal Gap Causing Trouble For Home Buyers

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With the quick turn around in the home market, buyers are entering into bidding wars to secure their dream homes. Homes are selling above appraisal values creating a gap for buyers to make up. Many are tapping into retirement accounts or accepting loans from family in order to purchase their homes. With many sellers waiting in line to purchase one property, buyers must be prepared to come to the table with a substantial amount of money.

Home Price Index Jumps

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According to the S&P Corelogic Case-Shiller National Home Price Index, home prices continued their acceleration in January. They jumped 11.2% year over year, the biggest gain in 15 years. Month over month, prices rose in 19 of the 20 cities tracked. Year over year, prices rose in all 20. Detroit data was included in January’s indices for the first time in a year due to interruptions in data collection due to Covid-19 shutdowns.

Shipping Container Homes Coming to Ypsilanti Township

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Darius Smith, a local developer and founder of ASJ Homes and the “What’s Up Detroit” show, has plans for at least two luxury homes built out of shipping containers, in Ypsilanti Township. He plans to have one of the homes built by this summer, which will start at $250,000. Incorporating the shipping containers, which he gets from California, keeps building costs down. The unit he’s building this year will use 6 containers to create a 1,600 square foot 3-bedroom, 2-bath home. Smith has also designed a container micro-hotel, along with a cryptocurrency utility token.

Weekly Brief – March 29

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Michigan’s two largest metro areas are exceptionally different.

I had the opportunity to spend time in the Grand Rapids metro area in the past week. Metro Grand Rapids development is reminiscent of the sprawl in metro Detroit in the 1990s through the early 2000s. New subdivisions and neighborhood shopping centers are under construction in many areas of metro Grand Rapids. Grand Rapids remains in a growth and sprawl mode.

The Detroit metro area, on the other hand, has matured in its development. Development in metro Detroit (excluding, perhaps, northern Macomb County and the far western edges of Oakland and Wayne Counties) is infill or reuse. Redevelopment, rather than new development, is the primary project.

Grand Rapids still has plenty of greenfield development. Those developments have the potential to be less expensive to develop, as there is less assemblage to negotiate, and fewer legacy development issues to resolve (such as utility relocation).

Grand Rapids may, in a few decades, have to deal with the reuse and infill development issues that Detroit currently confronts. However, for the time being, development in metro Grand Rapids raises entirely different issues than development in metro Detroit.

Single-Family Zoning Issue Divides Ann Arbor City Council

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The Ann Arbor City Council is embroiled in a debate that has turned ugly. The city is poised to end single-family zoning, say several council members. Others disagree. The council voted to make it easier for more than 20,000 homeowners to put up a secondary home. These structures are sometimes known as carriage houses or granny flats. Removing additional single-family zoning restrictions could potentially increase affordable housing and reduce segregation and urban sprawl. However, the council disagrees on how to accomplish this goal, as well as how aggressively to pursue it.

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.