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Market Conditions in Ann Arbor : Real Estate Advice

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  • Local Info20
  • Home Buying112
  • Home Selling15
  • Market Conditions3

Activity 11
Sat Apr 25, 2015
Middy Matthews answered:
I'm a Realtor and parent in Ann Arbor. Ann Arbor is a "school of choice" community, meaning, if your you want your child to go to Skyline and there's a spot already, he/she is in. If you child was already attending and you move, there's a spot for them and they can stay, this has been my experience here. Best to call your school but they try not to rip a child out of a school they have already been attending just because they move. You will need to find a way to get them there, the bus system will not deviate from it's assigned path, but it might be as easy as taking him/her to an already assigned pick up spot on your way to work.

I hope that helps. If you need any more help or have more concerns, I'm here to help.
Middy Matthews
734-239-3796
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Thu Feb 12, 2015
John A Goetz answered:
The property was sold to an LLC most likely using it as an investment. As of right now we have 77 active condos on the market in Ann Arbor, I'd be glad to help you find something similar. ... more
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Sat Jan 11, 2014
Kathy Toth Team Worldwide answered:
Let's take a look at the Saline real estate market. Currently there are 8 sales pending in the
market overall, leaving 118 listings still for sale. The resulting pending ratio is 6.3% (8 divided by 126). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad
you asked!

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply of homes in Saline .

"Current inventory is described as somewhat slow." Taking a closer look, we notice that
the $200K - $300K price range has a relatively large number of contracts pending sale.

We also notice that the $300K - $400K price range has a relatively large inventory of properties for sale at 32 listings. The median list price (or asking price) for all properties in this market is $364,950. A total of 199 contracts have closed in the last 6 months with a median sold price of $279,000. Breaking it down, we notice that the $200K - $300K price range contains the highest number of
sold listings.

Alternatively, a total of 46 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed,
the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time.

The $300K - $400K price range has a high number of off-market listings at 13 properties.
I have the charts (cannot get them to display here) and absorption rates 734-669-0337.

Updated on 1/5/2014, Copyright © Kathy Toth & Team

http://www.homesearchannarbor.com/guide/saline/
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Mon Nov 18, 2013
Wai Ching Au asked:
This question was asked from http://www.trulia.com/property/3082597890-3751-Stone-School-Rd-Ann-Arbor-MI-48108
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Mon Nov 18, 2013
Missy Caulk answered:
The house is not on the open market. Thursday, November 21 it will be open for auction at www.Auction.com. The price displayed is the Starting Bid amount of $10000.00.

Typically when they go to auction they are cash bids. It may go higher, who knows? The bank bought it back in for $220,000.00.

Good luck, if I were you I would go to the site Auction.com it should be up there.
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Mon Nov 18, 2013
Andrew Watches answered:
The home at 2236 Placid Way Ann Arbor, MI sold on 5/21/2013 for $300,100.00. Not sure where you got the $33,100.00 from.
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Mon Nov 4, 2013
Shannon Klein answered:
The home on Ruthven is no longer for sale. This site is not updated often enough to keep up with the changes in the market, but the Ann Arbor market has had a long history of homes holding their value and increasing over the years. ... more
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Wed Mar 9, 2011
John Ramirez answered:
Alex,
In the last 6 months there has been 2 sales of vacant land in the local Multi-listing system. One 1.2 acre parcel in Hidden creek estates and a 10.6 acre parcel off of Waters road. Currently there are at least 30 active listings for vacant land in Lodi township, and probable considerable more that are not on the market due to the slow down of the recent years and lending issues.

A major consideration in the current climate that you or anyone else would want to consider when purchasing vacant land would be your mortgage options. There are still not a lot of Lenders out there that will provide a loan on vacant land, those that do charge higher interest rates for the loan and have a significantly larger down payment.

Any professional Realtor, as myself would look in to the financial aspects of buying and building on vacant land as a first step. As with homes, the prices for vacant land has fallen since 2005, and with the multitude of issues involved in building, I do not see a quick rebound. As far as a buying, if ones financial situation can handle the options one would be looking at a very strong buyers market for vacant land in Lodi township. Hope this shed some light on the market and addressed some of the issues or questions you may have had. Feel free to contact me with any further question. Take care John
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Mon Dec 6, 2010
Missy Caulk answered:
Hi J.L.
Wow this is an old thread coming to life. You bought in 08, right? And now are considering selling?

Just clarifying...not sure the market has gone down much since 08 especially in the downtown area, it has been stable. I would love for you to see the historical data on my blog. It was created by a local appraiser by area.
Or if you prefer I can email you ALL the reports as I have not had time to blog on all the data yet.

Yes interest rates are going to go up. When ? Who knows but sooner rater than later, when I moved to Mi in 89 rates were 18%. Now they will not go up fast when they start back up, but they will creep up. Just last week they increased 1/4 %.

If you bought in 08, you might consider renting it out, as that would not be a problem at all and use it for an investment property if you decide to move further out.

The places the market reports are on my blog are under Market Reports category.
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Tue Sep 2, 2008
Yunaisis answered:
i am buying a bank owned property for 134 000.00 , do i have to pay the taxes based on the last sale , wich was almost 300 000.00? or i pay the tproperty taxes based on 134 000.00?
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Mon Apr 14, 2008
Elizabeth Tintinalli answered:
I have worked on a lot of loft developments and condo developments in the Detroit area. What are you talking about? Hard costs, is it new construction or renovation? Not a lot of info to give you the right answer. ... more
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