Apr 06
Over Easter weekend, over 1,000 University of Michigan students participated in Detroit Partnership Day and helped demolish hundreds of abandoned homes in the area, as well as cleaned parks and painted murals ion 20 sites in northwest and southwest Detroit.
The problem of abandoned homes is an interesting dimension of the housing crisis in Detroit, as well as in Ann Arbor and around the country. With so many homes being foreclosed upon, the “orphaned” properties that remain have created difficult legal disputes as to who should care for the properties while the foreclosure process occurs. In many cases, the homeowners abandon their homes upon receiving their first notice.
Read the rest of this entry
Categories: Foreclosure Assistance, Foreclosure Avoidance
Jan 15
Ann Arbor Area Board of Realtors Numbers are In!
Well, the numbers just came in from the Ann Arbor Area Board of Realtors – Ann Arbor area real estate values are down 15.5%. This is a great figure, however, it’s much like saying the temperature in the USA is 82 degrees. What does that mean? Not a lot, because it doesn’t take into account the fact that the temperature can range from 10 degrees – 102 degrees depending on where you’re located. Well, home prices are just the same. Depending on where you live in Washtenaw County, your rate of decrease can vary dramatically.
Data collected from the Ann Arbor MLS shows that depending on the school district, there are large differences in market stats. Comparing data from the 4th Qtr of 2007 to the 4th Qtr of 2008, using price/Sq Ft as the true indicator of price, the chart below shows that the depreciation has ranged from a low of -7.1 in Chelsea to a high of -38.8% in Willow Run. Ann Arbor saw a drop of -7.6% putting it in the lower range.
| |
Average |
Sales Price |
|
|
|
Homes Sold |
|
|
9/06-8/07 |
9/07-8/08 |
% Change |
|
9/06-8/07 |
9/07-8/08 |
% Change |
| Ann Arbor |
$316,969 |
$291,899 |
-7.9% |
|
1100 |
1111 |
1.00% |
| Saline |
$315,456 |
$302,634 |
-4.1% |
|
265 |
294 |
10.94% |
| Dexter |
$324,668 |
$285,914 |
-11.9% |
|
241 |
263 |
9.13% |
| Chelsea |
$263,757 |
$223,819 |
-15.1% |
|
178 |
161 |
-9.55% |
| Ypsilanti |
$143,497 |
$104,586 |
-27.1% |
|
274 |
263 |
-4.01% |
| Lincoln |
$197,273 |
$172,151 |
-12.7% |
|
334 |
399 |
19.46% |
| Manchester |
$237,253 |
$183,258 |
-22.8% |
|
46 |
53 |
15.22% |
| Milan |
$209,871 |
$146,983 |
-30.0% |
|
88 |
109 |
23.86% |
| Willow Run |
$126,697 |
$87,783 |
-30.7% |
|
151 |
209 |
38.41% |
| TOTAL |
$265,556 |
$224,223 |
-15.6% |
|
2677 |
2862 |
6.91% |
| |
Price per SF |
|
|
Average |
SF |
|
| |
9/06-8/07 |
9/07-8/08 |
% Change |
|
9/06-8/07 |
9/07-8/08 |
% Change |
| Ann Arbor |
160 |
142 |
-11.3% |
|
2005 |
2325 |
15.96% |
| Saline |
136 |
122 |
-10.3% |
|
2342 |
2449 |
4.57% |
| Dexter |
143 |
117 |
-18.2% |
|
2368 |
2427 |
2.49% |
| Chelsea |
136 |
111 |
-18.4% |
|
1984 |
2078 |
4.74% |
| Ypsilanti |
107 |
72 |
-32.7% |
|
1386 |
1434 |
3.46% |
| Lincoln |
110 |
89 |
-19.1% |
|
1823 |
1926 |
5.65% |
| Manchester |
124 |
105 |
-15.3% |
|
1981 |
1783 |
-9.99% |
| Milan |
116 |
86 |
-25.9% |
|
1760 |
1721 |
-2.22% |
| Willow Run |
94 |
61 |
-35.1% |
|
1347 |
1369 |
1.63% |
| TOTAL |
137 |
114 |
-16.8% |
|
1938 |
2093 |
8.00% |
Read the rest of this entry
Categories: Ann Arbor Neighborhoods, Ann Arbor Real Estate Trends, Foreclosure Assistance
Dec 31
Because bank owned Ann Arbor properties are becoming more commonplace and foreclosures are on the rise the proliferation of scam artist are also on the rise here in Washtenaw County. These unscrupulous people are trying to take advantage of Washtenaw County homeowners who are in a very difficult financial situation. Many unknowingly fall prey to these scam artist who poss as so-called legitimate organizations.
Ann Arbor Foreclosure Danger Signs!
Read the rest of this entry
Categories: Ann Arbor Real Estate Trends, Foreclosure Assistance, Foreclosure Avoidance
Copyright © 2010. Martin Bouma. All Rights Reserved.