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Ann Arbor Real Estate Market

Brentwood Square Condominiums

by Andy Piper on November 23, 2011

Located on the East side of Ann Arbor, the Brentwood Square condominiums offer Ann Arbor living within walking distance of all you need.

Brentwood Square condominiums.

These two story, brick condominiums come with some of the finest features Ann Arbor has to offer. Each unit has two bedrooms, one-two baths, a deck and a garage. Just a five minute drive from downtown and moments from the Arborland shopping mall, the condos are also walking distance from Whole Foods, Barnes and Noble, and other retail shopping. The new Arbor Hills Crossing, a pedestrian themed retail area, will be built soon, also within walking distance of Brentwood Square.

Situated on a wooded lot with nature trails and a pond, Ann Arbor’s beautiful Gallup Park, is nearby on the Huron River. This grants access to both of the best Ann Arbor has to offer; city life and an impressive parks system.

Outdoor maintenance is provided along with; private laundry, central air and snow removal. Brentwood Square is located only blocks from US-23 and minutes from I-94. Have kids? Send them to Allen Elementary, Tappen Middle School, or Huron High School, three exceptional Ann Arbor public schools.

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High Rise Student Housing in Ann Arbor

by Andy Piper on November 9, 2011

Student housing is growing in Ann Arbor, specifically residential high rise housing. The last few years have seen a trend grow in the development of high rise buildings designed with the express intent of catering to students from the University of Michigan.

A number of these buildings have been built, are being built, have been proposed, or are frozen in some point of their development. Along with being designed to cater exclusively to students the buildings share a number of similar features. These include; green amenities, encouraged bicycle transportation, multiple room options and customizable features, limited underground parking, individual lease agreements per person rather than per unit, and all boast over 10 stories.

Currently there are five of these developments that have been constructed or are in some stage of actual development. These five include:

Zaragon Place on E. University

Zaragon Place. Already constructed on E. University, Zaragon Place is a 10 story student housing development with over 240 beds. The building features furnished apartments, green appliances, and also water saving measures. The building is less than a block from the diag and across the street from campus. Surrounded by bars and restaurants, Zaragon Place ads to the city atmosphere in this part of downtown.

Zaragon West. A sister building to Zaragon Place, the Zaragon West is currently under construction at E. William and Thompson. It will also house over 240 students, contain all the same functions and amenities as well as host a variety of retail shops. Zaragon West is located almost exactly between campus and downtown, a short walk to either.

Construction of the Zaragon West building, sister to Zaragon Place.

Sterling 411 Lofts

Sterling 411 Lofts. The 411 stands at the corner of Washington and Huron, features a 10th story sky lounge and an HDTV in each living room. Similar green amenities as offered elsewhere are available here along with easy rent options, 24 hour maintenance, and a temperature controlled underground parking garage.

Landmark 601 Forest. Will be among the largest of these new student high rises. The building will house over 600 students after its completion and has space for multiple retail establishments. This development, like the others, hopes to increase foot traffic to certain areas and to expand the area formally referred to as downtown.

Landmark construction.

The Varsity. According to an AnnArbor.com article, the building has recently been approved by the city of Ann Arbor and will begin construction soon. The Varsity will stand at the location of the former Ann Arbor Professional Building, directly next to the Sterling 411 Lofts.

The construction of so many high rise apartments takes the development of the city further, expanding on the growth achieved by the development of high rise downtown Ann Arbor condominiums. Δ John Fenton

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Kingsley Lane Development Looking Forward

by Andy Piper on November 2, 2011

The hopeful developers of a high-rise loft building downtown are still optimistic about the project despite setbacks.

The development of the Kingsley Lane lofts, near Kerrytown in downtown Ann Arbor, MI., has been postponed further by uncertainty. According to an article on AnnArbor.com the new problem stems from issues related the original loan Peter Allen and Mark Berg took out on the property.

The original bank holding the loan went under during the banking crisis and it was transferred to Citizens Bank. Citizens, who would not refinance the loan, have sold it to a hedge fund. The newest holders are now calling for the total sum of the loan to be paid back in full. With no progress made since 2007, when construction was halted, this is not possible for Allen and Berg.

Valued at around $800,000 Allen anticipates the hedge fund paid much less than that when they acquired the property’s mortgage as part of a deal. Now the two simply wish to offer a cash amount to the lender with the hope that the hedge only seeks to make a profit on their purchase of the mortgage. If this is the case Allen and Berg will hold onto the property themselves and move forward with development, finally.

Kingsley Lane Lofts

Originally planned to be a “green” high-rise luxury condominium in downtown Ann Arbor, the project experienced some changes in 2010 to adjust for changes in the market. Allen and Berg redesigned the theme of the building to include smaller, more affordable units for young professionals entering the housing market for the first time. These units would also be for rent since, according to a quote in the article Allen thinks that the condominium “is obsolete in today’s marketplace”. The luxury options would remain along with all of the original features; green living, amenity customization, and retail space. Δ John Fenton

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Ashley Terrace Condominiums may be hitting the market soon

by Andy Piper on March 13, 2011

Ashley Terrace Condos to hit market soon

Located in the heart of downtown Ann Arbor, the beautiful Ashley Terrace Condominiums has approximately 29 units that are about to hit the market. Based on the number of calls I’ve already received, I expect these downtown condo units, currently owned by Bank of America, to sell quickly if offered at reasonable prices. What is a reasonable price in downtown Ann Arbor right now? Anywhere from $225 per sqft. all the way up to $350 per sqft. What pricing will we see for the remaining 29 units at Ashley Terrace? Time will tell but don’t expect fire sale prices.

Recent sales in Liberty Lofts -@ 1000 sqft. for roughly $300,000. Loft 322 on Liberty approximately 1000 sqft. for $360,000. You could debate that these are better locations etc, but the fact is there is very little buy-able inventory downtown which offers secure parking and is not student housing.

Ashley Terrace is an appealing option for people that want to live downtown and walk to work, walk to bars and restaurants, attend the University of Michigan and medical residents and doctors at the U of M Medical Center. A purchasing trend we seeing downtown is retiring baby boomers who are downsizing and people that want a maintenance free second home in Ann Arbor to visit their U of M children and to enjoy what Ann Arbor has to offer on a part time basis.

Ashley Terrace floor plans range from small studio efficiency units to larger penthouse units with 2 bedrooms and two baths and luxury appointments.

Contact Andy Piper at 734-604-8242 if you would like to know when new downtown Ann Arbor condos and lofts hit the market.

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Moving may require walking away from a home

by Andy Piper on November 15, 2010

Moving to another area of the country today to accept a new job requires a lot more thought than it used to because so many home owners are “upside down” on their mortgage – they owe more than the home is worth. Workers who do not have the cash to bring to closing to sell their home must consider becoming absentee landlords and often renting at a loss or consider a short sale or as a last case, foreclosure. Giving the house back to the bank. We are finding that sellers faced with this situation are having more and more success negotiating a short sale with the bank.

From the NPR website:

“More and more people could face the dilemma of choosing between a job and a house — especially if the job market improves faster than the housing market.

Joblessness is a drag on the housing market, with many people no longer able to afford their homes. But the reverse is also true; a house that’s lost value can prevent someone from taking a job that requires a move.

Although recruitment has been down over the past few years, some experts say the inability to unload homes could become one of the biggest obstacles to matching talent with the right job. Experts say more and more people could face the dilemma of choosing between a job and a house — especially if the job market improves faster than the housing market.”

Ann Arbor area real estate www.Piperpartners.com

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Statewide, Home Sales Up Over Last Year

by Andy Piper on August 15, 2010

Article in the Morning Sun (Central Michigan) recaps sales results for several Michigan real estate markets. Overall, a strong first half with prices and volume increasing in 38 of 40 markets. However, results are still well below record levels set during the market peak around 2005.

Michigan’s priciest homes during the first six months were, once again, in northwestern Michigan’s Emmet County, where the average price of a home climbed nearly 14 percent to $193,641. The Ann Arbor real estate market was in second place, at $181,427, virtually the same as last year.

Statewide, the pace of sales is up 3 percent over 2009, according to the trade group, and the average sale price of $102,006 is more than 11 percent higher than the comparable period a year ago.

First-half prices increased over last year in 38 of the 40 regional markets reported by the trade group, with slight declines reported only in Branch and Lenawee counties. Both declines were less than 2 percent. Morning Sun

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More Homeowners Putting in Cash to Refinance

by Andy Piper on July 29, 2010

: Image via Wikipedia

About 22% of homeowners who refinanced their first-lien mortgage during the last quarter put in cash to lower principal, tying a record for the third highest “cash-in” share since Freddie Mac started keeping records in 1985.

Many borrowers today must pay down principal to lower their loan-to-value ratio in order to qualify to refinance their mortgage, either because their Ann Arbor homes have declined in value, or because of tighter lending standards. A growing number are willing to do it because mortgage rates are at 50-year lows, at the same time that relatively safe, cash investments such as certificates of deposit, savings accounts and money-market funds are paying very low interest, “which makes the choice of paying down mortgage principal very attractive to borrowers with extra cash reserves,” says Frank Nothaft, Freddie Mac’s vice president and chief economist.

Read complete article here

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Fifteen Percent Say it’s OK to Walk Away

by Andy Piper on April 7, 2010

: Image by qthrul via Flickr

When asked if financial distress makes stopping payments on an underwater mortgage acceptable, 15 percent of respondents said yes in Fannie Mae’s National Housing Survey, a remarkable level of public acceptance for homeowners who walk away from their mortgages in light of the growing number of defaults in Fannie Mae’s portfolio.

Both delinquent mortgage borrowers and those current on their mortgage payments are more than twice as likely to have seriously considered stopping their payments if they know someone who has already defaulted, according to the survey released today. More at Real Estate Economy Watch

Ann Arbor Real Estate with Piperpartners.com

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New Form 5405 Allows First-Time Homebuyers to File for Tax Credits After a Two Month Delay

by Andy Piper on January 16, 2010

First time homebuyer and move up buyer tax credit form 5405 now available from the IRS.

the Internal Revenue Service (IRS) recently released the new Form 5405. First-time homebuyers and long-time homeowners need this to claim the homebuyer tax credits. Although changes were
made on November 6 which expanded the program, people couldn’t file until the new form came out.

One of the newer changes may allow eligible long-time homeowners (those in a second or third home) to qualify for a credit, too. As noted above, after changes on November 6 filing was put on hold for awhile but…

Taxpayers can Now Start Filing for Their First-Time and Long-Time Home Buying Credits

Associated Content

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Ann Arbor DDA approves $50,000 to hire consultant for Library Lot proposal process

by Andy Piper on January 7, 2010

High stakes downtown Ann Arbor development site to get $50,000 to hire consultant to help evaluate proposals.

Local real estate developer Peter Allen encouraged Ann Arbor leaders to consider a broad vision for the future of the entire area surrounding the so-called Library Lot as they decide what will be built on the downtown site.

Allen addressed the Ann Arbor Downtown Development Authority‘s governing board today before it approved providing $50,000 to the city to hire a consultant to help evaluate proposals for the lot, a 1.2-acre site on South Fifth Avenue.

“To me, the issues that you are going to discuss about hiring this consultant relate to a timeless, 100-year decision about what is it that makes a great, great city,” Allen said, suggesting the site has the potential to be “the place for Ann Arbor that you always want to take your guests – you always want to go to and walk through, that you want to say is an emblem about what is really special about Ann Arbor.”

Ann Arbor.com

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