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.

Those are but a few of the opinions coming from the national scene. What do local Ann Arbor residents think of the town? Local opinions bear out Money’s notes that Ann Arbor is “a mecca of arts and culture, with museums, theatres, and galleries. Golf courses and biking and hiking trails are never far away”. AnnArbor.com’s annual Community Choice Awards were posted in June. Among their eclectic list of findings were:

Best Breakfast Spot: Angelo’s
Best Place for Vegetarian Food: Seva
Best Place for Pizza: Cottage Inn
Best Coffehouse: Sweetwaters
Best Place to Buy a Funky Gift: Acme Mercantile
Best Bike Shop: Two Wheel Tango
Best Place to Buy Men’s Clothes: Van Boven Clothing
Best Place to Buy Women’s Clothes: Von Maur
Best Place to Buy Produce: The Ann Arbor Farmer’s Market
Best Place for a Therapeutic Massage: Bodywise Therapeutic Massage of Ann Arbor
Best Ann Arbor Festival: Ann Arbor Summer Festival
Best Business Catering to Kids Younger than 12: Ann Arbor Hands-On Museum
Best Movie Theater: The Michigan Theater
Best Place for Live Music: The Ark

Thinking of relocating to one of America’s top 50 cities?  If you live in Washtenaw County and are considering moving, let The Bouma Group help you find the perfect new home right here in Ann Arbor. Our real estate professionals are here to answer your questions, making your transition easy and painless.  An Ann Arbor condo may be the perfect choice; we’ve got everything you need to make an informed decision. Read what others have to say, then contact us. The Bouma Group can make your dream of living in one of America’s top cities a reality!

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.  

Ready to get started right now? You can use begin single-stream recycling today by using your old stackable bins. Glass, paper, metal, plastic bottles and plastic tubs can all be placed together in your bins, then later in the carts provided by the city. Carts are scheduled to be delivered over the next six to eight week, beginning July 9.  What could be more convenient? Just remember items that will not be accepted: polystyrene (Styrofoam®), PVC plastics, plastic bags, ceramics, porcelain, batteries, used motor oil,  and oil filters can’t be placed in the new carts.

Some Ann Arbor complexes make the process even easier.  The Georgetown Commons Condominiums, for example, includes recycling pick up as part of their resident association fee. If this sounds like your kind of place, Martin Bouma – your Ann Arbor neighborhood expert – can show you units that are currently for sale and meet virtually all of your Ann Arbor real estate needs. Our Condo Hotline includes Georgetown Commons and many others in the Ann Arbor condominium market. If you’re buying or selling a home or condo, The Bouma Group can answer any questions you have about real estate in Ann Arbor. Interested in Washtenaw County, Saline, or a specific Ann Arbor neighborhood?  Call the Bouma Group today!

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.

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. 

According to Paula Gardner of AnnArbor.com, “Pittsfield Township shares the region’s largest office market with Ann Arbor” where “5.7 million square feet of offices and high-tech ‘flex’ space clusters around South State Street.” And while many buildings are vacant at the moment, the township’s bid for a Costco and the selection of the area by Systems in Motion (an information technology services company) to locate 1,100 jobs offer new hope for the area. 

If you’re a committed city dweller who enjoys the fast pace of life in the heart of things, you’ll want to seriously consider the Briarcrest Condominiums, located between South Main and South State Streets.  Nicely situated and offering plenty of privacy, Briarcrest Condos come with spacious floor plans, fireplaces, and proximity to both Ward Park and Briarwood Mall. 

For information about Briarcrest – or any other condominium in Ann Arbor, call Martin Bouma, your Ann Arbor real estate expert, today. Check out our Condo Hotline to get a handle on the Ann Arbor condo market. The Bouma Group can find the perfect real estate for you in Ann Arbor and Washtenaw County. Let the top Ann Arbor real estate team move you into the heart of the city; call them now at 734-761-3060.

 
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At the moment, you (and your parents) may still be celebrating your admission to the University of Michigan at

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.

A quick tour of The Bouma Group website offers a glimpse of the available properties in your price range.  Many have video as well as pictures, so you will be able to compare both the interior and exterior, as well as see how close the location is to the University.  Here are a few selections well under $150,000:

Arbor Heights:  Located on the southeast side of Ann Arbor near Packard and Carpenter streets, this 48 unit complex is built in the “stacked ranch” design around a central courtyard.  The complex is close to both bus routes and the highway.  Right now there is a condo available for $65,000.

Brentwood Square:  This group of 80 townhomes located on the east side is set in usually beautiful surroundings, yet has stores like Whole Foods and Barnes and Noble within walking distance.  The University is a short bus commute away 

Crossings of Ann Arbor:  Crossings complex offers 62 units, all remodeled in the past 10 years, set on beautiful grounds that you don’t have to maintain.  All units are within walking distance of the University of Michigan Medical Center, Campus and downtown.

Woodland Meadows:  Located just off S. Main Street, selected by the American Planning Association as one of the Top Best Streets in America, Woodland Meadows condos are near shopping.  Many are retrofitted with cherry cabinets and all appliances; there is a fitness center with a pool, plus a beautiful view with a pond.  Some units are even available as rentals.

Weatherstone Condominiums:  Located in Pittsfield Township, near Lohr and Oak Valley Roads, this 302-unit complex offers stacked ranches up to $200,000, but there are many nice units in the lower price ranges.

If you (or your parents) see the wisdom of ownership as an alternative to campus housing, Martin Bouma will run the numbers for you.  Whether you are buying or selling your home, the Bouma Group can help you with your real estate needs in Ann Arbor, as well as keep you up to date about Washtenaw County and Ann Arbor neighborhoods.  Visit our website at www.bouma.com and check out our Condo Hotline to get a handle on the Ann Arbor condo market.

In many markets, condos are harder to sell than single family homes.

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.

Raised on technology, Y’ers want space to accommodate electronic and fitness toys – the Wii, the blue ray, the computer, the big screen TV, the video games, the treadmill, or the Total Gym – but could care less about having a formal living room or dining room.  If the parents are driving in from Muncie, they; may want to move aside their stuff and set up a dinner table.  They may want to push everything aside for a party.

If you‘re selling your condo, how can you make sure it will appeal to this group of buyers and really “push their buttons”? 

• First, you should take heed of the advice being given to all sellers these days: stage your home. Declutter it, store extra furniture, depersonalize it so that new buyers can visualize your second bedroom or even your living room as a game room or office. 
• Second, when you are getting your place ready to list, make sure that there are enough outlets to accommodate potential needs.  If you don’t want to add any, at least put away appliances (or unload the surge protectors) that might draw attention to how few there are!
• Third, if you are replacing counters or floor, go for granite and hardwood rather than Formica and carpet.
• Fourth, talk with your Realtor® about how emphasizing the flexible floor plan and other features that will be deal-making benefits to them.

Need a Realtor who knows condos?  Whether you are buying or selling your condo, the Bouma Group can help you with your real estate needs in Ann Arbor, as well as keep you up to date about Washtenaw County and Ann Arbor neighborhoods.  Check out our Condo Hotline to get a handle on the Ann Arbor condo market.

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

This is excellent news, as 100% financing has all but disappeared and FHA is the only avenue for low down payments.   Since many Ann Arbor Condo buyers are first time home buyers, and graduate and medical students, coming up with a down payment is often a problem.  As more financing options become available for these buyers, it increases the buyer pool for condominiums.

The complete list of approved Ann Arbor Condo’s is as follows:

• Pattengill Condos
• Walden Hills I Condos, Walden II Condos
• Weatherstone Condos
• Parkside Condos
• Landmark Pines Condos
• Georgetown Commons Condos
• Earhart Village Condos
• Chapel Hill Condos
• Brentwood Square Condos

If you are interested in purchasing a condo in a complex that is not on this list, you will have to go through spot approval.  

For any further information regarding FHA financing for Ann Arbor Condominiums, call The Ann Arbor Condo Specialists – The Bouma Group at 734-771-3060 or email us at info@bouma.com.   For more information about Condo’s for sale, or sold prices in Ann Arbor visit www.condohotline.com/annarbor

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.

Nationally, condominium owners are being pushed against the wall financially by their neighbors who are unable to pay the monthly dues.  As foreclosures, job lose, and financial troubles force more and more owners to stop paying their monthy fees, this problem will only get worse. Luckily, in Ann Arbor, this problem is not very prevalent, and hopefully, the demand side of the market will prevent it from becoming a common problem.

Do Your Homework Before Buying an Ann Arbor Condo

As a buyer for a Ann Arbor condominium,  I strongly recommend that you have your Realtor protect you by checking into the following items:

1. Ask for a copy of the most recent financials so you can check the reserves, and see how many fees are outstanding.
2. Check how much foreclosure activity is going on in the complex.
3. Verify the number of rentals in the complex.  If more than 10% of the units in a complex are rented out, financing can become a problem.
4. Verify if the complex can be financed by FHA.  This is important as many first time buyers don’t have large down payments.  If the complex you’re interested in is not FHA approved, you will be eliminating a large pool of buyers.

Owning an Ann Arbor condominium can be a very rewarding experience – especially with todays prices, interest rates and the tax credit.  For more information on how you can buy an Ann Arbor condominium, call The Bouma Group at 734-761-3060 or email us at info@bouma.com. We are the Ann Arbor Condominium experts. To see what’s available for sale in Ann Arbor go to www/condohotline.com/annarbor

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.

Condo Prices in Ann Arbor, MI

We have seen prices decrease 25% since 2007, which is creating some of the best condo pricing we’ve seen in years.  The effect of foreclosures may put continued downward pressure on prices, however, with demand catching up to supply, and investors stepping into the market, prices should stay firm.

Tax Credits & Buying a Condo

First time homes buyer’s qualify for an $8,000 tax credit, so long as they purchase their condo by April 30, 2010 and close by June 30, 2010.   There is also a tax credit for repeat home buyers of $6,500.  There are restrictions, so feel free to call us for the details.  This will definately give the Ann Arbor Condo market a shot in the arm for the first 4 months of 2010.

Historically Low Interest Rates

Interest rates are still at historically low rates, ranging in the 4.5-5% range.  Keep in mind that should interest rates rise just 1%, the mortgage amount that a buyer qualifies for goes down by 10%.  This translates into 10% less buying power.

Short of a major shift in the economy, all of the indicators are pointing to 2010 being an excellent year to purchase your Ann Arbor condo.  Seldom is there a time where every factor that controls price is lined up so perfectly.  Interest rates are low, inventory is the lowest in years, prices are the best in years, plus the government is offering a tax credit.

For more information about purchasing an Ann Arbor Condo, call the Ann Arbor Condo Experts at 734-761-3060.

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?

The chart below shows the residential real estate market in each Washtenaw County school district, and you will notice large discrepancies in the different districts. The decrease in the average sales price ranges from a high of 40.2% in the Ypsilanti real estate market, to a low of 4.2% in Ann Arbor.  The decrease in the price/SF ranges from a high of 32.7% in Ypsilanti to a low of 4.5% in the Milan real estate market. The increase in the number of sales ranges from a high of 81.48% in Willow Run to a low of -40.74% for Dexter real estate.

What these real estate trends are showing us is that Ann Arbor area homes are selling, however they have to be priced correctly.  This can really be seen in Ypsilanti where sales were up 76.92%, however, prices were down 27.5%. This is very clear evidence that the foreclosure sales and short sales are putting a damper on prices, however they are offering an excellent opportunity for home buyers and investors.  With prices down as much as 40% and interest rates at historical lows, this is probably one of the greatest times in history to purchase real estate.   Even if Ann Arbor property values continue to drop a little, remember that a 1% increase in interest rates, decreases your home buying power by 10%.

The final statistic to watch is listing inventory.  The inventory of homes available for sale in the Ann Arbor real estate market are decidedly down from last year. In Ann Arbor and Saline, inventory is down 22%. In Ypsilanti inventory is down 37% and in Lincoln schools, inventory is down 25%.

The window of opportunity is right now

Putting all of this together, the three indicators that you should pay attention to are all pointing to the fact that this is probably the best time to buy a home in history.  Prices are down, interest rates are at historical lows, and inventory is decreasing. Don’t let this window of opportunity to pass you by.

Take advantage of this buyer’s market now! Contact The Bouma Group today for your free guide to buying a home, whether it be a short sale, foreclosure or condominium purchase!