Ann Arbor Area Community News
While yesterday’s News cited an Ann Arbor Area Board of Realtors report stating that home sale prices countywide had hit a six year low, today’s Ann Arbor Business Review includes a March 21 groundbreaking for Peter Allen’s Kingsley Lane project, and notes that Freed plans to move forward on its CitiCentre Lofts project at Washington and Division, albeit with a change from condos to apartments.
On home prices,
The average home sale price last month was $217,294, down from $252,652 a year ago. The median sale price was $192,500, down from $206,000. A total of 230 homes and condominiums were sold last month, compared to 251 a year ago. The last time prices were that low was April 2001. . .[but] agents caution against putting too much stock in last month’s results. February’s price dip, while dramatic, could be the result of factors such as knee-jerk reaction to Pfizer’s January announcement that it will close its Ann Arbor facilities – some agents think that scared a few sellers into dropping prices. More lower-priced homes may have also sold during the month.
Kingsley Lane (pictured) has hit presale targets for one of the two buildings, and Allen intends occupancy for summer 2008.
Sales commitments total 10 for the 20-unit building that will start construction this month, and 12 for the east loft, Allen said. Six are market rate units and six are affordable.
Meanwhile, Freed is converting the CitiCentre project to a rental arrangement:
Freed officials have said that they planned to proceed with CitiCentre, even as they erect steel for Ashley Terrace, a similar project about four blocks west. The new configuration will have 106 apartments, 77 parking spaces, a laundry and fitness center on the 10th floor and a second-floor leasing office. The Illinois-based Freed will appear before City Council on March 19 to get new elevations of the building approved.
Freed declined comment on whether residents would take the elevator to the 10th floor fitness center.
« Previous Article Allen Creek Stormwater Improvement Meeting (Tuesday, March 13)
Next Article AATA Executive Director Resigns »
New Comments(twitter feed)
Arbor Update Topics