Ann Arbor has made the news again! According to this year’s CNN Money magazine list of 100 best small cities in America, Ann Arbor – the only Michigan city to make the list – is number 46. With the main campus of the University of Michigan, as well as Borders Books’ headquarters located here, Ann Arbor is a small town with all of the amenities of cities far larger.

The compilers of the list reviewed over 700 US cities with populations ranging from 50,000 to 300,000. The analysis included a look at an array of variables including affordability of housing, local economies, quality of health care, and education. And the news gets even better for Ann Arbor.

Rated #4 on Parenting Magazine’s list of Best Cities for Families, Ann Arbor continues to excel in education at all levels. Forbes.com named Ann Arbor as one of America’s “most livable cities,” based on ranking of crime rate, cost of living, arts and leisure, and a number of other qualities.

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We’ve mentioned many aspects of green living in Ann Arbor, and it’s important to note that an environmentally conscious lifestyle always begins at home. When you think about recycling, what comes to mind? For many people recycling seems like a daunting prospect; maintaining different bins for glass, plastic, metal, and paper, lugging bins to the end of the driveway, and spending time separating recyclable waste can feel like an overwhelming task!

Beginning yesterday, Ann Arbor residents now have an easy solution. Thanks to a commitment by the city to single stream recycling, and a partnership with RecycleBank, homeowners can put all their recyclable materials in one convenient wheeled recycling cart. As an additional incentive, RecycleBank provides vouchers and coupons to residents based on the amount each household recycles. The new carts will have radio-frequency identification (RFID) cards to electronically track how much households are recycling and award points accordingly. The vouchers and coupons can be used at certain businesses, or donated to charities. The RecycleBank program will begin on September 1.  

The combination of the single-stream program with the RecycleBank incentive program will substantially increase the city’s recycling rate, while lowering solid waste costs. The city is spending $3.25 million to upgrade their Materials Recovery Facility and $1.4 million for the new recycling carts. It is anticipated that the program savings will pay back this investment in less than six years.  
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The State Street area has, for over 150 years, offered a rich array of goods, services and Ann Arbor real estate situated near the main campus of the University of Michigan. From the annual State Street Art Fair in July to a quick sandwich at Potbelly to the perfect condo to call “home,” State Street provides virtually everything today’s savvy urban dweller needs and wants. 

Although the economy has taken a toll on businesses across the nation and in Ann Arbor, confidence is growing as the South State Street business corridor begins to revitalize. Pittsfield Township officials are actively and aggressively seeking to grow the job market and overcome numerous vacancies, restoring the fiscal health of the area.  According to Township Supervisor Mandy Grewal, area officials are “getting out there and outlining the benefits to businesses of locating” in the community. 

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At the moment, you (and your parents) may still be celebrating your admission to the University of Michigan at Ann Arbor Medical School or a graduate or undergraduate program.  You are confident that you will be getting a great education while living in a pleasant, smaller town less than 30 minutes from the Detroit airport.  You know that soon, very soon, you will be pulling out your checkbook to reserve your place in the university and secure your housing arrangements. 

As you briefly scan the university website, you learn that the minimum room price for the 2010-2011 academic year is $5,032 for nine months or $5,885 for 12 months for a room with three occupants.  As a graduate student, your minimal housing cost will run $800 per month.  Given the number of reasonably priced condos in Ann Arbor, buying a condominium might be a viable option, especially if you are enrolled in a program that will run several years.

At this time, there are over 240 listings priced under $150,000 in the 90 complexes around the city.  Whether you want high rise styling, a townhome, a stacked ranch, or something in between, there are many exciting choices in Ann Arbor and the surrounding area.  Even if your plan is to sell the place in three or four years, you can realize tax advantages while gaining privacy and space.  If you are married and/or have children, you might also be concerned about having a place for the kids to play.  Some student housing apartments offer play areas, but there’s nothing like having your own space.

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In many markets, condos are harder to sell than single family homes.  Sad but true, for those of us who consider condo sales a major part of our business and who love to promote their advantages – and sad for you if you have one in Ann Arbor that isn’t moving as quickly as you’d like. 

An interesting article quoting analyst Steve Hovany in a recent issue of the Chicago Tribune offered new hope to those selling homes, particularly condos.  He went on to say that the demands of this group could save housing now and for years to come, but that is a story for another day.  Generation Y, the 75.8 million people born between 1946 and 1964, have the income and the lifestyle preferences that mesh well with condo ownership.  What would-be sellers have to do is make their properties “button-pushers” that move would be buyers to action!

What do 20-something Generation Y buyers seek?  In a few words, limited space, with maximum function.  At the point in their lives where they are focused on their career, and often single or with a like-minded partner, they don’t want a mansion to clean or an estate to mow.  Ownership in a small condo gives them tax advantages with limited responsibility for maintenance. They can travel for work or pleasure without guilt or worry.  Condos fit the bill.

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Ashley Terrace Condominiums were recently added to the approved FHA list along with several other Ann Arbor complexes.

Several Ann Arbor Condominium Developments have recently been added to the approved FHA list.

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:

•    Ashley Terrace Condominiums – approved 11/23/2009
•    Cloverly Village Condominiums – approved 10/29/2009
•    Gallery Park Condominiums – approved 12/21/2009
•    Pittsfield Village Condominiums – approved 6/8/2009

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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.

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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.

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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!

Ann Arbor home sales are up, prices are down

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?

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