FHA will now allow lenders to determine project eligibility, review project documentation, and certify compliance. HUD will continue to maintain a list of Approved Condominium Projects. Some of the recent Ann Arbor Condo developments that have been added to the FHA approved list are as follow:
Affordable Prices Make Ann Arbor Condos Irresistible
Your condominium's financial security is critical to know.
The Ann Arbor condominium market offers a wonderful opportunity to get into the market at very affordable prices. While there are many excellent opportunities to purchase a condo in Ann Arbor, you need to be certain that the condo that you are interested in purchasing is financially sound. With the current Ann Arbor market conditions, it is very possible that delinquent fees at condo associations could push a condo association into either raising monthly fees, or even bankruptcy. Nationally, this problem is more acute at newer developments. The whole issue of foreclosures is dire and getting worse, and the more foreclosures in a development, the greater the chance that you could be running into problems.
As we head in 2010, the Ann Arbor Condo market looks like it may finally turn around. There are several trends that are supporting this.
Ann Arbor Condo Inventory
Over the past 2 years inventory has decreased from a high of 990 condos for sale in June, 2007 to 347 as of Dec 20, 2009. There has been a 55% drop in inventory when comparing December, 2007 to December 2009. Of course, the less inventory there is, the more competition sellers have for their condos. In this same time period demand has dropped 25%. Even though demand is dropping, it’s not dropping as fast as the inventory which tells me that the market is strengthening. This can also be seen in the months supply of condos. More than 8 months supply of inventory indicates a buyers market. Less than 5 months indicates a seller’s market. Currently there is a 9.2 month supply of condos for sale in Ann Arbor. This is down signifincantly down from an 18 month supply just 2 years ago.
Ann Arbor Realtor, Martin Bouma, shares 8 reasons why he thinks now may be the best time ever to purchase an Ann Arbor Home.
Are you thinking of taking advantage of purchasing Ann Arbor Real Estate in the near future? If you would like more information, give us a call at 734-761-30630, we’d love to help you with your Washtenaw County home search! Have you purchased a home or condo recently? Leave us a comment and tell us why you thought it was the best time to buy!
As we look back on the first 2 months of 2009, the Washtenaw County real estate market saw a trend of increased homes sales at much lower prices. When comparing the first 2 months of 2009 to 2008, Ann Arbor area home sales have gone up 11.57 percent, while the average sales price has dropped 22.2%, and the average price/SF has decreased 20.1%. These figures reflect the average of the 9 school districts in Washtenaw County. The more important information is – how is my area doing?
Are you curious to see inside some of the beautiful homes of Ann Arbor? If so, the Ann Arbor real estate experts at the Bouma group recommend that you make plans to attend the 56th Annual Home Tour hosted by the Ann Arbor City Club. This fantastic tour of homes occurs on Friday, September 19th between 10:00am to 5:30pm. Tour tickets are on sale for $17.00 per person at the following locations:
The City Club (1830 Washtenaw Ave.)
Downtown Home & Garden (210 S. Ashley)
John Leidy Gift Shop (601 E. Liberty)
Delux Drapery and Shade Co. (624 S. Main St.)
No tour would be complete without lunch in the City Club’s newly renovated ballroom between 11:30 and 1:30pm. Tickets for the buffet lunch are $18.00(inclusive). Walk-ins are accepted for the delectable lunch, but reservations are requested. Make sure to include this in your day’s itinerary.
The tour will make stops at the following homes:
The Ann Arbor City Club (fabulous renovations to view) – 1830 Washtenaw
The home of Tom and Patricia Petiet – 3211 Packard Road (East of Platt and Bellwood, West of the Villages)
Telluride Association (a scholarship house) – 1735 Washtenaw Ave (At the corner of Washtenaw and Cambridge, across from The City Club)
The home of Nicholas Stelter (a loft) – 101 W. Liberty (Above Starbuck’s – entrance is on West Liberty), Designer is Jeff Luedi of LUEDI Designs
The home of Rohn ad Paul Federbush (a condo) – 2141 Pauline Ct (West of West Stadium and East of Maple off Pauline)
The home of Kevin and Katherine Watler – 2681 Timber Hill Road (The sub entrance and street run into Maple north of M14 and across from the new high school, Skyline), Designer is Jane Wood Interiors
Make plans to attend this Friday. If you have any questions, please contact the Ann Arbor City Club at: Ann Arbor City Club
1830 Washtenaw
Ann Arbor, MI 48104
Ann Arbor real estate buyers and sellers now have easy access to easy to use Ann Arbor property information in Washtenaw County and the greater Ann Arbor area. Martin Bouma and the Bouma Team of Ann Arbor real estate experts have joined forces with the staff at Dakno Real Estate Marketing in Raleigh, NC to create a highly organized and easy-to-navigate real estate website.
Oakbrook is a community of 54 condos located on the south side on Ann Arbor and accessible to everything. Built by Guenther Building in 1991, Oakbrook Condominiums are tucked up against a beautiful park and are very quiet. This condo development has both townhouse and ranch models, offering 2 or 3 bedrooms. A number of units have walkout basements that back up to parkland. Children attend Washtenaw County’s highly acclaimed Ann Arbor Schools:Bach Elementary, Forsythe Middle School, and Pioneer High School.
Ann Arbor Condo Inventory
Oakbrook is a community of 54 condos located on the south side on Ann Arbor and accessible to everything. Built by Guenther Building in 1991, Oakbrook Condominiums are tucked up against a beautiful park and are very quiet. This condo development has both townhouse and ranch models, offering 2 or 3 bedrooms. A number of units have walkout basements that back up to parkland. Children attend Washtenaw County’s highly acclaimed 
The Bouma Group | 564 South Main Street, Suite 100 Ann Arbor MI 48104 | Office: (734) 761-3060 Fax: (734) 761-1824