February 2012 Ann Arbor Condos Market Update

Ann Arbor Condos Are In A Balanced Market

Ann Arbor Condos Feb 2012

For more information on these statistics, or how prices are faring in your particular Ann Arbor Condo complex, contact The Bouma Group today at 734-761-3060 or info@bouma.com. We track all statistics and know Ann Arbor condominium trends, including: price point, downtown Ann Arbor condos, specific neighborhoods, and more!

Posted Wednesday, March 14, 2012 by Martin Bouma
Tags: ann arbor condo , Ann Arbor Condos, downtown ann arbor condos, Ann Arbor Condo Market Statistics, Ann Arbor Condominium

February 2012 Ann Arbor Homes Update

 

Ann Arbor Home Inventory Picks Up!


Statistics for Ann Arbor Homes

To find out more about these statistics or for more data for your particular Ann Arbor neighborhood, contact the Ann Arbor subdivision experts at The Bouma Group today at 734-761-3060 or info@bouma.com. We track all types of statistics by price point, subdivisions, schools, and more! Visit our real estate website at www.bouma.com where you can search the Ann Arbor MLS, find out what your home is worth, or read our informative blog for buyers and sellers.

Posted Monday, March 12, 2012 by Martin Bouma
Tags: ann arbor real estate, Ann Arbor Homes, ann arbor neighborhood, ann arbor subdivision, ann arbor real estate market update, ann arbor real estate trends

4th Quarter 2011 Downtown Ann Arbor Condo Trends

Comparing the 4th quarter of 2010 with that of 2011, the downtown Ann Arbor condo market has basically stayed unchanged. There were 8 condo sales and 3 rentals in 2010, versus 7 sales and 4 rentals this year, not including Tower Plaza. Of the 7 sales, 2 were sold by the developer, 1 was a bank sale, and 4 were traditional sales. Of those 4, the change in value from when the sellers purchased until they sold, ranged from a loss of 5.4% for a unit purchased in 2008 to a gain of 46% for a unit purchased in 1989.

Helping prices to remain steady is that Ashley Terrace, which had gone into foreclosure with Bank of America, was sold to Alidade Capital Fund LP for $6,000,000. The purchase of the condo building included 29 unsold condos from the original construction of the building. There was major concern, prior to the sale, that whoever purchased the building would offer the unsold condos at rock bottom prices, resulting in depressed values for downtown Ann Arbor. Fortunately, the purchasers have taken advantage of the strong rental market by only listing a few condos at a time, at fair market value, and renting the balance until sold.

An extremely large demand and the high prices that tenants are willing to pay for condo rentals in downtown Ann Arbor has been a big trend. A unit was rented for the highest price ever paid, $4,500 for a penthouse at Ashley Mews in Syndeco Plaza. Just in our office alone, we have a number of tenants who are willing to pay in the $4,000 - $5,000/month for a downtown condo, so the demand is very high for good rental properties.

Currently there are 18 condos in downtown Ann Arbor for sale, excluding Tower Plaza, and only 2 rentals available. As we head into spring, the demand for well maintained and well priced condos will remain strong. Here at The Bouma Group, we will be keeping a close eye on the downtown condo market as it continues to recover. Click here to download the full 4th Quarter Downtown Ann Arbor Condo report. Should you be interested in purchasing, selling, or renting your downtown condo, contact me today at 734-761-3060 or info@bouma.com.



Posted Wednesday, March 07, 2012 by Martin Bouma
Tags: Ann Arbor Condominiums, downtown ann arbor condos, downtown ann arbor condo trends, Ann Arbor Condo Market Statistics