Selección de noticias relevantes sobre el sector inmobiliario de Detroit - Abril 2020

Es un placer enviarles información de noticias publicadas en diferentes medios de comunicación sobre temas relacionados con inversiones inmobiliarias. Esperamos que sea de su interés. Estamos a su disposición para analizar cómo estas novedades pueden generar oportunidades para su próxima inversión.

Report: Detroit rents increased by one of highest rates in nation in 2019

According to a new report, the cost to rent in Detroit increased by one of the highest rates in the nation in 2019. In Detroit, it found that renting cost an average of 13.2 percent more from the beginning to end of 2019. That was the 10th highest increase in the nation. Michigan as a whole saw rates increase by 15.6 percent, good for fifth highest.

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US Mortgage Rates Decline; 30-Year Loan at 3.45%

U.S. long-term mortgage rates declined this week as growing concern over the economic impact of the coronavirus. The average rate for a 30-year fixed-rate mortgage fell to 3.45% from 3.49%, when 30-year loan averaged 4.35% a year ago. The average rate on a 15-year fixed mortgage slipped to 2.95% from 2.99%, and the rate for a five-year mortgage fell to 3.20% from 3.25%. The decline in mortgage rates in recent months and the solid economy have pushed up demand for housing. Americans signing contracts to buy homes jumped 5.2% in January from the previous month.

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City estimates Detroit home values rose 20 percent last year

The city of Detroit announced yesterday that its 2020 assessments of residential property taxes are expected to increase by an average of 20 percent. If correct, it would mark the largest increase in home values since 1997. It would also mark three years of growth after 17 consecutive years of declining home values.

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Study: Detroiters need to work fewest hours to afford rent of any major U.S. city

According to a new study by Smart Asset, residents of Detroit have to work the fewest hours per week to afford rent of any major city in the United States. In Detroit, to afford the monthly rent of $836 per month, someone would have to work 41.6 hours per week. The study assumes an estimated hourly wage of $20.25.

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Metro Detroit home values rebound

Communities in the tri-county area with the biggest gains are Hamtramck with a 26.4% increase, Highland Park rising 23.5% and Detroit increasing 23%, according to preliminary 2019-20 county assessment data. Officials say the larger increases in smaller and less wealthy communities in part reflects a demand for cheaper homes.

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Detroit sees faster job growth than rest of Michigan, UM study shows

Between 2015 and 2018, Detroit resident employment growth outpaced the state’s by 1.7 percent, according to the analysis led by UM economist Donald Grimes, and Detroit’s unemployment rate is projected to improve faster than the state average as an estimated 6,700 new jobs are expected to be created in the city through 2024.

Labor force participation is expected to rise from 47.3 percent to 48.5 percent between 2018 and 2024. The jobless rate is on pace to fall from 8.6 percent (2019’s average) to 7.9 percent in that time frame. Additionally, the study found that household income in Detroit is expected to grow between 4 percent and 4.7 percent per year through 2024, a pace nearly 1 percent higher than the state’s average.

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Metro Detroit home sales soar to new high in 2019 as market recovers from recession

Metro Detroit home sales prices jumped nearly 6 percent in 2019 to a median of $190,000, which represents a 27 percent increase from 2015, and it was tripled from $66,900, where it was in 2010. The City of Detroit saw the most dramatic change in the region. The median home sales price in the city last year was $43,063. That’s 23 percent higher than $35,000 in 2018 and a 115 percent increase from 2015.

In December, Detroit’s median home sales price jumped 14 percent year-over-year to $45,517, with a total number of units sold of 323 transactions.   

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Detroit developments expected to finish in 2020

  • B. Siegel’s Detroit: The $8.3-million rehab of the former B. Siegel building will bring 10 apartment units, 19,000 square feet of commercial space, and 30 spots of underground parking to the Avenue of Fashion.
  • One Campus Martius: The Bedrock Detroit–owned, nearly 1 million-square-foot building has been undergoing an expansion of 310,000-square-foot.
  • City Modern: Construction has begun on phase two of the 34 for-sale units near John R Street north of Alfred.
  • The Residences at The Albert Kahn: The building is being converted into 206 studios, one-, two-, and three-bedroom apartments at an estimated cost of $58 million. The development will also bring 75,650 square feet of ground-floor commercial space.
  • 444: The 21,000-square-foot building dubbed 444 will have 16 “micro-retail” tenants, smaller private offices on the second floor, and a large office of 6,800-square-foot on the third floor.

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Report: Metro Detroit home prices have nearly doubled since 2011

Metro Detroit home sale prices rose 5.6% in 2019 from a year earlier and finally surpassed the region’s pre-recession peak, according to the latest real estate data. A new year-in-review report shows the region’s median sales price was $190,000, up from $180,000 in 2018. Of those home sales, 15% were condominiums and 85% were non-condos, according to a report released Wednesday by the Realcomp listing service, which doesn’t include private sales or for-sale-by-owner transactions.

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Detroit housing market forecast 2020

  • The Real Estate Market Will Continue to Offer Affordable Property Prices
  • Detroit Investment Property Will Be Profitable
  • Investors Will Benefit from Real Estate Appreciation
  • Detroit Is Likely to Remain a Seller’s Market

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