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Additional Funds Go to Improve University of Michigan and Boost Ann Arbor Home Values



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By : Kristine Squiers    99 or more times read
More great news for Ann Arbor, Michigan! The University of Michigan is planning $66 million in new construction, which includes the demo and addition to several buildings around the Ann Arbor campus. The University’s College of Engineering, is planning a 60,000 square foot addition to the G.G. Brown lab building on Haywood Street. The University is also planning on razing the Kresge Complex on Ann Street.

Ann Arbor residents are so fortunate,to have an entity like the University of Michigan, that continues to invest millions and millions into our great city. Can you imagine, how different life around Ann Arbor would be, without the University of Michigan and its multi-million dollar investments into the Ann Arbor Community, such as this one? It’s easy to be complacent about these Million Dollar construction project announcements, so again, thank goodness for the University and the very positive impact it has on Ann Arbor and the rest of the state, for that matter.

Multi family units and apartment complexes continue to fill up year after year with students crowding the city. Sales on these properties are lucrative and a sound investment for the foreseeable future. Parents of University of Michigan students are frequently purchasing homes in Ann Arbor to assist their children with housing and earn additional income for retirement.

Ann Arbor real estate and surrounding communities have been hit hard in this economy, being so close to the automotive industry heart in Detroit and it's suburbs has really caused problems for us in Washtenaw county. Compared to last year about this time, when it comes to the number of sold homes, days on market and most important-average sales price, there is good news and bad news. Broken down by various school districts, all are down when it comes to the number of homes sold, compared to May 2008. Although Ann Arbor home sales are down, the Ann Arbor School District average sale price is up almost $56,000 over last year and the number of days on the market dropped slightly. Chelsea School District's average sale price is up also, but the number of days on the market went up significantly.

Lincoln Consolidated School District really took a hit with it’s average sale price; thanks in part to all of the Ypsilanti bank owned properties, that sold at rock-bottom prices. It’s interesting to note that the average days on the market(DOM), dropped in the Lincoln School District and in the Ypsilanti School District as well.

Washtenaw county has more economic hardship to face as the future of the auto industry continues to be unstable. Ann Arbor housing appears to be making a comeback and with the additional investments and growth of the University of Michigan, it is likely that home sales will continue to improve.
Kristine Squiers
www.wicklandgroup.com
Ann Arbor's Real Estate Guru


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