After years of political wrangling over the issue, business advocates hail the phase-out of Michigan’s tax on industrial machinery and business equipment as a welcome tonic for job growth. Public officials in places like River Rouge and Warren are not so sanguine. BILLIONS MORE LOST, BUT PROPERTY VALUE DROP SLOWING “This is not going to […]
property values
Posted inBusiness Watch
In Michigan suburbs, once-pricey bedrooms worth less
Some 15 miles southeast of Ann Arbor, the cozy bedroom community of Milan belies stereotypical views of Michigan’s economic decline. Largely white, nestled around a quaint downtown and dotted with upscale, newer homes, it projects the very image of suburban prosperity. Analysis of property values in 2011 and 2012 tells another story. In a city […]
Posted inBusiness Watch
Detroit’s problems echoed in a (far) smaller Flint
The website is not the type of brand identity any city would seek. Called “Abandoned Flint,” it posts photos of ruined homes and businesses and a running commentary that reads like a post-modern apocalypse. Under photos of “Abandoned Travelodge,” it notes: “… people have totally trashed and looted it. Every single window was shattered. And […]
Posted inBusiness Watch
Traverse City, Ann Arbor home sales point to brighter 2013
In parts of Michigan, a “For Sale” sign in front of a house is quickly followed by another: “Sold.” Realtors from Grand Rapids to Ann Arbor to Traverse City are reporting trends notably absent in Michigan for years. Home values are rising. And marketable houses in decent shape are often snapped up in a matter […]
Posted inBusiness Watch
What's property worth in your hometown?
The total value of property in Michigan dropped about $36 billion, in inflation-adjusted terms, between 2011 and 2012. And that constitutes good news on the property front in the Great Lakes state in recent years. The $26 billion drop – a loss of 5.7 percent – is far less than the declines seen since the […]
Posted inBusiness Watch
How 'flushed' is your hometown?
In May 2010, in the teeth of the worst Michigan economy in a generation, Fortune Magazine came to Grand Rapids to proclaim, “A Michigan Success Story.” Grand Rapidians have much to point to with optimism and pride, from the construction on “Hospital Hill” to the revitalization of its downtown. But there’s more to the story. A Bridge […]
Posted inBusiness Watch
The Big Flush: $180 billion vanishes from Michigan
Michigan home- and business owners have lost an astounding $180 billion from the value of their properties over the past four years — the result of auto company bankruptcies, a severe national recession and the worst state economy in more than 70 years — according to an analysis of state data by Bridge Magazine. Adjusted […]
Posted inBusiness Watch
Nest eggs go bad in Oakland County
When Sven Gustafson and his wife Kristen bought a home in the Oakland County community of Ferndale in 2005, it looked like a smart move. Property values had been rising steadily. Ferndale, which borders Detroit along Eight Mile Road, was becoming a haven for young professionals, artists and gay Michiganians — the “creative class” described […]
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