October 2011 Ann Arbor Condo Market Update
The Ann Arbor Condo Market is Balanced
When comparing the end of October to the end of September
, there are few changes for the overall Ann Arbor condo market
. There was a slight decline in inventory and has reaches it's lowest point in 2011. Right now there are 238 condos listed for sale, down 2% from last month. The number of condos under contract with a buyer also decreased, as well as sales for the past 12 months. The overall condo market remains in a balanced market with a 5.7 month supply of condos. Although most price points are in a buyer's market, condos listed for $200k or less are in a seller's market and that's where the majority of the sales are.
The $400-500k range had the biggest change and there was an increase of 20% in the months supply of condos when compared to the previous month. There were 4 closings in this price range in September, while in October there were only 2 with no new units listed. This increase puts this price range back into a solid buyer's market. The $300-$400 range is still in a balanced market. The $500k-$1M price point gained 1 new listing and over $1M things have remained unchanged with no sales and no new listings.
In the real estate market, if there is less than a 5 month supply of homes on the market, you are in a seller's market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer's market. The under $100k market remains in a seller's market, with the $100k-200k and $300k-400k in a balanced market. All other price points are in a buyer's market.
Ann Arbor condo rentals
were basically unchanged in inventory, while sales for the past 12 months decreased by 8 units. It continues to be very strong, as sellers are choosing to rent their units, and the month’s supply is at 1.3.
With Ann Arbor condo inventory
is at the lowest point of the year, prices are less competitive. That, combined with historically low interest rates which allow condo buyers
to get even more for their money, this a great time to purchase a downtown Ann Arbor loft
, a Pittsfield Township condo
, or a campus rental unit. For more information contact us today at 734-761-3060 or firstname.lastname@example.org
Posted Monday, November 21, 2011 by Martin Bouma
Tags: ann arbor condos for sale
, Ann Arbor Condos
, Ann Arbor Condominiums
, ann arbor condo rentals
, Ann Arbor Condos for Rent
, Ann Arbor Condo Market Update
, Ann Arbor Condo Market Statistics
Have Your Cake and Eat it Too in Ann Arbor
Marie Antoinette said, “Let them eat cake,” and in Ann Arbor the place to do just that is at Cake Nouveau. Owner Courtney Clark (familiar to many from the Food Network and TLC) is an award-winning French pastry chef. Earlier this year, she found herself needing more space for classes and a showcase storefront, so she has relocated to 1924 Packard Street.
Courtney is given to rather whimsical decorating tastes; Cake Nouveau features a pink awning, green and purple tile, and pink and purple walls accented by swirling white stripes. Half of the store is dedicated to retail sales; the other half is a cake decorating station.
The range of available flavors at Cake Nouveau is virtually unlimited. All cakes are made with alternating layers of cake and buttercream filling. Patrons can select both a cake flavor and a buttercream flavor; their buttercream can be made inany flavor to complement the cake. Cake Nouveau specializes in cupcakes, with four varieties offered weekly (two new flavors each Monday). Cupcakes are made fresh each morning; current flavors offered are chocolate truffle, vanilla beany, strawberry shortcake, and cookies ‘n cream.
During the month of October, Ann Arbor residents can participate in two classes through Cake Nouveau’s Cake U. On the 11th and 12th, from 4pm-8pm, learn cake structuring techniques with Topsy-Turvy Cake Structure. On the 25th and 26th, just in time for the fall holidays (from 5pm-8pm each day), learn to create a 3-D jack o’ lantern from cake.
Want to eat some of Ann Arbor’s best cake on a regular basis? Martin Bouma – your Ann Arbor neighborhood expert – can meet virtually all of your Ann Arbor real estate needs Whether you’re buying or selling a home, 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! And don’t forget to check out our Condo Hotline – we’ve got a handle on the Ann Arbor condominium market.
Posted Friday, September 24, 2010 by Martin Bouma
XSeed Energy to Install Solar Panels at Michigan Theater
The Ypsilanti-based Clean Energy Coalition (CEC) is the parent organization for the newly-formed XSeed Energy, "Ann Arbor's Community Power Project." XSeed's inaugural project, approved at their August 12 meeting by the Historic District Commission, will be the installation of solar panels at the Michigan Theater at 603 East Liberty Street.
Using funding from community donations and grants, XSeed Energy was created with the goal of developing renewable energy projects in Ann Arbor. Profits will be recycled back into an ‘Energy Bank' to fund ongoing renewable energy installations. The goal - and hence, the name - is to ‘seed' community funded, and possibly community owned, power projects in Ann Arbor.
For this first project, a set of 60-foot solar panels will be placed on the south-facing wall of the Michigan Theater, then connected to the local power grid. According to Bonnie Bona, project manager for XSeed Energy and former chair of Ann Arbor's planning commission, the Michigan Theater was selected for XSeed's first project "because of the public visibility of the solar panels, the theater's willingness to participate, its community involvement, and the fact that it is already pursuing other renewable energy solutions."
Russ Collins, executive director and CEO of the Michigan Theater, notes that the roof of the theater was recently painted white, significantly reducing its carbon dioxide emissions. The theater has also switched many of its light bulbs to more efficient compact fluorescent lamp bulbs. "We will continue to pursue green improvements as we can," Collins said.
The panels themselves will be selected over the next few months, and Michigan-based products and installers will be given preference. XSeed hopes to use this project to catalyze the green jobs sector in Michigan. The installation is scheduled to take place in November.
The CEC is partnered with the City of Ann Arbor, the Michigan Energy Office, the University of Michigan, and the US Department of Energy. CEC's ongoing initiatives include Clean Cities, Biofuel Incentive Grants, Solar America Cities, Rebuild Ypsilanti, Energy Outlet, and Michigan Energy $ense.
Want to be part of the greening of Ann Arbor? Whether you are buying a new home, or selling your current residence, 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 specific Ann Arbor neighborhoods. And check out our Condo Hotline to learn everything you want to know about the Ann Arbor condo market.
Posted Tuesday, August 31, 2010 by Martin Bouma
Conventions and Trade Shows Cap Productive Summer in Ann Arbor
From July 30 through August 5, Ann Arbor played host to the National Training Institute's (NTI) annual trade show. The trade show is designed to attract vendors seeking to provide information about their services and products to the electrical industry. The University of Michigan campus was "home for a week" to over 2,000 NTI participants and, according to Mary Kerr (president/CEO of the Ann Arbor Convention & Visitors Bureau), NTI participants were expected to infuse over $5 million into Washtenaw County.
This was the second NTI convention to be held in Ann Arbor. This is in large part because of the University of Michigan's strong record of union support, which creates a conducive environment for the NTI programs and course offerings. The group also has many "training partners," companies and organizations that contribute various forms of support to ensure NTI's success. UM is already set to host the National Training Institute's 2011 meeting, as well.
Ann Arbor's great fortunes didn't end with the NTI show. On Friday, August 6, the United Association (UA), brought 600 plumbers and pipefitters to town for a series of classes at the Washtenaw Community College campus. In fact, WCC is home to the UA's Great Lakes Training Center, one of 350 training facilities nationwide which serve over 340,000 members of the association. Additionally, the UA is partnered with the National Labor College and Ferris State University to create programs specifically tailored to UA members transferring from Washtenaw Community College.
On August 2 and again on August 9, Main Street was closed for block parties; both included community members. The first party was specifically for NIT attendees, and the second was for UA participants, but citizens of Ann Arbor were cordially invited. These training conventions and parties provided terrific caps for a fiscally abundant summer in Ann Arbor, following the highly successful Ann Arbor Arts Fairs, as well as other recent conventions.
Convention goers experienced Ann Arbor the way residents do all year long - as a great place to live, work, eat, and dance in the streets. Want to call Ann Arbor home? Martin Bouma - your Ann Arbor neighborhood expert - can meet virtually all of your Ann Arbor real estate needs. Whether you're buying or selling a home, 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! And don't forget to check out our Condo Hotline - we've got a handle on the Ann Arbor condominium market.
Posted Tuesday, August 24, 2010 by Martin Bouma
Ann Arbor Downtown Library Lot Development Discussion May Regain Life Soon
As of last Thursday, there are big changes beginning near the Ann Arbor Downtown Library. Fifth Avenue from Liberty to Williams is now closed, and will remain so for at least a year. The northern section of the Library's porch is closed, and handicap access has moved to William Street (with a new incline that ends across from the automated door). Bike hoops are now near the flagpole. So why are all of these changes being made?
At present, the Downtown Development Authority (DDA) is building an underground parking deck on the Library Lot site, which is the cause of the immediate (and ongoing) disruption. However, the top of the lot has been - and remains - under discussion. Several months ago, the League of Women Voters hosted a public meeting about possible uses for the Library Lot. At that meeting five, five-minute proposals for potential development were presented, followed by an hour of questions and answers. The League's intent was to keep the city council apprised as to what kinds of development Ann Arbor residents were interested in seeing.
Part of the issue, as discussed in our previous blog Plannning for Green Space in Arbor, No Walk in the Park, is over whether the land should be used for commercial development or for greenpsace or other public purposes.
Two proposals for the development of a combination hotel/conference center at 319 South Fifth Street are still in competition, but things have come to a momentary standstill. That's because both of the companies accepted would like for the city of Ann Arbor to risk millions of dollars - before ground is broken - for development of the property.
In January, the DDA earmarked $50,000 for the hiring of an independent real estate consultant to evaluate the proposals for the Library Lot. A consultant firm had been selected, but circumstances within that firm changed, causing a re-evaluation of that choice, according to City Council Member Stephen Rapundalo (D-2nd Ward). In June, Rapundalo said that the city still hopes to hire a consultant to determine the feasibility of the project. Mayor John Hieftje and the city council all want firm assurance that any project will be financially beneficial to the city.
Want to be in on future developments in Ann Arbor? Martin Bouma - your Ann Arbor neighborhood expert - can meet all of your Ann Arbor real estate needs. Whether you're buying or selling a home, the Bouma Group can answer any questions you have about real estate in Ann Arbor. If you're interested in Washtenaw County, or a specific Ann Arbor neighborhood, call the Bouma Group today! Don't forget to check out our Condo Hotline - we've got a handle on the Ann Arbor condominium market.
Posted Friday, August 13, 2010 by Martin Bouma