Selection of relevant news on real estate in Detroit
We are pleased to give you information about news on real estate investments published in different media. We hope you find it interesting. We can help you analyze how this information can generate opportunities for your next investment.
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In August, the Detroit metropolitan area occupied fifth place in Realtor.com’s “Market Hotness Index.” Detroit moved up from eighth place in July, after shifting between sixth and 25th place in the last 12 months.
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Detroit is getting recovered but not evenly
A new report by Instituto Urbano reveals that Detroit will become one of the most important growth hubs in the region by 2030. In many ways, this reflects a deep change in the demand of housing units at regional level, “from the history of two regions”, into a region where growth has been distributed quite evenly. This is the stage of the tenant: Even though the increase of elderly tenants’ homes is worth mentioning, it is not about old owners that become tenants but homes that are rented and will continue being rented, as stated in the report.
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Detroit needs more affordable and market-rate housing downtown
The Greater Downtown Residential Market Study found that the annual demand for market-rate rentals and for-sale multi-family units runs from 1,230-1,500; the five year demand is at 6,150-7,500. In terms of affordable housing for rentals and for-sale multi-family units, the numbers show a demand of 414-512 annually; 2,070-2,500 over five years. We’re going to need more housing.
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New investments would bring 1,000-plus SE Mich jobs
A trio projects proposed for Southeast Michigan could bring 1,130 new jobs and $158 million in new investment to the area. The Michigan Strategic Fund on Tuesday approved performance-based grants for LG Electronics USA Inc., Lear Corp. and Penske Logistics LLC, providing millions in economic support that would potentially return far more in spending in the region.
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Detroit ranks #1 in how much house you can buy with $100K
Even though housing prices in Detroit are rising, among large cities, Detroit is still pretty affordable. A new report from SmartAsset compared home values in the largest cities in America to see how much you can get for $100,000, the result is Detroit is #1 on the list.
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Metro Detroit sees 175% increase in rentals over last year
A new report from RentCafe shows the metro areas around the country building the most apartments, and while metro Detroit is pretty far down the list, we’re showing a steep increase from last year. 175% increase, to be exact, adding 1,615 new rentals to the market in 2017.
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New reports show low office vacancy, billions invested in Downtown Detroit
JLL’s Skyline Review shows that Detroit’s office vacancy in its taller buildings is currently 7.5 percent, well below the national average of 12.9 percent. As more businesses are moving downtown, the need for more office space rises. The report cites high-profile tenants like Microsoft moving into the current office space downtown, and more buildings rising in the next few years that will change the skyline itself.
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Report: $5.4 billion in construction set in, around downtown Detroit
The report, prepared by CBRE Inc., says that figure includes 6,091 multifamily residential units, 1,196 new hotel units and 2.1 million square feet of office space. Of the $5.4 billion, $4.23 billion is in mixed-use building construction and conversion. Multifamily construction makes up $892.9 million, while office ($202.6 million), hotel ($100 million) and retail ($4 million) round out the pack of more than 70 projects under construction or proposed.
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Detroit unemployment rate lowest since 2000
The city has seen a boom in construction jobs in recent years, particularly in Detroit’s central neighborhoods, bring in temporary and permanent jobs new commercial, retail and residential developments, as well as widespread demolition of abandoned homes; Because of that City officials are celebrating the latest unemployment figures from the U.S. Bureau of Labor Statistics, the rate in May was 7.5 percent, the lowest it’s been since 2000.
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Detroit area needs more than 15,000 new apartments by 2030
It may seem like Detroit has added many new apartments in the past few years. But in order to keep up with current trends in immigration, fewer homebuyers, and an aging population, a new report says the Detroit area will need 15,467 new apartments by 2030. That averages to about 1,105 a year.
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Metro Detroit real estate market heats up
The four-county metro Detroit region saw a 3.4 percent increase in the number of home and condominium sales last month, rising to 5,556 from 5,373 in May 2016, according to new data from Farmington Hills-based Realcomp Ltd. II. The median sale prices also climbed 6.7 percent to $176,000, in part as the number of available homes continues to drive them up.
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Mixed-use developments take shape in West Village
More retail and residential is on the way. While much of the new development in Detroit has happened in downtown and Midtown, we’re starting to see more new development in the neighborhoods. Many of them will also have retail on the first floor, with residential above.
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Migrants have revitalized Detroit economy
Published this Tuesday by the civil group New American Economy, the report pointed out that the companies owned by immigrants from Detroit, Michigan, generated business income amounting to U$S15.5 million during 2014.The report indicated that while immigrants account for only 5.6 percent of the population residing in the city, their contribution to the local economy is higher due to high rates in entrepreneurships, huge tax contributions and purchasing power.
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Construction watch: Third and Grand will start to rise in New Center
While groundbreaking officially took place in October for Third & Grand, construction is starting to increase on the $53.2 million mixed-use project near the Fisher Building. The six-story development will bring 231 new apartments to New Center in 2018, and the project is the first of its kind in the area in 30 years.
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Detroit area sparks interest from LA, Chicago home buyers
The thought of buying a (comparatively) cheap house in Detroit is still intriguing to many. A new report shows us that many home seekers are looking outside of their metro areas and many Californians are looking at the Detroit area. So which out-of-state users are looking at homes in Detroit? According to their research, users in Chicago, Los Angeles, and San Francisco top the list.
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Declining housing stock puts homebuyers in a bind
In a study released Monday, the Associated Press found that the average monthly inventory of homes among the nation’s largest metro areas dropped 32.5 percent from 2012-17. The average nationwide showed a 4.92 percent drop from 2016 to 2017. The data found that the Detroit-Dearborn-Livonia area saw a 43.4 percent drop and the Warren-Troy-Farmington Hills area saw a 32.1 percent decline.
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